13) The cost the Almy type of market 7) The market is an example of A) mattress: a monopoly B) com a perfectly competitive C) car insurance an oligopoly D) cell phone; a perfectly competitive 5) airplane manufacturing a monopolistically competitive 8) What is the difference between perfect competition and monopolistic competition? A) Perfect competition has a large number of small firms while monopolistic competition does not in monopolistic competition, firms produce identical goods, while in perfect competition, firms produce slightly different goods. C) Perfect competition has no barriers to entry, while monopolistic competition does. D) In perfect competition, firms produce identical goods, while in monopolistic competition, firms produce slightly different goods. Perfect competition has barriers to entry while monopolistic competition does not. 9) What is measured by the price elasticity of supply? A) The price elasticity of supply is a measure of the slope of the supply curve. The price elasticity of supply measures how responsive producers are to changes in the price of a product. The price elasticity of supply measures how responsive producers are to changes in the cost of producing a product. D) The price elasticity of supply measures how responsive producers are to changes in income. E) The price elasticity of supply measures how responsive producers are to changes in the price of other goods. 800.722.6876 www.ScartronStore.com Qurder Form No. SC982-E 10) A competitive market with no externalities is efficient when it is in equilibrium because A) marginal benefit equals marginal cost. B) the deadweight gain equals its maximum. total benefit equals total cost. D) the sum of consumer surplus plus producer surplus is minimized. E) consumer surplus equals producer surplus. 10) Total cost includes A) the cost of variable resources only. B) the cost of fixed resources only. C) the cost of both variable and fixed resources. D) the cost of neither variable nor fixed resources all explicit costs and all the implicit costs that actually must be paid using money. SUBJECT NAME:Naraya 11) competitive market with no extemalities, at the equilibrium price, marginal benefit exceeds marginal cost. buyers cannot control the price, so the consumer surplus is zero. at the equilibrium price, marginal benefit equals marginal cost. at the equilibrium price, the total amount of consumer surplus equals the total amount of Producer surplus. me consumer surplus is equal to zero because of competition. equilibrium price, so the consumer alginal cost. 12) CORE MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Each question worth 1 point. Attempt any 19 questions. 1) In part, perfect competition arises if i. each firm's minimum efficient scale is large relative to demand. ii. each firm produces a good or service identical to those produced by its many competitors. iii. there are significant barriers to entry. A) i and ii B) i only C) i only D) i and iii E) ill only 2) The primary goal of a business firm is to A) increase its production. B) promote workforce job satisfaction. C) maximize profit. D) promote fairness. E) make a quality product. 3) Which of the following is an explicit cost of production? A) wages paid to workers B) the electric bill purchases of raw material D) Only answers A and B are explicit costs because the purchases of raw material is only an opportunity cost. E) Answers A, B, and Care all correct. 4) It is very difficult for Gourmet Chocolatier to find inexpensive and available inputs for the business. Because of this, we predict that Gourmet Chocolatier's supply to be A) inelastic. B) perfectly elastic C) nonexistent. D) elastic E) unit elastic 5) 5) A perfectly competitive market arises when A) the market demand is very large relative to the output of one seller. By each of the many firms produces a slightly different product. C) the market demand is small relative to the output of a firm. D) a firm has control over a unique resource. E) there are many buyers but few sellers. 6) A market with a large number of sellers A) might be an oligopoly or a perfectly competitive market. B) might be a monopolistically competitive or a perfectly competitive market. C) might be a perfectly competitive, monopolistically competitive, oligopoly, or monopoly market. D) can only be a perfectly competitive market. E) can only be a monopolistically competitive market. 13) The cost that does not change as output changes is A) marginal cost. B) total variable cost. C) average fixed cost. D) average variable cost. E) total fixed cost. 14) In the short run, a firm cannot change the amount of capital it uses. Therefore the cost of capitalis 14) A) short-run cost. B) marginal cost. C) fixed cost. D) variable cost. E) productivity cost. 15) 15) Chuck owns a factory that produces leather footballs. His total fixed cost equaled $86,000 last year. His total cost equaled $286,000 last year. Hence Chuck's A) total variable cost equaled $200,000 B) total variable cost was zero. C) total variable cost equaled $372,000. D) incurred an economic loss. E) None of the above answers is correct. 16) When the price of a product exceeds the marginal cost of producing it, producers have a A) producer shortage. B) consumer surplus. C) consumer shortage. D) deadweight surplus. E) producer surplus. 17) Ben's cost of making an additional rocking chair is $75. A) If he sells it for a $100, his producer surplus is $25. B) His marginal cost is equal to $75. The marginal benefit to the consumer from the chair will be $75. D) Both answers A and B are correct. E) Both answers B and Care correct. 18) The value of a slice of pizza to a consumer is equal to A) its marginal benefit. B) the maximum price the consumer is willing to pay. C) the consumer surplus. D) Both answers A and B are correct. E) Both answers B and C are correct. 19) 19) Which of the following statements is correct? The demand curve shows the maximum price people are willing to pay for a given quantity of the good. ii. The maximum price a consumer is willing to pay for an additional unit is the marginal benefit of that unit. il Value is what a consumer receives and price is what a consumer pays. B) is only A) i only C) it only E) i, ll, and iii D) i and lii BUS1035 Test # 1 VERSIO 13. Purchase Invoice #CBC-2345 Dated: April 11, 2015 From West Mall Mechanical, 5840.00 +GST paid for maintenance work on van. Purchase Terms: net 10 days. Group account 2190 A/P - West Mall Mechanice A. GST-$42.00, Total Invoice Amount $1042.00-on credit B. GST-$42.00, Total Invoice Amount $882.00-on cheque payment C. GST - $52.00, Total Invoice Amount 5892.00 - either the cheque or credit payment D. GST = $42.00, Total Invoice Amount $882.00-on credit 14 - To see that your working copy contains all the files from the data folder - A. open the sample company B. open the appropriate drive to verify data folders and files C. show the select company window at startup D. create a new company 15. The home window main menu bar contains such functions as - A. file, edit, view, setup, maintenance, graphs, reports, help B. tool buttons, sizing buttons, open buttons, close buttons C. recording general journal entries D. recording general ledger entries 16. The date format used in a Sage Simply Accounting data file- A. is the same as in other Windows programs on your computer B. applies to all Sage Simply Accounting data files C. is set for the individual data file D. cannot be changed after you set it up 17-A purchase of supplies for $2 000 plus $100 GST in the general journal would not be posted - A. if the Supplies and GST were recorded as credits and Accounts Payable as debits B. if the GST was omitted and the Accounts Payable credit was $2 000 C, if the GST was omitted, Supplies debit was $2 100 and Accounts Payable credit was $2 100 D. if the debit amounts did not equal the credit amounts 18. A variety of reports and financial statements may be viewed by - A. selecting the reports menu and opening the appropriate choice B. selecting the file menu and opening the appropriate choice C. selecting the view menu and opening the appropriate choice D. selecting the graphs menu and opening the appropriate choice 14. Which one of the following general statements is incorrect - A. you cannot post an entry if debits do not balance credits B. you must post an entry in order to review or display it C. displaying your general journal entry may uncover errors D. all of the above are correct What does it mean if a field, menu option or tool on your input screen is dimmed A. your computer monitor is shutting down B. your frequency settings are not functioning C you will not be allowed to use that feature at this time D. your frequency settings are functioning US1035 Test #1 VERSION A - What is this term means? 5/15, n/45 A. I will give you 5% discount if you pay me the payment in 45 days, otherwise pay me full amoun in 15 days. B. I will give you 5% discount if you pay me the payment in 15 days, otherwise pay me full amount in 45 days. C. I will give you 15% discount if you pay me the payment in 5 days, otherwise pay me full amount in 45 days. D. No payments for 45 months - The Simply Accounting backup procedure - A. starts automatically each time you choose a new session date B. creates a compressed version of the data files under a different name C. creates a new working copy of the data files under a different name D. must be used before you change a session date When you open a Simply Accounting data file, to enter the session date- A. you may enter the month day and year as numbers B. you may type the date in text style (e.g., April 8) C. you may choose a date from the pop-up calendar D. all of the above The payments journal may be used for the following- A. full cash payment to suppliers B. partial cash payment to suppliers C. purchase transactions paid by cheque D. all of the above Borch Inn $ 4100 charged to paint mural in dining room as per contract. Calculate the followings: GST amount and Total Invoice Amount? A. HST = $533.00, Total Invoice Amount $4633.00 B. GST = $205.00, Total Invoice Amount $4305.00 C. PST = $287.00, Total Invoice Amount S4387.00 D. GST-$205.50, Total Invoice Amount $4387.50 BUSIO3 Test 1 6. The Goods and Services Tax or GST is applied - A. to all goods and services sold in Canada B. only to merchandise sold in Canada C. to all goods and services except food and medicine D. to most goods and services sold in Canada 7. Businesses must register for GST and apply GST to sales if- A. they sell to customers in Canada B. they have annual sales over $30 000 C. they import goods from outside of Canada D. all businesses in Canada must register for GST 8. Items that are not taxable for GST- A. are mostly basie necessities B. are consumed in Canada C. are not used or needed by most Canadians D. there are no items that do not have GST applied 9- HST (Harmonized Sales Tax) differs from GST in that - A. it has a different tax rate B. it includes a portion for provincial sales tax C. it applies to a different set of products and services D. a and b above 10 The percentage tax rate applied for the Goods and Services Tax- A. is constant at 6 percent B. varies with the sales tax rate applied by the provinces C. applies to all goods and services D. can be changed through federal government legislation U. Sales taxes on good and services in Canada - A. are the same across all provinces and territories B. are the same for all goods and services C. may be changed at any time in any province with government legislation D. all of the above 12 Which of the following statements is true about HST- A. HST is applied to all goods and services B. HST is applied only for goods that the business will not sell to customers C. HST is applied in all provinces of Canada D. HST rates depend on the provincial tax rate portion included 8. HST is applied to all goods and rue about HST