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Managerial Economics Applications Strategies And Tactics 14th Edition by James – Test Bank

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  • ISBN-10 ‏ : ‎ 1305506383
  • ISBN-13 ‏ : ‎ 978-1305506381

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SKU:tb1002450

Managerial Economics Applications Strategies And Tactics 14th Edition by James – Test Bank

Multiple Choice

1. Regarding costs, accountants _____; economists _____.

a. identify stable and predictable costs for decision-making purposes; measure costs for financial reporting purposes
b. identify stable and predictable costs for financial reporting purposes; measure costs for decision making purposes
c. do not include opportunity costs; include opportunity costs
d. include opportunity costs; do not include opportunity costs

e. both b and c

f. both a and d

ANSWER: e
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
NATIONAL STANDARDS: United States – BPROG: Reflective Thinking – BPROG: Analysis
TOPICS: The Meaning and Measurement of Cost
KEYWORDS: BLOOM’S: Comprehension
DATE CREATED: 6/21/2016 8:45 AM
DATE MODIFIED: 8/21/2016 1:04 PM

2. Economies of scale exist whenever long-run average costs:
a. Increase as output is increased
b. Remain constant as output is increased
c. Decrease as output is increased
d. Decline and then rise as output is increased
e. None of the above
ANSWER: c
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
NATIONAL STANDARDS: United States – BPROG: Analytic
TOPICS: Economies and Diseconomies of Scale
KEYWORDS: BLOOM’S: Comprehension
DATE CREATED: 6/21/2016 8:45 AM
DATE MODIFIED: 6/21/2016 8:45 AM

3. Which of the following is true with regards to a long-run cost function?
a. The shape of the firm’s long-run cost function is important in decisions to expand the scale of operations
b. The long-run average cost curve is U-shaped
c. The long-run average cost curve is flatter than the short-run average cost curve.
d. The curve consists of the lower boundary of all the short-run cost curves
e. All of the above
ANSWER: e
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
NATIONAL STANDARDS: United States – BPROG: Analytic
TOPICS: Long-Run Cost Functions
KEYWORDS: BLOOM’S: Comprehension
DATE CREATED: 6/21/2016 8:45 AM
DATE MODIFIED: 6/21/2016 8:45 AM

4. If TC = 321 + 55Q – 5Q2, then average total cost at Q = 10 is:
a. 10.2
b. 102
c. 37.1
d. 371
e. 321
ANSWER: c
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
NATIONAL STANDARDS: United States – BPRPOG: Analysis
TOPICS: Short-Run Cost and Product Functions
KEYWORDS: BLOOM’S: Analysis
DATE CREATED: 6/21/2016 8:45 AM
DATE MODIFIED: 6/21/2016 8:45 AM

5. Suppose that total cost is given by TC = 200 + 5Q – 0.4Q2 + 0.001Q3
a. Fixed cost (FC) is $200
b. Variable cost (VC) is 5Q – 0.4Q2 + 0.001Q3
c. Average variable cost (AVC) is 5 – 0.4Q + 0.001Q2
d. Marginal cost (MC) is 5 – 0.8Q +.003Q2
e. All of the above are correct
ANSWER: e
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
NATIONAL STANDARDS: United States – BPROG: Reflective Thinking – BPROG: Analysis
TOPICS: Short-Run Cost and Product Functions
KEYWORDS: BLOOM’S: Comprehension
DATE CREATED: 6/21/2016 8:45 AM
DATE MODIFIED: 6/21/2016 8:45 AM

6. What method of inventory valuation should be used for economic decision-making problems?
a. book value
b. original cost
c. current replacement cost
d. cost or market, whichever is lower
e. historical cost
ANSWER: c
POINTS: 1
DIFFICULTY: Mdoerate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
NATIONAL STANDARDS: United States – BPROG: Analytic
TOPICS: The Meaning and Measurement of Cost
KEYWORDS: BLOOM’S: Comprehension
DATE CREATED: 6/21/2016 8:45 AM
DATE MODIFIED: 6/21/2016 8:45 AM

7. According to the theory of cost, specialization in the use of variable resources in the short-run results initially in:
a. decreasing returns and declining average and marginal costs
b. increasing returns and declining average and marginal costs
c. increasing returns and increasing average and marginal costs
d. decreasing returns and increasing average and marginal costs
e. none of the above
ANSWER: b
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
NATIONAL STANDARDS: United States – BPROG: Reflective Thinking – BPROG: Analysis
TOPICS: Short-Run Cost and Product Functions
KEYWORDS: BLOOM’S: Comprehension
DATE CREATED: 6/21/2016 8:45 AM
DATE MODIFIED: 6/21/2016 8:45 AM

8. For a short-run cost function which of the following statements is (are) not true?
a. The average fixed cost function is monotonically decreasing.
b. The marginal cost function intersects the average fixed cost function where the average variable cost function is a minimum.
c. The marginal cost function intersects the average variable cost function where the average variable cost function is a minimum.
d. The marginal cost function intersects the average total cost function where the average total cost function is a minimum.
e. b and c
ANSWER: b
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
NATIONAL STANDARDS: United States – BPROG: Analytic
TOPICS: Short-Run Cost and Product Functions
KEYWORDS: BLOOM’S: Comprehension
DATE CREATED: 6/21/2016 8:45 AM
DATE MODIFIED: 8/21/2016 1:06 PM

9. The cost function is:
a. a means for expressing output as a function of cost
b. a schedule or mathematical relationship showing the total cost of producing various quantities of output
c. similar to a profit and loss statement
d. incapable in being developed from statistical regression analysis
e. none of the above
ANSWER: b
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
NATIONAL STANDARDS: United States – BPROG: Analytic
TOPICS: Short-Run Cost and Product Functions
KEYWORDS: BLOOM’S: Comprehension
DATE CREATED: 6/21/2016 8:45 AM
DATE MODIFIED: 6/21/2016 8:45 AM

10. Which of the following statements about cost functions is true?
a. Variable costs will always increase in direct proportion to the quantity of output produced.
b. The less capital equipment employed in the production process relative to labor and other inputs, the longer will be the period of time required to increase significantly the scale of operation.
c. The shape of the firm’s long-run cost function is important in decisions to expand the scale of operations.
d. none of the above
ANSWER: c
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
NATIONAL STANDARDS: United States – BPROG: Reflective Thinking – BPROG: Analysis
TOPICS: Short-Run Cost and Product Functions
KEYWORDS: BLOOM’S: Comprehension
DATE CREATED: 6/21/2016 8:45 AM
DATE MODIFIED: 6/21/2016 8:45 AM

 

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