1. Which of the following applies most generally to supply in the long run?
a.Average cost must decline
b.Selllers are able to make adjustments in all of their factors of production.
c.Sellers are only able to make adjustments in their variable factors of production
d.All original sellers will leave the market
2.Which of the following is most likely to indicate statistically significant regression coefficient?
b.R2 > .90
c.t > 2
d.F > 4
3.In the estimation of demand, the "identifcation problem" refers to
a.the problem of selecting the proper level of significance.
b.the problem of deciding whether to use time series or cross-sectional data.
c.the problem of separating out the effects of price on the quantity demanded when supply cannot be held constant.
d.the problem of having insufficient variation in prices.
4.Which of hte following would cause an increase in the demand for a good?
a.A decrease in price
b.An increase in consumer tastes for the good
c.A decrease in the price of a substitute good
d.Consumers expect the price of the good to fall in the near future.
5.Complete the following statement: An import ban increases the price of sugar, decreases the quantity of sugar, and ______________ the output of the domestic sugar industry.
d.none of the above
6. Suppose the price elasticity of the supply of cheese is 0.80. If the price of cheese rises by .20%, by what percentage will the quantity of cheese supplied increase?
7.Suppose the elasticity of demand for chewing tobacco is 0.70, and the elasticity of supply is 2.30. If an anti-chewing campaign decreases the demand for chewing tobacco by 30%, by what percentage will the price of chewing tobacco change?
8.From a management policy perspective, which regression result is the most useful?
a.a regression equation that passes the F-test
b.a regression equation whose explanatory varaible all pass the t-test
c.a regression equation that has the highest R2
d.a regression equation that has the least number of dummy variables
1. b. Selllers are able to make adjustments in all of their factors of production.
Carol, an Acme Co. employee, regularly takes pens, paper, and other office supplies from the Acme office supply cabinet and brings them home for her husband to use in his home office. Carol defends this action by saying that: "I don't get paid enough, and besides, no one will miss the supplies." This statement is an example of______________.
1 circular reasoning
2 false analogy
4 a non sequitur
____________ as an ethical theory requires a decision maker to maximize a business's long-run profits within the limits of the law.
1 rule utlitarianism
2 act utlitiarianism
3 profit maximization
4 Kant's categorical imperative
This tactic attacks the speaker, not his reasoning.
1 sunk cost fallacy
2 argumentum ad hominem
3 argumentum ad baculumd
4 reduction ad absurdum
Which of the following independent checks only blocks state laws and not federal laws?
1 Equal protection
2 The First Amendment
3 Federal preemption
4 Due process
Which of the following is generally subject to rational basis review?
1 Regulation of political speech that is challenged under the First Amendment.
2 Regulation of commercial speech that is challenged under the First Amendment.
3 Laws that discriminate on the basis of illegitimacy.
4 Laws that regulate social and economic matters.
The ________________________requires a public company to disclose whether it has adopted a code of ethics for senior financial officers, and to disclose any change In the code or waiver of the code's application.
1 categorical imperative
2 Greatest Equal Liberty Principle
3 Sarbanes-Oxley Act of 2002
4 Difference Principle
___ requires a decision maker to maximize utility for society as a whole.
1 Justice Theory
2 Rights Theory
4 Profit Maximization
Business Law, Thirteenth Edition 2007View Full Posting Details