Refer to Scenario 7.3 below to answer the question(s) that follow. SCENARIO 7.3: Upon graduating with an accounting degree, you open your own accounting firm of which you are the sole employee. To start the firm you passed on a job offer with a large accounting firm that offered you a salary of $60,000 annually. Last year you earned a total revenue of $100,000. Rent and supplies last year were $50,000. Refer to Scenario 7.3. Your annual operating profit is
A. -$10,000.
B. $40,000.
C. $50,000.
D. $100,000.
Answer: C
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In a three-player game, which of the following is not one of the player designations for a payoff matrix?
A) row B) column C) chapter D) page
The opportunity cost of using one’s own savings in operating a business can be determined by using
a. wage rates. b. interest rates. c. exchange rates. d. rental rates.
Exhibit 4-10 Supply and demand data for apricots Bushels demandedper month Price perbushel Bushels suppliedper month 50 $5 80 55 4 75 60 3 70 65 2 65 70 1 55 Which of the following would occur if the government sets a price floor of $4 in the market shown in Exhibit 4-10?
A. There would be a shortage of apricots. B. Buyers would not purchase all of the apricots that are grown. C. Buyers would purchase more apricots than are currently being supplied. D. Farmers would reduce the number of acres allocated to the growing of apricots.
An increase in the price of a good or service leads to a(n) ________ that leads to a(n) ________.
A. increase in demand; shift of the demand curve B. increase in quantity demanded; shift of the demand curve C. decrease in quantity demanded; movement along the demand curve D. decrease in demand; movement along the demand curve