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The quantity theory of the demand for money states that a country’s money supply is proportional to:
A. The real level of gross domestic product.
B. The exchange rate.
C. The money value of gross domestic product.
D. The domestic interest rate.
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purchasing power parity states that the difference between changes over time in product-price levels in two countries will be offset by the change in
___________ purchasing power parity states that the difference between changes over time in product-price levels in two countries will be offset by the change in the exchange rate over this time.
A. Partial
B. Relative
C. Absolute
D. Full
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An unexpected increase in the money supply of 10% will cause the short-run exchange rate to
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An unexpected increase in the money supply of 10% will cause the short-run exchange rate to:
A. Depreciate by less than 10%.
B. Depreciate by more than 10%.
C. Appreciate by less than 10%.
D. Appreciate by more than 10%.
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Stabilizing a nation's price level and the purchasing power of its money can be achieved
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Stabilizing a nation's price level and the purchasing power of its money can be achieved:
A. only with monetary policy.
B. only with fiscal policy.
C. with neither fiscal nor monetary policy.
D. with both fiscal and monetary policy.
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Stabilizing a nation's price level and the purchasing power of its money can be achieved:
A. only with monetary policy.
B. only with fiscal policy.
C. with neither fiscal nor monetary policy.
D. with both fiscal and monetary policy.
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Assume the Standard Internet Company negotiates a loan for $5,000 from the Metro National Bank and receives
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Assume the Standard Internet Company negotiates a loan for $5,000 from the Metro National Bank and receives a checkable deposit for that amount in exchange for its promissory note (IOU). As a result of this transaction:
A. the supply of money declines by the amount of the loan.
B. the supply of money is increased by $5,000.
C. the Metro Bank acquires reserves from other banks.
D. a claim has been "demonetized. "
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Assume the Standard Internet Company negotiates a loan for $5,000 from the Metro National Bank and receives a checkable deposit for that amount in exchange for its promissory note (IOU). As a result of this transaction:
A. the supply of money declines by the amount of the loan.
B. the supply of money is increased by $5,000.
C. the Metro Bank acquires reserves from other banks.
D. a claim has been "demonetized. "
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In a fractional reserve banking system
In a fractional reserve banking system:
A. the monetary system must be backed by gold.
B. banks can create money through the lending process.
C. the Federal Reserve has no control over the amount of money in circulation.
D. bank panics cannot occur.
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A. the monetary system must be backed by gold.
B. banks can create money through the lending process.
C. the Federal Reserve has no control over the amount of money in circulation.
D. bank panics cannot occur.
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Expansionary fiscal policy is so named because it
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Expansionary fiscal policy is so named because it:
A. necessarily expands the size of government.
B. is aimed at achieving greater price stability.
C. is designed to expand real GDP.
D. involves an expansion of the nation's money supply.
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Expansionary fiscal policy is so named because it:
A. necessarily expands the size of government.
B. is aimed at achieving greater price stability.
C. is designed to expand real GDP.
D. involves an expansion of the nation's money supply.
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Real GDP measures
Real GDP measures:
A. current output at base year prices.
B. base year output at current prices.
C. base year output at current exchange rates.
D. current output at current prices.
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Kara voluntarily quit her job as an insurance agent to return to school full-time to earn an MBA degree
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Kara voluntarily quit her job as an insurance agent to return to school full-time to earn an MBA degree. With degree in hand she is now searching for a position in management. Kara presently is:
A. structurally unemployed.
B. frictionally unemployed.
C. not a member of the labor force.
D. cyclically unemployed.
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Kara voluntarily quit her job as an insurance agent to return to school full-time to earn an MBA degree. With degree in hand she is now searching for a position in management. Kara presently is:
A. structurally unemployed.
B. frictionally unemployed.
C. not a member of the labor force.
D. cyclically unemployed.
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The industries or sectors of the economy in which business cycle fluctuations tend to affect output the most are
The industries or sectors of the economy in which business cycle fluctuations tend to affect output the most are:
A. services and nondurable consumer goods.
B. clothing and education.
C. capital goods and durable consumer goods.
D. military goods and capital goods.
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Inflation is undesirable because it
Inflation is undesirable because it:
A. invariably leads to hyperinflation.
B. usually is accompanied by declining real GDP.
C. reduces everyone's standard of living.
D. arbitrarily redistributes real income and wealth.
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A. invariably leads to hyperinflation.
B. usually is accompanied by declining real GDP.
C. reduces everyone's standard of living.
D. arbitrarily redistributes real income and wealth.
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Suppose that nominal wages fall and productivity rises in a particular economy. Other things equal, the aggre-gate
Suppose that nominal wages fall and productivity rises in a particular economy. Other things equal, the aggre-gate:
A. supply curve will shift rightward.
B. supply curve will shift leftward.
C. expenditures curve will shift downward.
D. demand curve will shift leftward.
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Other things equal, a price discriminating monopolist will
Other things equal, a price discriminating monopolist will:
A. produce a larger output than a nondiscriminating monopolist.
B. produce a smaller output than a nondiscriminating monopolist.
C. produce the same output as a nondiscriminating monopolist.
D. realize a smaller economic profit than a nondiscriminating monopolist.
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Those who contend that oligopolists are less likely than more competitive firms to engage in R&D say that
Those who contend that oligopolists are less likely than more competitive firms to engage in R&D say that:
A. entry barriers enable oligopolists to sustain the profits they gain from innovation.
B. Oligopolists have little incentive to introduce costly new technology and produce new products when they currently are earning large economic profit using existing technol-ogy and selling existing products.
C. the undistributed profits of oligopolists give them a source of readily available, relatively low cost funds for financing R & D.
D. the large size of oligopolists' R&D departments allow them to use very specialized, expensive R&D equipment and employ teams of specialized researchers.
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In the long run a pure monopolist will maximize profits by producing that output at which marginal cost is equal to
In the long run a pure monopolist will maximize profits by producing that output at which marginal cost is equal to:
A. average variable cost.
B. average total cost.
C. marginal revenue.
D. average cost.
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Suppose that an industry is characterized by a few firms and price leadership. We would expect that
Suppose that an industry is characterized by a few firms and price leadership. We would expect that:
A. price would exceed both marginal cost and average total cost.
B. price would equal marginal cost.
C. price would equal average total cost.
D. marginal revenue would exceed marginal cost.
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In an oligopolistic market
In an oligopolistic market:
A. the four largest firms account for 20 percent or less of total sales.
B. products may be standardized or differentiated.
C. one firm is always dominant.
D. the industry is monopolistically competitive.
A. the four largest firms account for 20 percent or less of total sales.
B. products may be standardized or differentiated.
C. one firm is always dominant.
D. the industry is monopolistically competitive.
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Monopolistic competition means
Monopolistic competition means:
A. many firms producing differentiated products.
B. a large number of firms producing a standardized or homogeneous product.
C. a market situation where competition is based entirely on product differentiation and advertising.
D. a few firms producing a standardized or homogeneous product.
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One would expect that collusion among oligopolistic producers would be easiest to achieve in which of the following cases
One would expect that collusion among oligopolistic producers would be easiest to achieve in which of the following cases?
A. a rather large number of firms producing a homogeneous product
B. a very small number of firms producing a differentiated product
C. a rather large number of firms producing a differentiated product
D. a very small number of firms producing a homogeneous product
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Advertising can impede economic efficiency when it
Advertising can impede economic efficiency when it:
A. enables firms to achieve substantial economies of scale.
B. reduces brand loyalty.
C. increases entry barriers.
D. increases consumer awareness of substitute products.
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Which of the following is not a possible source of natural monopoly
Which of the following is not a possible source of natural monopoly?
A. greater use of specialized inputs
B. simultaneous consumption
C. large-scale network effects
D. rent-seeking behavior
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A competitive firm will maximize profits at that output at which
A competitive firm will maximize profits at that output at which:
A. price exceeds average total cost by the largest amount.
B. total revenue and total cost are equal.
C. total revenue exceeds total cost by the greatest amount.
D. the difference between marginal revenue and price is at a maximum.
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Oligopoly is difficult to analyze primarily because
Oligopoly is difficult to analyze primarily because:
A. output may be either homogenous or differentiated.
B. the price and output decisions of any one firm depend on the reactions of its rivals.
C. the number of firms is too large to make collusion understandable.
D. neither allocative nor productive efficiency is achieved.
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Price exceeds marginal revenue for the pure monopolist because the:
Price exceeds marginal revenue for the pure monopolist because the:
A. monopolist produces a smaller output than would a purely competitive firm.
B. demand curve is downsloping.
C. law of diminishing returns is inapplicable.
D. demand curve lies below the marginal revenue curve.
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A profit-maximizing firm will
A profit-maximizing firm will:
A. expand employment if marginal revenue product equals marginal resource cost.
B. reduce employment if marginal revenue product exceeds marginal resource cost.
C. expand employment if marginal revenue product exceeds marginal resource cost.
D. reduce employment if marginal revenue product equals marginal resource cost.
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A. expand employment if marginal revenue product equals marginal resource cost.
B. reduce employment if marginal revenue product exceeds marginal resource cost.
C. expand employment if marginal revenue product exceeds marginal resource cost.
D. reduce employment if marginal revenue product equals marginal resource cost.
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A firm can hire six workers at a wage rate of $8 per hour but must pay $9 per hour to all of its employees to attract a seventh worker
A firm can hire six workers at a wage rate of $8 per hour but must pay $9 per hour to all of its employees to attract a seventh worker. The marginal wage cost of the seventh worker is:
A. $15.
B. $10.
C. $9.
D. $21.
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If the wage rate increases
If the wage rate increases:
A. a purely competitive and an imperfectly competitive producer will both hire less labor.
B. an imperfectly competitive producer will hire less labor, but a purely competitive producer will not.
C. a purely competitive producer will hire less labor, but an imperfectly competitive producer will not.
D. an imperfectly competitive producer may find it profitable to hire either more or less labor.
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If a firm decides to produce no output in the short run, its costs will be
If a firm decides to produce no output in the short run, its costs will be:
A. its fixed costs.
B. zero.
C. its marginal costs.
D. its fixed plus its variable costs.
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A. its fixed costs.
B. zero.
C. its marginal costs.
D. its fixed plus its variable costs.
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In which of the following industries are economies of scale exhausted at relatively low levels of output
In which of the following industries are economies of scale exhausted at relatively low levels of output?
A. concrete mixing
B. newspaper printing
C. aircraft production
D. automobile manufacturing
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In the short run the Sure-Screen T-Shirt Company is producing 500 units of output. Its average variable costs are $2. 00 and its average fixed costs
In the short run the Sure-Screen T-Shirt Company is producing 500 units of output. Its average variable costs are $2. 00 and its average fixed costs are $. 50. The firm's total costs:
A. are $750.
B. are $1,100.
C. are $2. 50.
D. are $1,250.
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If a firm is selling in an imperfectly competitive product market, then
If a firm is selling in an imperfectly competitive product market, then:
A. the marginal products of successive workers can be sold at higher prices.
B. the marginal products of successive workers can be sold at a constant price.
C. A. average product will be less than marginal product for any number of workers hired.
D. the marginal products of successive workers must be sold at lower prices.
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If technology dictates that labor and capital must be used in fixed proportions, an increase in the price of capital will cause a firm to use
If technology dictates that labor and capital must be used in fixed proportions, an increase in the price of capital will cause a firm to use:
A. less labor as a consequence of the substitution effect.
B. less labor as a consequence of the output effect.
C. more labor as a consequence of the substitution effect.
D. more labor as a consequence of the output effect.
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A. less labor as a consequence of the substitution effect.
B. less labor as a consequence of the output effect.
C. more labor as a consequence of the substitution effect.
D. more labor as a consequence of the output effect.
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If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue
If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue:
A. will be less than $5.
B. will be greater than $5.
C. may be either greater or less than $5.
D. will also be $5.
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Which of the following statements is true about productive and allocative efficiency
Which of the following statements is true about productive and allocative efficiency?
A. Society can achieve either productive efficiency or allocative efficiency, but not both simultaneously.
B. Productive efficiency and allocative efficiency can only occur together; neither can occur without the other.
C. Realizing allocative efficiency implies that productive efficiency has been realized.
D. Productive efficiency can only occur if there is also allocative efficiency.
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Suppose that in 2007 Ford sold 500,000 Mustangs at an average price of $18,800 per car; in 2008, 600,000 Mustangs
Suppose that in 2007 Ford sold 500,000 Mustangs at an average price of $18,800 per car; in 2008, 600,000 Mustangs were sold at an average price of $19,500 per car. These statements:
A. suggest that the demand for Mustangs increased between 2007 and 2008.
B. constitute an exception to the law of demand in that they suggest an upsloping demand curve.
C. suggest that the demand for Mustangs decreased between 2007 and 2008.
D. suggest that the supply of Mustangs must have increased between 2007 and 2008.
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Suppose that in the clothing market, production costs have fallen, but the equilibrium price and quantity purchased have both increased
Suppose that in the clothing market, production costs have fallen, but the equilibrium price and quantity purchased have both increased. Based on this information we can conclude that:
A. The supply of and demand for clothing have grown by the same proportion.
B. There is no way to determine what has happened to supply and demand with this information.
C. The supply of clothing has grown faster than the demand for clothing.
D. Demand for clothing has grown faster than the supply of clothing.
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If the demand for farm products is price inelastic, a good harvest will cause farm revenues to
If the demand for farm products is price inelastic, a good harvest will cause farm revenues to:
A. be unchanged.
B. either increase or decrease, depending on what happens to supply.
C. increase
D. decrease
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The advent of DVDs has virtually demolished the market for videocassettes. This is an example o
The advent of DVDs has virtually demolished the market for videocassettes. This is an example of:
A. capital accumulation.
B. the difference between normal and economic profits.
C. creative destruction.
D. derived demand..
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Suppose that the price of peanuts falls from $3 to $2 per bushel and that, as a result, the total revenue received by peanut farmers changes
Suppose that the price of peanuts falls from $3 to $2 per bushel and that, as a result, the total revenue received by peanut farmers changes from $16 to $14 billion. Thus:
A. the demand curve for peanuts has shifted to the right.
B. the demand for peanuts is elastic.
C. the demand for peanuts is inelastic.
D. no inference can be made as to the elasticity of demand for peanuts.
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Which of the following transactions would require the use of the present value of an annuity due concept in order to calculate the present value
Which of the following transactions would require the use of the present value of an annuity due concept in order to calculate the present value of the asset obtained or liability owed at the date of incurrence?
A. A capital lease is entered into with the initial lease payment due upon the signing of the lease agreement.
B. A ten-year 8% bond is issued on January 2 with interest payable semiannually on July 1 and January 1 yielding 7%.
C. A capital lease is entered into with the initial lease payment due one month subse-quent to the signing of the lease agreement.
D. A ten-year 8% bond is issued on January 2 with interest payable semiannually on July 1 and January 1 yielding 9%.
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Which table would you use to determine how much you would need to have deposited three years ago at 10% compounded annually
Which table would you use to determine how much you would need to have deposited three years ago at 10% compounded annually in order to have $1,000 today?
A. Future value of 1 or present value of 1
B. Future value of an ordinary annuity of 1
C. Future value of an annuity due of 1
D. Present value of an ordinary annuity of 1
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Which table would show the largest factor for an interest rate of 8% for five periods?
Which table would show the largest factor for an interest rate of 8% for five periods?
A. Future value of an ordinary annuity of 1
B. Future value of an annuity due of 1
C. Present value of an ordinary annuity of 1
D. Present value of an annuity due of 1
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In a statement of cash flows, the cash flows from investing activities section should report
In a statement of cash flows, the cash flows from investing activities section should report
A. the issuance of common stock in exchange for a factory building.
B. a major repair to machinery charged to accumulated depreciation.
C. stock dividends received.
D. the assignment of accounts receivable.
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Which of the following would be classified as a financing activity on a statement of cash flows?
Which of the following would be classified as a financing activity on a statement of cash flows?
A. Declaration and distribution of a stock dividend
B. Sale of a loan receivable
C. Deposit to a bond sinking fund
D. Payment of interest to a creditor
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Riley Company reports its income from investments under the equity method and recognized income of $25,000 from its investment in Wood Co
Riley Company reports its income from investments under the equity method and recognized income of $25,000 from its investment in Wood Co. during the current year, even though no dividends were declared or paid by Wood during the year. On Riley's statement of cash flows (indirect method), the $25,000 should
A. not be shown.
B. be shown as cash outflow from financing activities.
C. be shown as cash inflow from investing activities.
D. be shown as a deduction from net income in the cash flows from operating activities section.
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The primary purpose of the statement of cash flows is to provide information
The primary purpose of the statement of cash flows is to provide information
A. about the operating, investing, and financing activities of an entity during a period.
B. about the cash receipts and cash payments of an entity during a period.
C. that is useful in assessing cash flow prospects.
D. about the entity's ability to meet its obligations, its ability to pay dividends, and its needs for external financing.
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The first step in the preparation of the statement of cash flows requires the use of information included in which comparative financial statements
The first step in the preparation of the statement of cash flows requires the use of information included in which comparative financial statements?
A. Statements of cash flows
B. Income statements
C. Balance sheets
D. Statements of retained earnings
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To arrive at net cash provided by operating activities, it is necessary to report revenues and expenses on a cash basis. This is done by
To arrive at net cash provided by operating activities, it is necessary to report revenues and expenses on a cash basis. This is done by
A. re-recording all income statement transactions that directly affect cash in a separate cash flow journal.
B. eliminating the effects of income statement transactions that did not result in a corresponding increase or decrease in cash.
C. estimating the percentage of income statement transactions that were originally reported on a cash basis and projecting this amount to the entire array of income statement transactions.
D. eliminating all transactions that have no current or future effect on cash, such as depreciation, from the net income computation.
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Theoretically, in computing the receivables turnover, the numerator should include
Theoretically, in computing the receivables turnover, the numerator should include
A. net sales.
B. sales.
C. net credit sales.
D. credit sales.
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Which of the following ratios measures long-term solvency?
Which of the following ratios measures long-term solvency?
A. Acid-test ratio
B. Debt to total assets
C. Receivables turnover
D. Current ratio
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The payout ratio is calculated by dividing
The payout ratio is calculated by dividing
A. dividends per share by earnings per share.
B. cash dividends by net income plus preferred dividends.
C. cash dividends by net income less preferred dividends.
D. cash dividends by market price per share.
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The MD&A section of an enterprise's annual report is to cover the following three items:
The MD&A section of an enterprise's annual report is to cover the following three items:
A. income statement, balance sheet, and statement of owners' equity.
B. income statement, balance sheet, and statement of cash flows.
C. changes in the stock price, mergers, and acquisitions.
D. liquidity, capital resources, and results of operationsintermediate Accounting final examination acc421
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If the financial statements examined by an auditor lead the auditor to issue an opinion that contains an exception
If the financial statements examined by an auditor lead the auditor to issue an opinion that contains an exception that is not of sufficient magnitude to invalidate the statement as a whole, the opinion is said to be
A. unqualified.
B. qualified.
C. exceptional.
D. adverse.
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Companies should disclose all of the following in interim reports except
Companies should disclose all of the following in interim reports except
A. basic and diluted earnings per share.
B. changes in accounting principles.
C. seasonal revenue, cost, or expenses.
D. post-balance-sheet events.
intermediate Accounting final examination acc421
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Events that occur after the December 31, 2008 balance sheet date (but before the balance sheet is issued) and provide additional evidence
Events that occur after the December 31, 2008 balance sheet date (but before the balance sheet is issued) and provide additional evidence about conditions that existed at the balance sheet date and affect the realizability of accounts receivable should be
A. discussed only in the MD&A (Management's Discussion and Analysis) section of the annual report.
B. disclosed only in the Notes to the Financial Statements.
C. used to record an adjustment directly to the Retained Earnings account
D. used to record an adjustment to Bad Debt Expense for the year ending December 31, 2008.
intermediate Accounting final examination acc421
Acc421 Acc/421 Acc 421 Final Exam examination
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If a business entity entered into certain related party transactions, it would be required to disclose all of the following information except the
If a business entity entered into certain related party transactions, it would be required to disclose all of the following information except the
A. nature of the relationship between the parties to the transactions.
B. nature of any future transactions planned between the parties and the terms involved.
C. amounts due from or to related parties as of the date of each balance sheet presented.
D. dollar amount of the transactions for each of the periods for which an income state-ment is presented.
intermediate Accounting final examination acc421
Acc421 Acc/421 Acc 421 Final Exam examination
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The focus of APB Opinion No. 22 is on the disclosure of accounting policies. This information is important to financial statement readers determining
The focus of APB Opinion No. 22 is on the disclosure of accounting policies. This information is important to financial statement readers in determining
A. net income for the year.
B. whether accounting policies are consistently applied from year to year.
C. whether the working capital position is adequate for future operations.
D. the value of obsolete items included in ending inventory.
intermediate Accounting final examination acc421
Acc421 Acc/421 Acc 421 Final Exam examination
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The basis for classifying assets as current or noncurrent is conversion to cash within
The basis for classifying assets as current or noncurrent is conversion to cash within
A. the accounting cycle or one year, whichever is shorter.
B. the operating cycle or one year, whichever is shorter.
C. the accounting cycle or one year, whichever is longer.
D. the operating cycle or one year, whichever is longer.
intermediate Accounting final examination acc421
Acc421 Acc/421 Acc 421 Final Exam examination
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The balance sheet contributes to financial reporting by providing a basis for all of the following except
The balance sheet contributes to financial reporting by providing a basis for all of the following except
A. computing rates of return.
B. assessing the liquidity and financial flexibility of the enterprise.
C. determining the increase in cash due to operations.
D. evaluating the capital structure of the enterprise.
A. computing rates of return.
B. assessing the liquidity and financial flexibility of the enterprise.
C. determining the increase in cash due to operations.
D. evaluating the capital structure of the enterprise.
intermediate Accounting final examination acc421
Acc421 Acc/421 Acc 421 Final Exam examination
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One criticism not normally aimed at a balance sheet prepared using current accounting and reporting standards is
One criticism not normally aimed at a balance sheet prepared using current accounting and reporting standards is
A. failure to reflect current value information.
B. failure to include items of financial value that cannot be recorded objectively.
C. an extensive use of estimates.
D. the extensive use of separate classifications.
intermediate Accounting final examination acc421
Acc421 Acc/421 Acc 421 Final Exam examination
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Dot Point, Inc. is a retailer of washers and dryers and offers a three-year service contract on each appliance sold
Dot Point, Inc. is a retailer of washers and dryers and offers a three-year service contract on each appliance sold. Although Dot Point sells the appliances on an installment basis, all service contracts are cash sales at the time of purchase by the buyer. Collections received for service contracts should be recorded as
A. service revenue.
B. a direct addition to retained earnings.
C. a reduction in installment accounts receivable.
D. deferred service revenue.
intermediate Accounting final examination acc421
Acc421 Acc/421 Acc 421 Final Exam examination
Download 421 Final Exam : Click HERE(Total 36 Questions Answered)
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