1. Why is the assumption of land as a homogenous factor of production no longer considered tenable? In classical economics‚ land along with labor and capital are considered as one of the factors of production. Land is often regarded as the original factor of production because it is found in nature and therefore not produces and cannot be derived from anything else. As a natural good‚ land was considered the source of wealth thus agriculture was the only sector that could increase it. Thus
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Top of Form 1 . Revenue increases when A. producer surplus increases B. producer surplus decreases C. consumer surplus increases D. consumer surplus decreases Bottom of Form Correct : Producer surplus is the difference between the minimum price the producer is willing to receive and what they actually receive. The surplus is their profit‚ and the larger the surplus‚ the greater their profit on the good. When it decreases‚ the producer receives a price closer to the minimum acceptable. The
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ACCT 201 Final Exam Answers http://www.homeworkwarehouse.com/downloads/acct-201-final-exam-answers/ ACCT 201 Final Exam Answers 1. The term “double taxation” refers to which of the following: A. A sole proprietorship must pay income taxes on its net income and the owner is also required to pay income taxes on withdrawals. B. In a partnership‚ both partners are required to claim their share of net income on their tax returns. C. Corporations must pay income taxes on their net income‚ and their
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HRTM 280 – Foundations of Tourism Exam #1 - Study Guide Fall 2013 1. What is the expected growth of tourism in the future? (# of jobs and GDP) a. Expected in 2020 to e 9.6% of GDP (or $11.2 trillion) b. Expected in 2020 to be 9.2% of total employment (or 296.3 million people) 2. In the book the USTA forecasted the size of tourism and amount spent in the United State‚ what are those numbers? a. 3. In the book‚ the WTTC forecasted the growth of tourism‚ revenue created‚ and job growth
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Final Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) ________ is a service provided by the Internet that uses universally accepted standards for storing‚ retrieving‚ formatting‚ and displaying information in a page format. 1) _______ A) E-mail B) The Web C) FTP D) HTML TRUE/FALSE. Write ’T’ if the statement is true and ’F’ if the statement is false. 2) Large
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Exam revision questions 2011. 2009 trimester 1 exam. ??12. The New Zealand government is the main supplier of education services because: a) The private sector is incapable of providing education services. b) Education is a public good. c) The government is the most efficient producer. d) The voting public support the government being the main supplier. ??18. The real interest rate on a bond is defined as: a) The amount of money – principal plus interest – expected to be received
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2012 Exam Question Answer Q1. Marketing can be defined as an organization function and a set of process foe creating‚ communicating and delivering value to the customer and for managing customer relationship in a way that it benefits the organization and its stakeholders. In order to understand the marketplace and customer needs and wants‚ marketers need to identify the needs of the consumer‚ which is defined as the state of felt deprivation‚ such as hunger and self-actualization needs.
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PART I MULTIPLE CHOICE QUESTIONS Use the following information for questions 1-4: Seasons Construction is constructing an office building under contract for Cannon Company. The contract calls for progress billings and payments of $1‚240‚000 each quarter. The total contract price is $14‚880‚000 and Seasons estimates total costs of $14‚200‚000. Seasons estimates that the building will take 3 years to complete‚ and commences construction on January 2‚ 2014. 1. At December 31‚ 2014‚ Seasons estimates
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MGMT S-2600: FINANCIAL STATEMENT ANALYSIS STUDY GUIDE FOR MIDTERM EXAM 1). On October 2‚ 2011‚ Starbucks Corporation reported‚ on its Form 10-K‚ the following (in millions): Total expenses Operating income Net earnings 2011 $10‚452.4 1‚728.5 1‚248.0 2010 $9‚759.1 1‚419.4 948.3 What amount of revenues did Starbucks report for the year ending October 2‚ 2011? A) $10‚452.4 B) $ 8‚723.9 C) $11‚700.4 D) $12‚180.9 E) None of the above Answer: C Rationale: Revenues – Total expenses = Net earnings. Revenues
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THE UNIVERSITY OF NEW SOUTH WALES SCHOOL OF ECONOMICS ECON1203/ECON2292 (ARTS) QUANTITATIVE METHODS B FINAL EXAMINATION Session 2‚ 2009 Time allowed: Three hours. Total marks: 60 marks. There are FIVE questions in this examination; each starts on a fresh page. Answer ALL five questions; start each answer on a fresh page. All questions carry equal marks. The value of each sub-question is indicated in brackets. On the front of your answer book‚ write the number of each question you have attempted
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