Doggy Co. began construction of a new cutter for the U.S. Coast Guard Doggy Co. began construction of a new cutter for the U.S. Coast Guard Question Doggy Co. began construction of a new cutter for the U.S. Coast Guard onJanuary 1, 2011 and completed construction of the ship on October 31, 2012. Tofinance construction, Doggy took out an $8,000,000, 2-year 6% construction loan onFebruary 1, 2011. Interest on the loan was to be paid annually on the anniversarydate of the loan. Doggy has no other outstanding interest-bearing debt. Doggy madethe following expenditures in conjunction with this construction project:a) What would be the amount of Doggy's cumulative weighted average expenditure during 2011 related to cutterproject?b) how much interest should Doggy capitalize in 2011 related to the cutter project?Problem 22) Lessee company leased equipment from lessor manufacturing on january 1,2013for an eight year lease term. Lessor manufactured the equipment at a cost of$85000 and the equipment had a fair value of $112080. the equipment had aneight year life and the implicit interest rate of lease was 8%. Yearly leasepayments are $15000 due at the beginning of each year starting on January 1,2013.a) Make necessary journal entries on Lessor book for January 1, 2013.b) What amount of interest revenue would lessor report for 2013?c)what amount of depreciation expense should Lessor report during 2013?3)4)5)6)Problem 3On january 1, 2011 Big Corporation purchased 30% ownership of Smaller Company for $100000 when smaller had total stockholders equity of $300000. At the time the book value of Smaller assets equaled their fair value except for a patent which had a remaining life of five years. During the next two years Smaller reported net income of $30000 each year and paid dividends of $5000 each year. ( Assume no goodwill throughout this problem)A) What would be the balance in Bigs investment in Smaller account on December 31, 2012?B) What amount of of income would Big report in 2011 from this investment?c) Assume that on January 1, 2013 Big purchased an additional 10% ownership in Smaller for $40000. At that time Smallers assets equaled their book value except for equipment which had a remaining life of ten years. During 2013 Smaller had net income of $40000 and paid dividends of $5000. what would be the balance in Bigs investment in smaller account on December 31, 2013?problem 4The following information is available for ARC in for 2013Common Stock outstanding during the year100,000 sharesNet income for 20135% Convertible Preferred stock, $100 par value8% Convertible Bonds payable issued at parTax rate$350,0005000 shares$1,000,00040%Each share of the Preferred stock is convertible into 2 shares of common stock. The preferred stock is cumulative.Each $1000 bond can be converted into 15 shares of common stock. Compute the necessary earnings per share thatARC would be required to report for 2013 for ARC INC.
Emerging Economies and Globalization Emerging Economies and Globalization Question Markets in developed economies are approaching saturation level. Therefore, MNCs are searching for new untapped markets in emerging countries such as India and China. Since the healthcare industry will continue to grow in the future due to the size of the global population and its age composition, General Electric Healthcare (GEH) is trying to capitalize on these trends. It is expanding its operations and development of new drugs and manufacturing of the medical equipment in India and China.DirectionsRead the following articles:At least one peer-reviewed article related to the trade theories in general as well as for China and IndiaArticles related to the human resource management for MNCs, cross-cultural management, expatriate training, and expatriates’ success/failure in overseas assignmentsArticles related to GEHThen, respond to the following:Select two trade theories that best explain why GEH expanded its operations of developing new drugs to India, and manufacturing X-ray business to China.Explain the selected theories, and then evaluate GEH’s reasoning.Explain possible pitfalls for such strategy from GEH’s perspective.Identify solutions to the possible pitfalls for the strategy.For each operation (India and China), evaluate GEH’s human resource strategy.Identify how you would design training for preparing expatriates for their assignments to India and China if you were in charge of their training prior to the overseas assignment.Write a 5–7-page paper in Word format. Utilize at least five to seven scholarly sources in your research. Apply APA standards to citation of sources.
STAT200 Introduction to Statistics Final Examination STAT200 Introduction to Statistics Final Examination Question Refer to the following frequency distribution for Questions 1, 2, 3, and 4. The frequency distribution below shows the distribution for checkout time (in minutes) in UMUC MiniMart between 3:00 PM and 4:00 PM on a Friday afternoon. Checkout Time (in minutes) Frequency 1.0 – 1.9 5 2.0 - 2.9 3 3.0 – 3.9 7 4.0 – 4.9 3 5.0 – 5.9 2 1. What percentage of the checkout times was less than 4 minutes? (5 pts)1. Calculate the mean of this frequency distribution. (10 pts)31. In what class interval must the median lie? (You don’t have to find the median) (5 pts) 4. Assume that the smallest observation in this dataset is 1.2 minutes. Suppose this observation were incorrectly recorded as .2 instead of 1.2 minutes. (5 pts) Will the mean increase, decrease, or remain the same? Will the median increase, decrease or remain the same?Refer to the following information for Questions 5 and 6 A 6-faced die is rolled two times. Let A be the event that the outcome of the first roll is even. Let B be the event that the outcome of the second roll is greater than 4. 5. What is the probability that the outcomes of the second roll is greater than 4, given that the first roll is an even number? (10 pts) 6. Are A and B independent? (5 pts)Refer to the following data to answer questions 7 and 8. A random sample of Stat 200 weekly study times in hours is as follows: 4, 14, 15, 17, 20 7. Find the standard deviation. (10 pts)8. Are any of these study times considered unusual in the sense of our textbook? (2.5 pts) Does this differ with your intuition? (2.5 pts)Refer to the following situation for Questions 9, 10, and 11. The five-number summary below shows the grade distribution of two STAT 200 quizzes. Minimum Q1 Median Q3 Maximum Quiz 1 12 40 60 95 100 Quiz 2 20 35 50 90 100 For each question, give your answer as one of the following: (a) Quiz 1; (b) Quiz 2; (c) Both quizzes have the same value requested; (d) It is impossible to tell using only the given information. (5 pts each) 9. Which quiz has less interquartile range in grade distribution?10. Which quiz has the greater percentage of students with grades 90 and over? 11. Which quiz has a greater percentage of students with grades less than 60?12. What is the probability that a randomly selected senior is in at least one of the two classes? (10 pts)13. If the student is in the Calculus class, what is the probability the student is also in the Statistics class? (10 pts)14. A random sample of 225 SAT scores has a mean of 1500. Assume that SAT scores have a population standard deviation of 300. Construct a 95% confidence interval estimate of the mean SAT scores. (15 pts)Refer to the following information for Questions 15, 16, and 17. A box contains 5 chips. The chips are numbered 1 through 5. Otherwise, the chips are identical. From this box, we draw one chip at random, and record its value. We then put the chip back in the box. We repeat this process two more times, making three draws in all from this box. 15. How many elements are in the sample space of this experiment? (5 pts)16. What is the probability that the three numbers drawn are all different? (10 pts)17. What is the probability that the three numbers drawn are all odd numbers? (10 pts)Questions 18 and 19 involve the random variable x with probability distribution given below. X 2 3 4 5 6 P(x) 0.1 0.2 0.4 0.1 0.2 18. Determine the expected value of x. (10 pts)19. Determine the standard deviation of x. (10 pts)Consider the following situation for Questions 20 and 21. Mimi just started her tennis class three weeks ago. On Average, she is able to return 15% of her opponent’s serves. If her opponent serves 10 times, please answer the following questions. 20. Find the probability that she returns at most 2 of the 10 serves from her opponent. (10 pts)21. How many serves is she expected to return? (5 pts)22. Given a sample size of 64, with sample mean 730 and sample standard deviation 80, we perform the following hypothesis test. (20 pts) Ho ? = 750 H1 ? < 750 What is the appropriate distribution for performing this Hypothesis test? Z distribution, t distribution, Chi Square distribution, Empirical Rule What is the critical value of the test statistic at ?= 0.05 level?What is the P-value for this Hypothesis Test?What is your conclusion (decision) for this hypothesis test at ?= 0.05 level?Refer to the following information for Questions 23, 24, and 25. The heights of pecan trees are normally distributed with a mean of 10 feet and a standard deviation of 2 feet. 23. What is the probability that a randomly selected pecan tree is between 10 and 12 feet tall? (10 pts)24. Find the 3rd quartile of the pecan tree distribution. (5 pts) 25. If a random sample of 100 pecan trees is selected, what is the standard deviation of the sample mean? (5 pts)26. Consider the hypothesis test given by Ho ? = 530 H1 ? ? 530 In a random sample of 81 subjects, the sample mean is found to be 524. Also, the population standard deviation is ?= 27. (20 pts) Calculate the Test Statistic.Is there sufficient evidence to justify the rejection of Ho at ?= 0.01 level? 27. A certain researcher thinks that the proportion of women who say that the earth is getting warmer is greater than the proportion of men. (25 pts) In a random sample of 250 women, 70% said that the earth is getting warmer. In a random sample of 220 men, 68.18% said that the earth is getting warmer. At the .05 significance level, is there sufficient evidence to support the claim that the proportion of women saying the earth is getting warmer is higher than the proportion of men saying the earth is getting warmer? What is the Null Hypothesis? 28. Find an equation of the least squares regression line. (15 pts) Complete the following table: x y x^2 xy y^2 0 4 0 0 16 -1 -2 1 2 4 1 5 1 5 25 2 6 4 12 36 3 8 9 24 64 5 21 15 43 145 What is the Y intercept of the equation? 29 Using the equation you calculated in question 28 What is the predicted value of y if x=4? (10 pts)30. The UMUC Daily News reported that the color distribution for plain M&M’s was: 40% brown, 20% yellow, 20% orange, 10% green, and 10% tan. Each piece of candy in a random sample of 100 plain M&M’s was classified according to color, and the results are listed below. Use a 0.05 significance level to test the claim that the published color distribution is correct. (25 pts) Color Brown Yellow Orange Green Tan Number 45 13 17 7 18 What is the Null Hypothesis?What is the degrees of freedom for this Hypothesis test?What is the numerical Chi Square critical value?What is the numerical value of the Chi Square test statistic? 31. Please note: Each time you re-due the Final Exam the answer to question 31 may change, but the subject matter and format will not change.
Managerial Finance npv Managerial Finance npv Question . Real Time Systems Inc. is considering the development of one of two mutually exclusive new computer models. Each will require a net investment of $5,000. The cash flow figures for each project are shown below: Period Project A Project B 1 $2,000 $3,000 2 2,500 2,600 3 2,250 2,900 Model B, which will use a new type of laser disk drive, is considered a high-risk project, while Model A is of average risk. Real Time adds 2 percentage points to arrive at a risk-adjusted cost of capital when evaluating a high-risk project. The cost of capital used for average-risk projects is 12 percent. Which of the following statements regarding the NPVs for Models A and B is most correct? a. NPVA = $380; NPVB = $1,815. b. NPVA = $197; NPVB = $1,590. c. NPVA = $380; NPVB = $1,590. d. NPVA = $5,380; NPVB = $6,590. e. None of the statements above is correct. . Cochran Corporation has a weighted average cost of capital of 11 percent for projects of average risk. Projects of below-average risk have a cost of capital of 9 percent, while projects of above-average risk have a cost of capital equal to 13 percent. Projects A and B are mutually exclusive, whereas all other projects are independent. None of the projects will be repeated. The following table summarizes the cash flows, internal rate of return (IRR), and risk of each of the projects. Year (t) Project A Project B Project C Project D Project E 0 -$200,000 -$100,000 -$100,000 -$100,000 -$100,000 1 66,000 30,000 30,000 30,000 40,000 2 66,000 30,000 30,000 30,000 25,000 3 66,000 40,000 30,000 40,000 30,000 4 66,000 40,000 40,000 50,000 35,000 IRR 12.110% 14.038% 10.848% 16.636% 11.630% Project Risk Below Average Below Average Average Above Average Above Average Which projects will the firm select for investment? a. Projects: A, B, C, D, E b. Projects: B, C, D, E c. Projects: B, D d. Projects: A, D e. Projects: B, C, D Multiple part: (The following information applies to the next four problems.) [MACRS table required] The president of Real Time Inc. has asked you to evaluate the proposed acquisition of a new computer. The computer's price is $40,000, and it falls into the MACRS 3-year class. Purchase of the computer would require an increase in net operating working capital of $2,000. The computer would increase the firm's before-tax revenues by $20,000 per year but would also increase operating costs by $5,000 per year. The computer is expected to be used for 3 years and then be sold for $25,000. The firm's marginal tax rate is 40 percent, and the project's cost of capital is 14 percent. . What is the net investment required at t = 0? a. -$42,000 b. -$40,000 c. -$38,600 d. -$37,600 e. -$36,600 . What is the operating cash flow in Year 2? a. $ 9,000 b. $10,240 c. $11,687 d. $13,453 e. $16,200 . What is the total value of the terminal year non-operating cash flows at the end of Year 3? a. $18,120 b. $19,000 c. $21,000 d. $25,000 e. $27,000 . What is the project's NPV? a. $2,622 b. $2,803 c. $2,917 d. $5,712 e. $6,438 . . . .
COPY_03_5dec COPY_03_5dec Question 3) You are directed to study the factors that are larger societal forces that affect your company– demographic, economic, natural, technological, political, and cultural. What are you studying? A)the macroenvironment B)the microenvironment C)the marketing environment D)the marketing mix E)the global environment 4) Which of the following is NOT a type of factor in a company's macroenvironment? A)demographic B)economic C)technological D)competitor E)political 5) All of the groups within a company are called the ________. A)culture B)diversity C)internal environment D)climate E)range 6) Which type oforganization helps companies to stock and move goods from their points of origin to their destination? A)financial intermediary B)physicaldistribution firm C)marketing service firm D)reseller E)supplier 7) Banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risks associated with the buying and selling of goods and services are referred to as ________. A)financial intermediaries B)physicaldistribution firms C)marketing service agencies D)resellers E)wholesalers 8) A company's marketing environment includes various ________ that are made up of groups that have an actual or potential interest in, or impact on, an organization's ability to achieve its objectives. A)teams B)audiences C)markets D)publics E)intermediaries 9) Which of the following is NOT an example of a public that is part of a company's marketing environment? A)financial B)media C)government D)citizen-action E)marketing department 10) A radio station that carries news, features, and editorialopinions about your area is best classified as which type of public? A)financial B)media C)citizen-action D)local E)regional Copyright © 2011 Pearson Education, Inc. 11) Consumer organizations and environmental groups are examples of________ publics. A)general B)local C)government D)citizen-action E)media 12) Workers, managers, and members ofthe board ofdirectors are all part ofa company's ________. A)generalpublic B)internal public C)localpublic D)intermediary public E)market public 13) Percy Originalcaters to a market of individuals and households that buy goods and services for personal consumption. What type of market does Percy Original cater to? A)business B)reseller C)government D)consumer E)marketing intermediary 14) Which type of market buys goods and services to produce public services or to transfer them to others who need them? A)government B)reseller C)wholesale D)consumer E)retail 15) Members of which type of market buy goods and services for further processing or for use in the production process? A)business B)reseller C)wholesale D)consumer E)retail 16) Rachel Patino works for a wholesale company called Distributors Unlimited. She is responsible for buying and selling goods at a profit to small retailers. What is her market? A)business B)reseller C)wholesale D)consumer E)retail 17) Your marketing department is currently researching the size, density, location, age, and occupations of your target market. Which environment is being researched? A)demographic B)psychographic C)economic D)geographic E)cultural 18) The three largest age groups in America are the baby boomers, Generation Xers, and ________. A)seniors B)Millennials C)teens D)tweens E)toddlers 19) The most important demographic trend in the United States is the ________. A)changing age structure of the population B)mobility of the population C)slowing birth rate D)increasing growth in professional jobs E)changing structure of the family 20) The youngest of the baby boomers are now in their ________. A)late 20s B)mid-20s C)mid-40s D)early 50s E)early 60s 21) Which of the following is the most commercially influential American demographic age group today? A)Generation X B)baby boomers C)Millennials D)seniors E)tweens 22) Which of the following descriptions most accurately characterizes the baby boomers? A)They are aging and slowing down. B)They are a shrinking market for new housing and home remodeling. C)They are past their peak earning and spending years. D)They hold 75% ofthe country's financial assets. E)They were largely unaffected by the recent recession. Answer: D 23) Which demographic group was once labeled "the MTV generation" but has become the most educated generation to date? A)Generation X B)Millennials C)Generation Y D)baby boomers E)teenagers 24) Which of the following descriptions most accurately characterizes Gen Xers? A)There are more Gen Xers than Millennials. B)They were the first generation of latchkey kids. C)They tend to put career before family. D)They are more interested in acquiring goods than having experiences. E)They rarely research a product before purchasing it. 25) Which demographic group is also referred to as the echo boomers? A)Generation X B)Millennials C)Generation Z D)Baby boomers E)Baby busters 26) Which demographic group includes large tween and teen markets? A)Generation X B)Millennials C)baby busters D)baby boomers E)the elderly . 27) Which of the following descriptions most accurately characterizes Millennials? A)They are children ofbaby boomers. B)They are not as technologically savvy as Gen Xers are. C)They have reached their peak earning and spending years. D)They were once labeled "the MTV generation." E)They have graduated from college and are taking over positions ofpower in the business world. 28) Which demographic group is characterized by a total fluency and comfort with computer, digital, and Internet technology? A)Generation X B)Millennials C)the elderly D)Generation Z E)baby boomers 29) Which of the following demographic groups has NOT seen a percentage increase in the past 50 years? A)women staying at home with their children B)men staying at home with their children C)nontraditional households D)nonfamily households E)women working outside of the home 30) The number of________ households is now growing faster than the number of________ households. A)traditional; nontraditional B)large; traditional C)nontraditional; smaller D)nontraditional; traditional E)male-dominant; female-dominant 31) In 1950, women made up less than 40 percent of the workforce; now they make up ________. A)35 percent B)40 percent C)43 percent D)46 percent E)59 percent 32) Americans are very mobile. Over the past two decades, the U.S. population has shifted most heavily toward the ________ states. A)Midwestern B)Northwestern C)Sunbelt D)Southeastern E)Northeastern . 33) Which of the following geographical areas has NOT experienced a recent population increase? A)micropolitan areas B)suburbs C)the West D)the Northeast E)the South
Kaplan gb520 Unit 5 Kaplan gb520 Unit 5 Question Case Study Analysis Read the Case: Beckham, H., & Skinner, W. (June, 2008) The treadway tire company: Job dissatisfaction and high turnover at the Lima tire plant (Case Study). Retrieved from Harvard Business Online website. Prepare a case analysis on the topic of Employee Dissatisfaction. The case analysis should be a minimum of 3-pages long, double-spaced. Check for correct spelling, grammar, punctuation, mechanics, and usage. Citations should use APA style. Case Analysis Question: What are the strategies used by U.S. Companies today to keep them union-free and why is it critical to the success of an organization in meeting its goals and mission? Your analysis of this case and your written submission should reflect an understanding of the critical issues of the case; integrate the material covered in the text and present concise and well-reasoned justifications for the stance that you take. Case Analysis Criteria Your case analysis should consist of: ? A brief analysis of the situation and pending decision problem, as presented in the case, and as relevant to your answer. This should be exceptionally brief and you should assume the person reading the Assignment is familiar with the details of the case. ? Identification of the major issues surrounding the organization or individuals involved with the organization. ? Identification of alternate courses of action to address the issues identified. ? The decision or recommendation for action, with the appropriate supporting arguments. ? The Case Question is designed to guide the direction of your analysis in the case. Your analysis should address and ultimately answer the question. You may discuss your Case Analysis Assignment with the class and Team Members (and you are encouraged to on the Discussion Board or in the Team Area), but you must submit your own original work. 2 | Page Case Analysis Tips Avoid common errors in case analyses, such as: 1. Focusing too heavily on minor issues. 2. Lamenting because of insufficient data in the case and ignoring creative alternatives. 3. Rehashing of case data — you should assume the reader knows the case. 4. Not appropriately evaluating the quality of the case's data. 5. Obscuring the quantitative analysis, making it difficult to understand. Typical “minus (-)” grades result from submissions that… • are late. • are not well integrated and lack clarity. • do not address timing issues. • do not recognize the cost implications or are not practical. • get carried away with personal biases and are not pertinent to the key issues. • are not thoroughly proofread and corrected. Case Analysis Submission Before you submit your Case Analysis, you should save your work on your computer in a location that you will remember. Save the document using the naming convention: Username_Unit5_CaseAnalysis.doc. Make sure your document includes: • Your Name • Date • Course Name and Section Number • Unit Number • Case Name • Page Numbers When you are ready, submit your paper to the Unit 5 Case Analysis Dropbox
Need an excel formula made that will take the kilowatt value generated from the dollar amount Need an excel formula made that will take the kilowatt value generated from the dollar amount Question Need an excel formula made that will take the kilowatt value generated from the dollar amount and, in 4 different cells on the table --organized in a vertical column-- generate numbers from doing the following to the kilowatts in this order: 1) multiply kilowatts by 12 2) divide result by 1.8 and round the the nearest hundredth decimal point 3) divide result by 327 and round the nearest whole number 4) multiply result by 5.5
Question_Lasher_12Dec Question_Lasher_12Dec Question 1. Compare the cost of capital concept with the idea of the required return on a stock investmentmade by an individual. Relate both ideas to the risk of the investment. How would a very riskyinvestment/ project be handled in the capital budgeting/cost of capital context?2. Define the idea of capital structure and capital components. Why is capital structure importantto the cost of capital concept? In many capital structure discussions, preferred stock is lumped in witheither debt or common equity. With respect to the cost of capital, however, it's treated separately. Why?.3. You are a new financial analyst working for a company that's more than 100 years old. TheCFO has asked you and a young member of the accounting staff to work together in reviewing the firm'scapital structure for the purpose of recalculating its cost of capital. As you both leave the CFO's office,your accounting colleague says that this job is really going to be easy, because he already has theinformation. In preparing the latest annual report, he worked on the capital section of the balance sheet,and has the values of debt, preferred stock, and equity at his fingertips. He says that the two of you cansummarize these into a report in five minutes, and then go out for a beer. How do you react and why?Is the fact that the firm is quite old relevant? Why?4. The investor's return and the company's cost are opposite sides of the same coin—almost, butnot quite. Explain.5. There's an issue of historical versus market value with respect to both the cost of capitalcomponents and the amounts of those components used in developing weights. We're willing to acceptan approximation for the weights, but not for the cost/returns. Why?.6. A number of investment projects are under consideration at your company. You've calculatedthe cost of capital based on market values and rates, and analyzed the projects using IRR and NPV.Several projects are marginally acceptable. While watching the news last night you learned that mosteconomists predict a rise in interest rates over the next year. Should you modify your analysis in lightof this information? Why?7. Establishing the cost of equity is the most arbitrary and difficult part of developing a firm's costof capital. Outline the reasons behind this problem and the approaches available to making the best ofit. Because of this inaccuracy, we estimate the cost of equity based on projected growth rates and risk.The growth rate approach uses the Gordon model. There are two risk approaches. One uses the CAPMwhile the other adds a risk premium to the return the firm pays on its debt.The Cost of Capital8. Retained earnings are generated by the firm's internal operations and are immediately reinvestedto earn more money for the company and its shareholders. Therefore, such funds have zero cost to thecompany. Is that statement true or false? Explain..9. Define the marginal cost of capital (MCC) and explain in words why it predictably undergoes astep function increase (breaks) as more capital is raised during a budget period.10. After the break in the MCC caused by using up retained earnings, the schedule can be expectedto remain flat indefinitely. Is this statement right or wrong? If wrong, explain what can be expected tohappen to the MCC and why.11. Why is it appropriate to define the WACC as the highest step on the MCC under the IOS? Isanything lost by using this definition?
Kaplan GB550 unit 6 assignment Kaplan GB550 unit 6 assignment Question Complete Chapter 12 question, 12-1, p. 514Question 12-1 Broussard Skateboard’s sales are expected to increase by 15% from $8 million in 2013 to $9.2 million in 2014. Its assets totaled $5 million at the end of 2013. Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2013 current liabilities were $1.4 million, consisting of $450,000 accounts payable, $500,000 of notes payable and $450,000 of accruals. The after-tax profit margin is forecasted to be 6%, and the forecasted payout ratio is 40%. Use the AFN equation to forecast Broussard’s additional funds needed for the coming year.Complete Chapter 15 problem, 15-3, p. 621Problem 15-3: Either Enterprises Premium for Financial Risk Unlevered beta of 1.0 Financed with 50% debt Levered beta of 1.6 RRFis 5.5% RRPis 6% Additional premium required by stockholders for financial risk: solvePrepare this Assignment as a Word document. List each question, followed by your answer.
Eco202 exam 3 Eco202 exam 3 Question Question 1 (2 points) Question 1 Unsaved In a perfectly competitive labor market, the least-cost combination rule for resource use Question 1 options: A) assures the firm an economic profit. B) requires that resources be used in combinations such that marginal products are equal. C) requires that the marginal physical product per dollar spent for each resource is equalized. D) assures the firm a normal profit. Question 2 (2 points) Question 2 Unsaved A monopolist hires fewer workers than a perfectly competitive industry, other things being equal, because Question 2 options: A) the monopolist producer has to deal with unions and face higher wages than do competitive industries. B) the monopolist substitutes more capital for labor when compared to a competitive industry. C) a monopolist has to pay higher wages in order to attract additional workers. D) the monopolist produces less output than a competitive industry. Question 3 (2 points) Question 3 Unsaved A perfectly competitive firm will hire workers up to the quantity at which the wage rate equals the Question 3 options: A) marginal revenue product of labor. B) marginal factor cost of labor. C) price of the extra output produced. D) average physical product of labor. Question 4 (2 points) Question 4 Unsaved The change in total output due to the change in one variable input, while holding all other inputs constant, is the Question 4 options: A) marginal revenue product. B) derived demand for labor. C) marginal physical product. D) market demand curve for labor. Question 5 (2 points) Question 5 Unsaved When MFC < MRP, a firm in a competitive market will Question 5 options: A) stop hiring. B) hire more workers. C) earn fewer profits. D) layoff workers. Question 6 (2 points) Question 6 Unsaved The monopolist's input demand curve is the Question 6 options: A) marginal factor cost. B) marginal revenue curve. C) marginal physical product curve. D) marginal revenue product curve. Question 7 (2 points) Question 7 Unsaved Refer to the above figure. Which panel represents what happens in the U.S. job market in the short-run when U.S. firms substitute labor outside of the U.S. for labor inside the U.S.? Question 7 options: A) Panel A B) Panel B C) Panel C D) Panel D Question 8 (2 points) Question 8 Unsaved The practice of outsourcing has been given a boost by Question 8 options: A) advances in telecommunications and computer networking. B) firms that are becoming more risk-averse. C) support from organized labor. D) sharp increases in the cost of overseas labor. Question 9 (2 points) Question 9 Unsaved Refer to the above table. Suppose the firm hires 5 workers and the price of the good sold is $3. The marginal factor cost of labor must be Question 9 options: A) $3. B) $100. C) $300. D) $900. Question 10 (2 points) Question 10 Unsaved Which of the following will cause a shift in the demand curve of labor? Question 10 options: A) An increase or decrease in the productivity of labor. B) An increase or decrease in the demand for the product labor produces. C) A decline in the price of a complementary input . D) All of these Question 11 (2 points) Question 11 Unsaved If the price of labor increases, the typical perfectly competitive firm in the short run will Question 11 options: A) produce more output. B) hire less labor. C) hire the same labor and produce the same output. D) hire more labor. Question 12 (2 points) Question 12 Unsaved The additional cost associated with the hiring of one more unit of labor is known as the Question 12 options: A) marginal physical product of labor. B) marginal revenue product of labor. C) marginal factor cost of labor. D) marginal utility of labor. Question 13 (2 points) Question 13 Unsaved A benefit of unions is that they Question 13 options: A) increase wage inequality. B) increase firm profits. C) increase the stability of the workforce. D) restrict the labor market. Question 14 (2 points) Question 14 Unsaved In the above figure, which wage rate will maximize union members' income? Question 14 options: A) W1 B) W3-W1 C) W3 D) W2 Question 15 (2 points) Question 15 Unsaved Unions face a trade-off between higher wages and Question 15 options: A) fewer available positions. B) equipment. C) more available positions. D) none of the above. Question 16 (2 points) Question 16 Unsaved What is it called when the price paid for a variable input is less than its marginal revenue product? Question 16 options: A) Monopolistic exploitation B) Monopsonistic exploitation C) Bilateral monopoly D) Featherbedding Question 17 (2 points) Question 17 Unsaved Labor unions are organizations that Question 17 options: A) try to make labor markets more competitive. B) try to secure economic improvements for all workers. C) try to secure economic improvements for their members. D) try to secure more opportunities for more workers in the economy. Question 18 (2 points) Question 18 Unsaved Temporary or permanent workers hired to replace striking union workers are known as Question 18 options: A) strikebreakers. B) strikeaiders. C) backbreakers. D) rationers. Question 19 (2 points) Question 19 Unsaved If a union wishes to maximize the number of union members employed, it will Question 19 options: A) set a wage above the competitive wage. B) accept the competitive wage. C) set a wage where the elasticity of demand for labor equals one. D) set a wage below the competitive wage. Question 20 (2 points) Question 20 Unsaved If you want to become an actor, and you must join the Screen Actors Guild after your first job, the Screen Actors Guild is a(n) Question 20 oA) union shop. B) agency shop. C) closed shop. D) open shop. Question 21 (2 points) Question 21 Unsaved Labor unions that consist of workers from a particular industry, such as automobile manufacturing, are called Question 21 options: A) collective unions. B) industrial unions. C) craft unions. D) closed unions. Question 22 (2 points) Question 22 Unsaved The practice of forcing employers to use more labor than they would otherwise use is called Question 22 options: A) featherbedding. B) bootstrapping. C) railroading. D) dumping. Question 23 (2 points) Question 23 Unsaved The more bowed out the Lorenz curve, the Question 23 options: A) less the overall wealth in the economy. B) greater the overall wealth in the economy. C) less equal the income distribution. D) more equal the income distribution. Question 24 (2 points) Question 24 Unsaved What impact do private insurance companies and Medicare have on national medical costs? Question 24 options: A) Medical costs go down because the insurance company pays the bill. B) Medical costs go up because insurance leads to an increase in the quantity demanded of medical services. C) Medical cost are unaffected by insurance companies. D) Medical costs go up because insurance will lead to the reduction in the supply of medical services due to the amount of paperwork required. Question 25 (2 points) Question 25 Unsaved Wealth is measured as Question 25 options: A) only nonhuman wealth. B) only tangible objects. C) nonhuman and human wealth. D) only buildings, machinery, land, cars, stocks and bonds. Question 26 (2 points) Question 26 Saved A major benefit of a health savings account is that it Question 26 options: A) eliminates rising health care costs. B) creates the incentive to see a doctor regularly. C) combats moral hazard. D) means more health care services will be demanded. Question 27 (2 points) Question 27 Unsaved The incidence of absolute poverty is reduced by Question 27 options: A) the size of the budget deficit. B) government welfare programs. C) annual recalculations of the poverty line. D) economic growth. Question 28 (2 points) Question 28 Unsaved The Social Security system is financed by Question 28 options: A) a tax on luxury goods. B) a tax on individual retirement accounts. C) a payroll tax paid only by employers. D) a payroll tax paid by both employers and employees. Question 29 (2 points) Question 29 Unsaved The less bowed the Lorenz Curve, the Question 29 options: A) more equal the income distribution. B) greater the number of low-income people. C) greater the number of high-income people. D) less equal the income distribution. Question 30 (2 points) Question 30 Unsaved In general, as individuals undertake additional years of schooling, Question 30 options: A) their stock of human capital increases. B) the marginal productivity of individuals as workers becomes negative. C) the marginal productivity of individuals as workers declines. D) the marginal benefit to society of the extra years of education increases. Question 31 (2 points) Question 31 Unsaved Which of the following would NOT be considered a determinant of marginal productivity? Question 31 options: A) gender B) training C) experience D) talent Question 32 (2 points) Question 32 Unsaved The egalitarian principle of income refers to Question 32 options: A) each person receiving the same income. B) each person working the same number of hours. C) each person being paid differently. D) each person receiving tax breaks. Question 33 (2 points) Question 33 Unsaved The impact of technological change in the health-care area has been to Question 33 options: A) increase the monetary costs of health care and decrease the quality of health care. B) increase both the quality of health care and the monetary costs of health care. C) decrease the monetary costs of health care while decreasing the quality of health care. D) increase longevity but decrease quality of life. Question 34 (2 points) Question 34 Unsaved Social Security is a pure transfer program because Question 34 options: A) current payroll taxes are used to pay the eligible retirees. B) the government subsidizes the medical bill of the poor. C) the government transfers funds from middle-income workers to welfare recipients. D) it transfers funds from current workers to the poor. Question 35 (2 points) Question 35 Unsaved In theory, the Emissions Trading Scheme would Question 35 options: A) lower the production costs of all firms. B) raise the production costs of all firms. C) cause firms to generate more pollution than their allowed limits. D) cause firms to generate less pollution than their allowed limits. Question 36 (2 points) Question 36 Unsaved From an economic standpoint, the amount of pollution should be Question 36 options: A) at the point at which the marginal benefit from further reduction equals the marginal cost of further reduction. B) zero. C) the amount that allows firms to maximize profits. D) the amount where firms are earning a normal rate of return on investment. Question 37 (2 points) Question 37 Unsaved The optimal quantity of air pollution is Question 37 options: A) found by setting the quantity of air pollution equal to the quantity of water pollution. B) a meaningless concept since monetary values cannot be attached to problems associated with pollution. C) found by equating the marginal benefits from further reductions in pollution and the marginal costs of further reductions in pollution. D) whatever amount of pollution is produced by the profit maximizing firm. Question 38 (2 poinQuestion 38 Unsaved An individual who pays for personal auto repair has incurred a Question 38 options: A) social cost. B) positive externality. C) negative externality. D) private cost. Question 39 (2 points) Question 39 Unsaved To efficiently improve environmental quality, it is usually Question 39 options: A) better to focus on economic damages rather than physical quantities of pollution. B) better to focus on the hardest areas to clean up first since these usually are the biggest problems. C) best to set up stringent emission standards that must be followed by everyone. D) more appropriate to concentrate on the physical quantities of pollution rather than on economic costs. Question 40 (2 points) Question 40 Unsaved A social cost that is not fully paid by the individual using an automobile is Question 40 options: A) insurance. B) traffic congestion. C) depreciation of the vehicle. D) gasoline and oil. Question 41 (2 points) Question 41 Unsaved The total social cost of production is equal to Question 41 options: A) external cost minus internal cost. B) internal cost plus opportunity cost. C) external cost plus internal cost. D) internal cost minus external cost. Question 42 (2 points) Question 42 Unsaved Exclusive rights of ownership that allow the use, transfer, and exchange of property are called Question 42 options: A) common property rights. B) public property rights. C) private property rights. D) nonexclusive property rights. Question 43 (2 points) Question 43 Unsaved In general, pollution exists in situations in which Question 43 options: A) people are selfish. B) there are poorly defined private property rights. C) people refuse to take social responsibility seriously. D) there exists public property. Question 44 (2 points) Question 44 Unsaved A large farm uses fertilizer that nearby landowners complain may contaminate their water. Tests are conducted and contaminants are found. The costs resulting from this decision are referred to as Question 44 options: A) opportunity costs. B) factor costs. C) external costs. D) implicit costs. Question 45 (3 points) Question 45 Unsaved Distinguish between craft unions and industrial unions. Question 45 options: Spell check Question 46 (3 points) Question 46 Unsaved Explain the implications of outsourcing for employment and wages in the domestic and foreign labor markets. Question 46 options: Spell check Question 47 (3 points) Question 47 Unsaved What can cause the demand curve for labor to shift? Explain. Question 47 options: Spell check Question 48 (3 points) Question 48 Unsaved What is the purpose of a strike? What are the costs to workers and to management? Question 48 options: Spell check