The market price __________ the equilibrium price. can be higher than, but never lower than can be lower than, but never higher than can be higher than, or lower than is always equal to
S. Bureau of the Census (based on family food budgets). at the same income level right now as it’s been since 1982. so high that over 30% of all Americans are officially poor. by the United Nations for every country in the world.
fall twice as quickly as the demand curve. lie below the demand curve at all points. cross the demand curve.
A key reason that our gasoline prices elevated rapidly from 2006 to 2008 was: tight global supplies and high prices. the war in the Middle East. greed by oil exporting countries. inflation.
In order for real wages to grow: productivity must grow. productivity must fall. money wages must grow. money wages must fall.
The law of demand holds for: individuals, but not for markets. markets, but not for individuals. both individuals and for markets. neither individuals nor for markets.
A firm will maximize its profits or minimize its loss at the output where: the difference between price and marginal cost is at its maximum. total cost equals total revenue. marginal cost equals marginal revenue. total revenue equals variable cost.
The substitution effect and the output effect work in the: same direction some of the time
1. Activities included in a generally accepted definition of management accounting include: A predetermined overhead rate is used to: a. keep track of actual overhead costs as they are incurred. b. assign indirect costs to cost objects WY payday loans. c. establish prices for manufactured products. d. allocate selling and administrative expenses to manufactured products.
Question 2 Performance analysis in the planning and control cycle relates to the act of: a. planning. b. managing. c. controlling. d. revising plans.
Question 3 An example of a cost likely to have an indirect relationship with products being manufactured: a. production labor costs. b. raw material costs. c. electricity costs for packaging equipment. d. none of these.
Question 4 Selling price per unit $ 100Variable expenses per unit $ 40Fixed expenses per month $ 60,000 Operating income at a volume of 4,000 units per month is: a. $240,000 b. $200,000 c. $180,000 d. $120,000
Question 5 Selling price per unit $ 100Variable expenses per unit $ 40Fixed expenses per month $ 60,000 The break-even point volume of units is: a. 0 b. 360 c. 720 d. 1000
Question 6 Selling price per unit $ 100Variable expenses per unit $ 40Fixed expenses per month $ 60,000 The break-even point in terms of total revenues per month is: a. $30,000 b. $60,000 c. $75,000 d. $100,000
If a monopolist has a straight-line demand curve, then its e as the demand curve
Question 7 Selling price per unit $ 100Variable expenses per unit $ 40Fixed expenses per month $ 60,000 The contribution margin ratio is: a. 40% b. 60% < /span> c. 62.5% d. 70%
Question 8 If fixed costs were increased by $9,000 and the contribution margin ratio remained at 30 percent, then sales must increase by $_________ in order to cover the additional fixed expenses: a. $27,000. b. $30,000 c. $33,000. d. $54,000.
Question 9 The sequence of activities that add value to the organization are: a. the value processes. b. the chain of production events. c. the value chain. d. the strategic cost initiatives.
Question 10 Which of the following activities is not included in the organization’s value chain? a. marketing. b. finance. c. customer service. d. research and development.