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How would you paraphrase the definition of equilibrium price?Equilibrium price occurs when supply and demand quantities meet.Equilibrium price occurs when price and demand are consistent.Equilibrium price is established when buyers' and sellers' price and quantity are the same.Equilibrium price is established when buyers' and sellers' demand and production are the same.Question 2.2.What effect do price ceilings and price floors have on the markPrice ceilings cause an increase in demand and a decrease in quantity supplied, which result in market shortages.Price floors cause an increase in demand and a decrease in quantity supplied, which result in market surpluses.Price ceilings cause an increase in demand and a decrease in quantity supplied, which result in market surpluses.Price floors cause an increase in demand and a decrease in quantity supplied, which result in market shortages.Question 3.3.Which of the following statements best describes microeconomics versus macroeconoMacroeconomics is to details as microeconomics is to the total.Microeconomics is to inflation as macroeconomics is to product prices.Macroeconomics is to the big picture as microeconomics is to details.Macroeconomics is to the pieces as microeconomics is to the puzzle.Question 4.4.Which of the following expressions captures the meaning of opportunity cost?A penny saved is a penny earned.A fool and his money are soon parted.A stitch in time saves nine.There's no such thing as a free lunch.Question 5.5.Which countries would you predict have the highest and lowest opportunity cost associated with a strong military?Highest-Mexico; Lowest-North KoreaHighest-North Korea; Lowest-MexicoCountries with large armies will have the greatest opportunity costCountries with the small armies will have the greatest opportunity costQuestion 6.6.Bill has plenty of money to buy a new car, although he is reluctant to do so because he also wants to pay cash for his vacation this year. What element of a market economy prevents Bill from buying a new car in this scenario?Equilibrium priceCeteris paribusInitial demandDemand, because he is not also willing to purchase the carQuestion 7.7.If an economic system allows consumers to set the prices for goods, what economic phenomenon is at work?&#-96; Price fixingSupply/demandA shift in the production-possibilities curveThe invisible handQuestion 8.8.If someone told you that a demand curve is good, long-term evidence of the consumers' buying activity, would you agree or disagree?I would agree because of the correlation between demand and buying activity.I would agree; consumers tend to buy according to their demand for extended periods of time.I would disagree; the demand curve reflects only a willingness to buy only as long as the determinants of demand remain unchanged.I would disagree because there is no correlation between demand and buying activity.Question 9.9.What fundamental difference can you identify between the philosophies of Adam Smith and Karl Marx?Marx believed the market would best answer the what, how and for whom questions; Smith believed in a central planning system to answer these questions.Smith believed the market would best answer the what, how and for whom questions; Marx believed in a central planning system to answer these questions.Marx believed the consumer should set prices; Smith did not.Smith believed the government should control the factors of production; Marx did not.Question 10.10.If everyone were able to produce all the goods and services they wanted or needed with unlimited resources, what impact would such a phenomenon have on economics?There would be no product marketsThere would be no money systemThere would be more factors of productionThere would be more goods and services
According to the textbook author, potential investors need information that is: a) relevant and reliable. b) fair and future-oriented. c) accurate and truthful. d) audited and complete.
What are the differences in reporting guidance in a for-profit and not-for-profit organization? What are the similarities in reporting guidance in a for-profit and not-for-profit organization?
On that date, when the market price of Oliver was $14 per share, there were 180,000 shares of Gibbs outstanding. What NET reduction in retained earnings would result from this property dividend?
Grossman Products began operations in 2013. The following selected transactions occurred from September 2013 through March 2014. Grossman's fiscal year ends on December 31.
Under the terms of his salary agreement, president Juan Rivera has an option of receiving either an immediate bonus of $40,000, or a deferred bonus of $75,000 payable in 10 years.
During 2009, Von Co. sold inventory to its wholly-owned subsidiary, Lord Co. The inventory cost $30,000 and was sold to Lord for $44,000. From the perspective of the combination, when is the $14,000 gain realized?
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The remnants are considered a by product of the process and sold to make cat food. Allocate the joint cost based on approx NRV at split off. use the NRV method to account for the by producy.
During the last month of 2011, the first month of the offer, Funzy sold 12 million boxes of wheatos and 2.4 million of the coupons were redeemed. What amount should Funzy report as a promotional expense for coupons on its December 31, 2011, income..
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