...Chapter 5: The Demand for Goods Multiple Choice Questions THE DETERMINANTS OF DEMAND 1. Status and ego considerations in consumption are: A) Sociopsychiatric explanations of demand. C) An example of income. B) Economic determinants of demand. D) All of the above. Answer: A Type: Basic Understanding Page: 93 2. A movement along a given demand curve between two prices refers to: A) The price elasticity of demand. C) A change in quantity demanded. B) A change in demand. D) The law of diminishing marginal utility. Answer: C Type: Definition Page: 94 3. When the demand for a good increases: A) Consumers are willing and able to pay only lower prices for any given quantity of the good. B) Consumers desire to have more of the good. C) Consumers are willing and able to purchase greater quantities of the good at any given price. D) There is movement along the demand curve. Answer: C Type: Definition Page: 94 THE DEMAND CURVE 4. Utility refers to the: A) Satisfaction obtained from a good or service. B) Additional satisfaction obtained from one more unit of a good or service. C) Willingness to buy specific quantities of a good or service at a particular price. D) Decrease in satisfaction as more of a good or service is consumed. Answer: A Type: Definition Page: 95 5. Which of the following determinants of demand is most directly an indication...
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...Chapter 5: The Demand for Goods Multiple Choice Questions THE DETERMINANTS OF DEMAND 1. Status and ego considerations in consumption are: A) Sociopsychiatric explanations of demand. C) An example of income. B) Economic determinants of demand. D) All of the above. Answer: A Type: Basic Understanding Page: 93 2. A movement along a given demand curve between two prices refers to: A) The price elasticity of demand. C) A change in quantity demanded. B) A change in demand. D) The law of diminishing marginal utility. Answer: C Type: Definition Page: 94 3. When the demand for a good increases: A) Consumers are willing and able to pay only lower prices for any given quantity of the good. B) Consumers desire to have more of the good. C) Consumers are willing and able to purchase greater quantities of the good at any given price. D) There is movement along the demand curve. Answer: C Type: Definition Page: 94 THE DEMAND CURVE 4. Utility refers to the: A) Satisfaction obtained from a good or service. B) Additional satisfaction obtained from one more unit of a good or service. C) Willingness to buy specific quantities of a good or service at a particular price. D) Decrease in satisfaction as more of a good or service is consumed. Answer: A Type: Definition Page: 95 5. Which of the following determinants of demand is most directly an indication...
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...demanded. Answer: B Diff: 2 Type: MC Topic: Price Elasticity of Demand 2) The price elasticity of demand is a units-free measure of the responsiveness of the ________ when all other influences on buying plans remain the same. A) quantity demanded to a change in the price of a substitute or complement B) quantity demanded to a change in income C) quantity demanded of a good to a change in its price D) price to a change in quantity demanded E) none of the above Answer: C Diff: 1 Type: MC Topic: Price Elasticity of Demand 3) The concept used by economists to indicate the responsiveness of the quantity demanded of a good to a change in its price is the A) cross elasticity of demand. B) income elasticity of demand. C) substitute elasticity of demand. D) price elasticity of demand. E) elasticity of supply. Answer: D Diff: 1 Type: MC Topic: Price Elasticity of Demand 4) If a 10 percent rise in price leads to an 8 percent decrease in quantity demanded, the price elasticity of demand is A) 0.8. B) 1.25. C) 8. D) 0.125. E) 80. Answer: A Diff: 2 Type: MC Topic: Price Elasticity of Demand 5) If a large percentage drop in the price level results in a small percentage increase in the quantity demanded, A) demand is inelastic. B) demand is elastic. C) demand is unit elastic. D) the price elasticity of demand is close to infinity. E) the price elasticity of demand is zero. Answer: A Diff: 2 Type: MC Topic: Price Elasticity...
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...constraints, and legal constraints. Answer: A Type: Basic Understanding Page: 45 2. The goals of the market participants are the maximization of: A) Income for consumers, profits for businesses, and taxes for government. B) Goods and services for consumers, scarce resources for businesses, and resources not used by businesses for government. C) Satisfaction from purchases for consumers, profits for businesses, and society's general welfare for government. D) Available goods and services for consumers, scarce resources for businesses, and general welfare for government. Answer: C Type: Basic Understanding Page: 45 3. The goals of the consumer in a market economy is to buy: A) The greatest number of goods and services possible. B) The goods and services that maximize profits for businesses. C) The combination of goods and services which maximizes their utility given a limited budget. D) Those goods and services with the lowest prices. Answer: C Type: Basic Understanding Page: 45 4. The goal of the supplier of a product or service in a market economy is: A) The use of scarce resources subject to the constraint of taxes. B) The use of scarce resources subject to the constraint of available profit. C) Profits subject to the constraint of scarce resources. D) Profits subject to the constraint of income. Answer: C Type: Basic Understanding Page: 45 5. People...
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...policies and evaluating performance. Answer: D Type: Definition Page: 93 2. Prices are used in national accounting to: A) Add the values of output from different sectors of the economy. B) Compare the value of output of one period with that of another. C) Provide an index to measure the rate of inflation. D) All of the above. Answer: D Type: Basic Understanding Page: 93 3. The GDP is: A) C + I + G + (X - IM). B) The sum of value added at every stage of the production process. C) The total market value of final goods and services. D) All of the above. Answer: D Type: Definition Page: 93 4. The total market value of all final goods and services produced in an economy during a given time period is the definition of: A) Gross domestic product. B) Net domestic product. C) National income. D) Personal income. Answer: A Type: Definition Page: 93 5. GDP can be calculated by: A) Adding up the spending on goods and services by business, government, households, and foreigners, and subtracting imports. B) Adding up the "value added" at every stage of production in the economy. C) Adding up all of the receipts of households, government, and business. D) All of the above. Answer: D Type: Definition Page: 94 6. The GDP can be calculated as: A) The sum of value added and intermediate goods. B) The sum of final...
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...which production is possible and impossible. E) illustrates why there need not be any scarcity in the world. Answer: A Diff: 1 Type: MC Topic: Production Possibilities and Opportunity Cost 2) Which one of the following concepts is not illustrated by a production possibilities frontier? A) scarcity B) monetary exchange C) opportunity cost D) attainable and unattainable points E) the tradeoff between producing one good versus another Answer: B Diff: 2 Type: MC Topic: Production Possibilities and Opportunity Cost 3) A point inside a production possibilities frontier A) indicates some unused or misallocated resources. B) is unattainable. C) is preferred to a point on the production possibilities frontier. D) indicates a point of production efficiency. E) illustrates the idea of opportunity cost. Answer: A Diff: 1 Type: MC Topic: Production Possibilities and Opportunity Cost 4) Which one of the following concepts is illustrated by a production possibilities frontier? A) profit B) consumption C) investment D) monetary exchange E) the tradeoff between producing one good versus another Answer: E Diff: 1 Type: MC Topic: Production Possibilities and Opportunity Cost 5) If Sam is producing at a point inside his production possibilities frontier, then he A) can increase production of both goods with zero opportunity cost. B) is fully using all his resources and allocating his resources to their best use. C) must be doing the...
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...1/11/14 Indian Taxation and Corporate Laws » Customs Duty, basics, types and calculations Indian Taxation and Corporate Laws Updates on Indian Taxation and Corporate Laws knowledge by answering objective questions. Home Service Tax www.dateyvs.com/tax/customs-law-primer/customs-duty-basics-types-and-calculations/ 1/10 1/11/14 Indian Taxation and Corporate Laws » Customs Duty, basics, types and calculations Law Primer Tax Primer www.dateyvs.com/tax/customs-law-primer/customs-duty-basics-types-and-calculations/ 2/10 1/11/14 Indian Taxation and Corporate Laws » Customs Duty, basics, types and calculations Students Useful Sites For Corporate Laws For Taxation For Prime Institututions For Legal Information About Queries? www.dateyvs.com/tax/customs-law-primer/customs-duty-basics-types-and-calculations/ 3/10 1/11/14 Indian Taxation and Corporate Laws » Customs Duty, basics, types and calculations Customs Duty, basics, types and calculations Calculation of customs duty payable is as follows, w.e.f. 17-32012 Seq. Duty Description (A) Assessable Value Rs (B) Basic Customs Duty (C) Sub-Total for calculating CVD ‘(A+B)’ (D) CVD ‘C’ x excise duty rate (E) Sub-total for edu cess on customs ‘B+D (F) Edu Cess of Customs – 2% of ‘E’ (G) SAH Education Cess of Customs – 1% of ‘E’ (H) Sub-total for Spl CVD ‘C+D+F+G (I) Special CVD u/s 3(5) – 4% of ‘H’ (J) Total Duty (M) Total duty rounded to - Duty % Amount 10 12 2 1 4 Rs. 1,000 100...
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...the document. To understand what type of economy the United States has, first we must consider the three types of economic outlines. These are central, market, and mixed economies. By taking a closer look at how each type of economy operates, and looking at examples of each, we can come to an understanding of what best fits the model of the United States. First, we will take a closer look at a central economy. This type of economy has its grounding in government rulings. At first description this sounds as though it would fit properly for the United States government as the government regulates taxes and tariffs on trade. However, in the case of a central economy system, the government makes all the economic decisions, preventing people (individuals or firms) from being able to affect the current market within the bounds of the system. This also has a very high chance to have a black market for many different good due to high government control. For example, if a certain good (milk) were to be set a low price, those who produce the milk may save some of it to sell to a black market for a better price on their good. Likewise, this control can be used in conjunction with knowledge of the average budget to fix prices so only people working for the highest power parts of the government can have excess capital to spend on goods. This further description does not properly fit how the United States is operated. A country that has this type of economy is North Korea. Next...
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...are very good team mates. Intrapersonal- These individuals are good at self awareness and are generally independent. They are good at reasoning and able to reflect on information. However, they do tend to prefer to work or study alone and enjoy their independence. Verbal-Linguistic- These individuals are great communicators, either by writing, reading, or speaking. They are able to understand meanings and terms easily and have the ability to analyze things in good detail. They are good teachers. Effective communication and collaboration between these three types would require using the strengths of each group to asset in the weakness in other groups. There would need good communication between the different types as some of the traits each has could cause strife in the group. The group with Interpersonal, Intrapersonal, and Verbal-Linguistic would be best served to allow them to use their strengths i.e. allow the Interpersonal type to get the group organized to start the task as they are good at communicating and have the ability to see things from other peoples point of view. They would also be good at helping others as they are good teachers. Intrapersonal types would best utilized to help come up with ideas for the project as they have good imaginative abilities along with thinking and reasoning skills. Communication is the key here as Intrapersonal types tend to be more apt to work alone and can express themselves easily. Allowing the Verbal-Linguistic type to control...
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...Make Economic Decisions Paper How people make economic decisions regarding their buying’s of good or services at the market are ruled by three basic principles as follows: People are rational as they make the best decision that will benefit each individual on their purchases or selling’s. The people evaluate constantly the benefits versus the cost of the goods or services. Example of this might be: An imaginary famous nail enamel branch was priced originally as .39 cents as the sale manager established. The famous branch was heading to bankrupt then did a marketing study of the market where they establish that the price the people where most likely to pay was .69 cents; this show us that the people associates price with quality. People respond to economic incentives, The basic idea behind the incentive tells that people tend to move towards a decision that they didn’t considered before if at the time they will receive any monetary incentive for it. As an example the author show us how Estonia woman start having babies after the government decide to provide incentive for each child birth to the mother for a couple of months with the goal of rise the born and death rate in this country that still critical. Finally the Optima decision is made at the margin where the benefits are maximize, where the seller obtain the maximum return possible for what the buyers are willing to pay for a good or service. The best example to show the application of the marginal benefits and marginal...
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...1. What is Inflation: Five Types of Inflation Defined Inflation is a situation of sustained and inordinate increase in the prices of goods and services. When there is a rise in general price level for all goods and services it is known as inflation. An inflationary situation could be because of the rise in any single price or a group of prices of related goods and services. Types of Inflation There are no less than five different types of inflation: • Commodity inflation, better known as cost-push inflation • Wage inflation, otherwise known as demand-pull inflation • Monetary inflation, • Fiscal inflation, and • Foreign exchange inflation. Cost-push Inflation: As the name suggests, if there is increase in the cost of production of goods and services, there is likely to be a forceful increase in the prices of finished goods and services. For instance, a rise in the wages of laborers would raise the per-unit costs of production and this would lead to rise in prices for the related products. This type of inflation may or may not occur in conjunction with demand-pull inflation. Demand-pull Inflation This type of inflation occurs when total demand for goods and services in an economy exceeds the supply of the same. When the supply is less, the prices of these goods and services would rise, leading to a situation called demand-pull inflation. This type of inflation affects the market economy adversely during the wartime. Fiscal inflation Fiscal inflation is due to...
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...statement. Each company code represents an independent accounting unit. Several company codes can use the same chart of account. Assignment Company code to company Company code to Credit control area Company code to Controlling area Company code to financial management area • (An FM Area is organizational unit which Plans, Controls and Monitors funds and commitment budgets) Controlling area to financial management area Controlling area to Operating Concern. Sales Organization • The highest-level of organizational unit in SD is Sales Organization. • Responsible for Distributing goods and services, Negociation sales conditions, Product liability and other customer rights of recourse. • Sales organization is also used to take for example a regional, national or international. • A sales organization assigned to a company code. Distribution Channel • Distribution Channel represents strategies to distribute goods and services to customer. • DC is assigned to a sales organization. The assignment is not unique. • You can share Customer, Material and Condition master data by maintaining a reference/common DC. Division • A Division is used to group material and services. A material can have only one Division. Abhishek Parihar SAP SD Certified Consultant E-Mail: abhishekparihar@rediffmail.com SAP SD IMP NOTES • • • • • We can make Customer- specific agreements for each Division, for example regarding partial deliveries or pricing within Division. (In CMIR) You can share Customer and...
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...facilitate transactions. d. Until 1995, e-commerce was almost non-existent. e. all of the above Answer: e Diff: 1 Type: MC Topic: E-commerce Skill: Recall/Applied 2) Use this fact situation to answer the related questions that follow. A and B have decided to go into the business of selling goods, but wish to use the Internet to reach potential customers all over Canada who can both buy from them and pay using the Internet. As prudent businesspersons, A and B will a. register a domain name. b. negotiate an Internet access agreement. c. negotiate a website development agreement. d. negotiate a website-hosting agreement. e. all of the above Answer: e Diff: 2 Type: MC Topic: E-commerce Skill: Applied 3) Use the fact situation in Q2 to answer the related question that follows. The type of business that A and B are setting up is called a. wholesale sales. b. electronic retailing. c. retail sales. d. e-commerce. e. digital retailing. Answer: b Diff: 1 Type: MC Topic: E-commerce Skill: Recall/Applied 4) Use the fact situation in Q2 to answer the related question that follows. The type of payment that the business will most likely use is a. credit cards. b. smart cards. c. cash. d. electronic cash. e. all of the above Answer: e Diff: 2 Type: MC Topic: E-commerce Skill: Recall/Applied 5) Use the fact situation in Q2 to answer the related question that follows...
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...Albanian / Kosovar 05 June 1982 Married Male WORK EXPERIENCE • Period • Name and Address of employer • Type of business or sector • Occupation or position held • Main activities and responsibilities • Period • Name and Address of employer • Type of business or sector • Occupation or position held EDUCATION • Period • Name and type of organization providing education • Title of qualification awarded • Name and type of organization providing education • Title of qualification awarded • Period • Name and type of organization providing education October 2006 - now Headquarter Office Telecommunication Network Support Engineer Operation & Maintenance and Integration September 2005 - 2006 SHMT “Gani Qafderbasha” Secondary School Profesor of Telecommunication November 2015-present Polytechnic University of Osijek -Croatia PhD Candidate University Polytechnic of Tirana Graduated- Engineer of Electronic –Telecommunication September 1996 - May 1999 Gymnasium Emin Duraku, 22000 Dragash TRAININGS • Period • Title of Training • Name and type of organization providing training • Principal subjects/occupational skills covered 29.08 – 31.08.2007 AXE Survey • Period • Name and type of organization providing training • Principal subjects/occupational skills covered 23.10-26.10.2007 • Period • Title of Training • Name and type of organization providing training • Principal subjects/occupational skills covered 17.12 – 20.12.2007 ...
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...unitarily elastic. D) income elastic. Answer: B Diff: 1 Type: F 2) Price is determined entirely by demand when A) demand is downward sloping. B) demand is perfectly inelastic. C) supply is perfectly inelastic. D) supply is perfectly elastic. Answer: C Diff: 2 Type: D 3) When supply is perfectly inelastic, A) price is determined solely by supply. B) price is determined solely by demand. C) only the government can set the price. D) the price may be set by either supply or demand. Answer: B Diff: 2 Type: D 4) A ________ line is a perfectly price elastic demand curve. A) horizontal B) vertical C) positively sloped D) negatively sloped Answer: A Diff: 1 Type: F 5) A ________ line is a perfectly price inelastic demand curve. A) horizontal B) vertical C) positively sloped D) negatively sloped Answer: B Diff: 1 Type: F 6) When the price of radios increases 5%, quantity demanded decreases 5%. The price elasticity of demand for radios is A) perfectly inelastic. B) elastic. C) inelastic. D) unitary elastic. Answer: D Diff: 2 Type: D 7) When the price of fresh fish increases 5%, quantity demanded decreases 10%. The...
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