1. In _______________, overhead can be estimated by approximating the year’s actual overhead at the beginning of the year and then using a predetermined rate throughout the year to obtain the needed unit cost information.
   1. Actual costing
   2. Normal costing
   3. Job order costing
   4. Process costing
2. If actual overhead is $400,000 for the year but $390,000 was applied to production, we would say that the variance is _______________ overhead.
   1. Under applied
   2. Over applied
   3. Applied
   4. All of the above
3. If actual overhead is $400,000 for the year but $410,000 was applied to production, we would say that the variance is ______________ overhead.
   1. Under applied
   2. Over applied
   3. No under or over applied
   4. All of the above
4. Under _________ costing, all production costs, variable and fixed, are included when determining unit product cost.
   1. Process
   2. Job order
   3. Absorption
   4. Variable
5. Under ___________costing, only the variable production costs are included in product costs.
   1. Process
   2. Variable
   3. Job order

d.Absorption

The novel corona virus disease (also known as COVID – 19) which started in WUHAN in December 2019 has grounded the global economy to a halt. World crude prices reached their lowest and trade among nations have generally slowed. Production has slowed and jobs are being lost across the globe. Globally, over seven million people have contracted the virus and over four hundred thousand have died. Ghana announced its first two confirmed cases of COVID – 19 on 12 March, 2020 and as at June 14, 2020, the number of confirmed cases stood at 11,964 with 54 deaths. The impact of the COVID – 19 pandemic on Ghanaian economy and the global economy at large is predicted to be very severe. The government of Ghana, like many other governments, is spending more funds on containing the pandemic and limiting the effect of the pandemic on the economy. The IMF Executive Board approved the disbursement of US$1 billion drawn under the Rapid Credit Facility (RCF) for Ghana on April 13, 2020 after receiving application from the country’s government. Given this background, briefly discuss the repercussions of the corona virus pandemic for the Ghanaian economy and foreign exchange market. Suggest ways of mitigating the effects of covid – 19 on Ghana’s balance of payments (BOP)

The initial condition of an economy before its transition is empirically shown to be in direct relationship with a country’s development. Based on what you have read about the Soviet Union’s structure in previous chapter, assess some of the long-term impacts that socialism may have on its transition.

A foreign interest rate shock causes the foreign rate or return to exceed the domestic rate of return. Which of the following outlines subsequent effects of this in a fixed exchange rate regime?

What is the moral hazard of a "too big to fail" policy for bailouts of private banks?

A sudden stop or reversal of capital flows might be caused by which of the following?

Some borrowers may take on more risk than lenders would like. This is because the upside of risk is a high rate of return and the downside is a loss to the lender. This type of problem is known as     .

1.Explain why trade leads to mutually beneficial gains

2. Provide a definition of comparative advantage and absolute advantage and make sure that you describe the difference.

3. Think about an example from your own life, someone you know, sports, entertainment, or business that demonstrates how comparative advantage is used in the real world.

1 The purchases of items from foreigners will be equal to the sales of items to foreigners.

True

False

2 The following chart indicates a hypothetical newspaper quotation of the exchange rates of various currencies.

On February 2, the U.S. dollar (appreciated /depreciated) against the British pound.

On February 2, the U.S. dollar (appreciated /depreciated)   against the Canadian dollar.

3

Suppose the exchange rate between the United States and Mexico freely fluctuates in the open market.

Indicate whether each of the following would cause the dollar to appreciate, depreciate or remain unchanged relative to the peso.

4 Economies with sluggish growth often run trade surpluses.

True

False

Stackelberg Leader-Follower duopolists face a market demand curve given by P = 120 - 3Q where Q is total market demand. Each firm can produce output at a constant marginal cost of 20 per unit. The equilibrium price for the total market will be...?

What role do incentives play in understanding economic decisions? Provide an example to make your point. Explain the basic difference between a flow variable and a stock variable, and provide an example of each.

In 500-1000 words (1-2 pages, double-spaced), provide an explanation of "Socioeconomic Status/Poverty and climate change – i.e. extreme weather (harsher winters and summers) and droughts, as two outcomes of climate change, disproportionately affect poorer individuals" and why/how it affects populations as a matter of public health. You can use the provided examples above as a starting point, but they cannot be the only example you provide.