1. Imperfect competition is characterized by firms competing on price.
True
False
2.
The shape of the demand curve facing the perfectly competitive firm is downward sloping.
True
False
3.
An employer operating under conditions of a perfectly competitive labour market will hire labour up to the point where the marginal product of labour equals the wage rate.
True
False
4.
If the price of a product rises, which of the following statements regarding the perfectly competitive firm is correct.
a. Its total revenue curve will be steeper.
b. Its total revenue curve will be flatter.
c. Its average revenue curve will be flatter.
5.
Suppose that a country has a comparative advantage in the production of wheat. Which of the following statements is true?
a. The purchasing power parity theory must also be in its favour.
b. Specialization is wise only if exchange rates are fixed.
c. It must also have an absolute advantage in the production of wheat.
d. Specialization is wise only up to a point because of the law of increasing costs.
d. Its average revenue curve will be steeper.
6.
Suppose, BC's current import of wine is 8000 litres. Government introduces a tariff of $5 per litre of wine, as a result, the volume of wine imports cuts down to half. What is the value of tariff revenue collected by the government?
Select one:
a. $2000
b. Cannot be determined
c. $40000
d. $20000
e. $1600
In: Economics
|
Account |
Adj Trial Balance |
|
|
Titles |
Dr. |
Cr. |
|
Cash |
10,000 |
|
|
Accounts Receivable |
5,000 |
|
|
Unearned Revenue |
1,000 |
|
|
Capital (Common Stock) |
15,000 |
|
|
Withdraw (Dividends) |
2,000 |
|
|
Service Revenue |
5,000 |
|
|
Supplies Expense |
1,000 |
|
|
Depreciation Expense |
3,000 |
|
|
Totals |
21,000 |
21,000 |
Using the partial adjusted trial balance above … prepare closing entries
In: Accounting
A perfectly competitive firm's short-run supply curve is:
A. its marginal cost curve above the AVC curve
B. its marginal cost curve below the marginal revenue curve
C. horizontal at the market price
D. its total cost curve above the AVC
E. its marginal revenue curve below the ATC curve
In: Economics
1. In a perpetual inventory system, multiple performance obligations _________.
A.
may require the creation of an asset account, Unearned Revenue
B.
require the company to allocate the transaction price to each performance obligation
C.
result in revenue being recorded when the separate performance obligations are identified because there is a binding contact
D.
represent one distinct performance obligation
In: Accounting
If total revenue received from the sale of x items is given by R(x)=10ln(5x+1), while the total cost to produce x items is
C(x)=x/5 find the following.
(a) The marginal revenue
(b) The profit function P(x)
(c) The marginal profit when x=50
(d) Interpret the results of part (c).
In: Math
Bob’s Board Game café faced the following demand curve:
Qd = 280 - 60ln(P)
a) Calculate general elasticity (fully simplify and leave no q in your final answer)
b) Calculate elasticity at a price of $40 and $80. How would a firm increase revenue at these prices? Why?
c) Use elasticity to calculate the price that maximizes revenue.
In: Economics
-What is GAAP and who develops GAAP?
-What is financial consistency and how does it apply to Inventory?
-Define Materiality and is explain whether the materiality for a $20 million revenue company would be the same for a $2 million revenue company?
-What is the Sarbanes-Oxley Act of 2002 and how has it affected accounting
-What is an Annual Report and who is required to file with the SEC?
In: Finance
Pick 5 business
Each of one need:
1. Explain their revenue stream (type)
2. Explain when the revenue would be recognized ("earned") under the accrual method
3.Will there be a different gross and net sales?
4.Name 1 Cogs, if applicable
5.Name 1 variable operation expenses
6.Name 1 fixed operating expenses
In: Finance
The city government is losing millions of dollars on its buses and subways. The government proposes to increase the fare by 20% to raise revenue and has asked for your advice. You know that the price elasticity of demand for mass transit in the city is approximately equal to 0.75. What do you think of the proposal to increase the fare to raise revenue for the city? Be as specific as possible.
In: Economics
A theater has 500 seats, divided into orchestra, main, and balcony seating. Orchestra seats sell for $50, main seats for $35, and balcony seats for $25. If all the seats are sold, the gross revenue to the theater is $17,100. If all the main and balcony seats are sold, but only half the orchestra seats are sold, the gross revenue is $14,600. How many balcony seats are there?
In: Advanced Math