7. Reducing reliance on human workers and instead investing heavily in computers and online technology will

Select one:

a. have no effect on the relative proportion of fixed and variable costs

b. make the company less susceptible to economic swings

c. reduce fixed costs and increase variable costs

d. reduce variable costs and increase fixed costs

8. Both direct materials and indirect materials are

Select one:

a. raw materials

b. fixed costs

c. manufacturing overhead

d. selling expenses

9. The work of factory employees that can be physically and directly associated with converting raw materials into finished goods is

Select one:

a. indirect labor

b. direct labor

c. manufacturing overhead

d. indirect materials

10. The product cost that is most difficult to associate with a product is

Select one:

a. direct labor

b. manufacturing overhead

c. direct materials

d. advertising expenses

11. A manufacturing company calculates cost of goods sold as follows:

Select one:

a. Ending FG inventory – cost of goods manufactured + beginning FG inventory

b. Beginning FG inventory + cost of goods purchased – ending FG inventory

c. Beginning FG inventory + cost of goods manufactured – ending FG inventory

d. Beginning FG inventory – cost of goods manufactured – ending FG inventory

12. Walker Company reported the following year-end information:

Beginning work in process inventory                             $ 46,000

Beginning raw materials inventory                                    24,000

Ending work in process inventory                                     50,000

Ending raw materials inventory                                         20,000

Raw materials purchased                                                830,000

Direct labor                                                                      240,000

Manufacturing overhead                                                 100,000

How much is Walker’s cost of goods manufactured for the year?

Select one:

a. $1,170,000

b. $1,178,000

c. $1,174,000

d. $834,000

Use this passage to answer the following questions: Climate is gradually changing because of Human activity. Biologists are concerned about the impact of this change on the distribution of biomes across the globe as the change occurs.

a) Briefly describe what is meant by the term climate: (1 or 2 sentences)

b) Briefly explain what a biome is: (1 or 2 sentences)

c) Explain why changing climate will end up changing biome distribution (explain the relationship between climate and biome distribution)

1 In a Socialist economic system own their individual human capital and the government most other non-human factors of production. This type of economic system is based on the basic belief that _________________________ is bad for society.

a economic inequality

b individual freedom

c economic greed

d individual prosperity

2 By its very nature a market economy is based on the presumption that consumers will buy products when they believe the ____________ derived is equal or better than the price required by the seller.

a value

b cost

c utility

d purpose

3 Among the many conclusions asserted by Adam Smith, his assertion about economic prosperity was based on which fundamental principle?

a Understanding the concept of survival of the fittest will lead to prosperity.

b freedom to own land or property was vital to the survival of any economy,

c Determining what motivates people was essential for creating economic prosperity.

d Command economies and structured markets must be in place before we can work toward prosperity.

4 What would be the most accurate rationale to explain the following assertion: People working in their own self-interest, who produce goods and services, create economic gain for all?

a By taking advantage of a vast supply of labor, people working in their own self-interest could hire others at very low wages.

b Entrepreneurs tend to include themselves in a group of people who need charitable support. A portion of the entrepreneur's profit (as required by law) goes to the charity of one's choice to support the less fortunate.

c In order to earn money and produce goods that improve lives, self-directed gain would provide jobs, and subsequently wages for others.

d The government pays entrepreneurs in the U.S. to produce goods, services, and wealth for others.

5 The next wave of marketable innovations will likely involve new ways to produce and conserve energy. If we can turn new technology into marketable products and services that produce energy the U.S. could see a surge in output of goods and services. The Department of Economic Development would document this surge by measuring the ______.

a consumer price index.

b number of workers who are frictionally employed.

c gross domestic product.

d consumer demand.

6 When businesses can promote different features of their products and consumers are willing to pay more for products containing the features they desire, the competitive environment would be characterized as:

a Perfect

b Oligopolistic

c Monopolistic

d Capitalist

7 As a new entrepreneur about on the verge of launching a new business you need to keep in mind you’re your company's profits are of little value if they are not accompanied by:

a a credible business model.

b an increase in customer loyalty.

c positive cash flow.

d a business plan.

8 Managing a new business and having the capacity to effectively evaluate operational performance requires new entrepreneurs be able to evaluate and understand:

a the necessary funding required to launch the business.

b the actions of their competitors.

c information contained within the financial statements.

d the forces of supply and demand in the market.

9 When a new business utilizes a cash-only approach in selling its goods and services as the basis for financing the growth of the business it has opted to use _____________________________ as the primary means of financing the growth of their company.

a Venture Capital

b Guaranteed Loans

c Microloans

d Bootstrapping

HUMAN GROWTH HORMONE

1. Describe the ligand and any external receptors that bind to the ligand. If signaling can occur without an external ligand, explain how this can occur.

2. Describe how the signal is translocated from the exterior of the cell to the interior of the cell. Be sure to describe the specific activity of the receptor in initiating the intracellular signal.

3. Describe the propagation of the signal within the cell from the membrane receptor to the point of cellular response. Provide the details for at least one specific protein interaction that either results in the activation or inactivation of a subsequent protein or signaling molecule to propagate the signal.

4. What is a specific cellular response to the signal. Something will change- what is it?

The chapter notes that some firms choose to outsource their human resource management systems.  If a firm has a core value of respecting its employees and rewarding top performance with training, raises, and promotions, does outsourcing HR management show a lack of commitment by the firm?  HR management systems are software applications that typically manage payroll, benefits, hiring , and performance appraisal. What are the advantages and disadvantages of this decision? Think of ways that a firm can continue to show its commitment to treat employees with respect.  

the length of human pregnancies from conception to birth varies according to an approximately normal distribution with a mean of 266 days and a standard deviation of 16 days.

a) what percent of pregnancies will last fewer than 215 days?

b) what is the probability that a randomly selected pregnancy lasts between 250 and 280 days?

c) 7.5% of all pregnancies last longer than how many days?

d) the central of 70% of all pregnancies lengths fall between what two values?

Answer according to the human capital model. Assume there are not any non-pecuniary benefits or costs. Also, assume the interest rate is 0.

2. Imagine you are in high school and have to decide whether or not to go to college. If you don’t go to college you can make $30,000 annually until you retire (that is, for 40 years). You must pay $10,000 annually to study 4 years of college. Imagine after graduating you could make $40,000 annually.

a. Should you go to college? Explain with calculations.

b. Now imagine you know that you will stop working for 4 years at some point because you will have kids. Imagine your salary will remain the same after your break. Should you still go to college?

c. Imagine now you have to decide whether to go to college to study economics or computer science. Your salary as an economist will be $40,000 and it will remain the same after your 4 years off from having kids. Your salary as a computer scientist will be $50,000 but it will go down 25% if you stop for 4 years. How many years at a minimum would you have to wait to have kids so that your lifetime earnings as a computer science equal that of an economist? (Use decimals in your answer).

d. Now imagine you can hire a nanny so that you don’t need to stop working after you have kids. If you are a computer scientist, how much at most will you be willing to pay her per year if you want to have kids 10 years after you graduated from college? Does this mean that you should be a nanny instead of a computer scientist?

Lester Hollar is vice president for human resources for a large manufacturing company. In recent years, he has noticed an increase in absenteeism, which he thinks is related to the general health of the employees. Four years ago, in an attempt to improve the situation, he began a fitness program in which employees exercise during their lunch hour. To evaluate the program, he selected a random sample of eight participants and found the number of days each was absent in the six months before the exercise program began and in the last six months. Below are the results.

At the .05 significance level, can he conclude that the number of absences has declined? Estimate the p-value.

a. State the decision rule for 0.05 significance level: H₀ : μ_d≤ 0; H₁ : μ_d > 0. (Round the final answer to 3 decimal places.)

Reject H₀ if t >  .

b. Compute the value of the test statistic. (Round the final answer to 3 decimal places.)

Value of the test statistic            

c. Estimate the p-value? (Round the final answer to 4 decimal places.)

d. What is your decision regarding H₀?

At the 0.05 significance level,  (Click to select)  reject  do not reject  H₀.

Please, answer according to the human capital model. Assume there are no non-pecuniary benefits or costs. Also, assume the interest rate is 0.

2. Imagine you are in high school and have to decide whether or not to go to college. If you don’t go to college you can make $30,000 annually until you retire (that is, for 40 years). You must pay $10,000 annually to study 4 years of college. Imagine after graduating you could make $40,000 annually.

a. Should you go to college? Explain with calculations.

b. Now imagine you know that you will stop working at some time for 4 years because you will have kids. Imagine your salary will remain the same after your break. Should you still go to college?

c. Imagine now you have to decide whether to go to college to study economics or computer science. Your salary as an economist will be $40,000 and it will remain the same after your break. Your salary as a computer science will be $50,000 but it will go down 25% if you stop for 4 years. How many years at a minimum would you have to wait to have kids, so that your lifetime earnings as a computer science equal that of an economist? (Use decimals in your answer).

d. Now imagine you can hire a nanny so that you don’t need to stop working after you have kids. If you are a computer scientist, how much at most will you be willing to pay her per year, if you want to have kids 10 years after you graduated from college? Does this mean that you should be a nanny instead of a computer scientist?