scarce resources. Question 2 1. Which of the following statements best illustrates the use of the market process in determining the allocation of scarce resources? A. "We should consider shifting to products where we can earn more money." Question 3 1. One key question from the "One lession of business" might be A. should the firm be in the business in which it is operating. Question 4 1. Opportunity cost is best defined as D. the amount given up when choosing one activity over the
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Workshop 1 – Chapters 1-3 Exercise 2-2 (15 minutes) | | Product Cost | Period Cost | 1. | The cost of the memory chips used in a radar set | X | | 2. | Factory heating costs | X | | 3. | Factory equipment maintenance costs | X | | 4. | Training costs for new administrative employees | | X | 5. | The cost of the solder that is used in assembling the radar sets | X | | 6. | The travel costs of the company’s salespersons | | X | 7. | Wages and salaries
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Study Guide for Exam IV Econ 302/BUS 302 The exam is similar in length and form to the previous 3 exams. Bring a tall‚ green skinny scantron to the exam‚ a calculator‚ and a pencil. Scratch paper will be provided‚ if needed. You will be provided with a copy of the t-distribution on page 920 in the text‚ and the F-distribution on page 925. The formulas for the full F test statistic and the partial F test statistic will be given on the exam. All other formulas you will be expected to know (excluding
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QUESTIONS/ANSWERS: 1.) The Fed can reduce the money supply by reducing: the monetary base. 2.) The money supply would shrink by the greatest amount if the public increased their currency holding ratio and the banks increased their excess reserve ratio. 3.) If the Fed wanted to increase the money supply without using open market operations‚ it could try to get the public to decrease their currency holding ratio and decrease banks’ reserve requirements. 4.) Changes in reserve requirements directly and
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1. The state of California recently considered passing a tax on the services of doctors in that state in order to raise revenue to pay for universal health coverage for California residents. Suppose the average open heart surgery costs $100‚000‚ and at that price 23‚339 surgeries are performed each year. Fully explain what the most likely outcome would be in this market if a tax on surgeries is implemented. Use a graph if it will help. 2. Price Changes and Responses by Consumers | Price
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sales coming in the holiday period. They would like to understand how best to ensure sales in non seasonal periods as well and make the sales curve more even. Data available includes volume and values sales and usage and attitude studies. Case Study 3: NPD (own label) at a supermarket chain A leading supermarket chain wants to expand its limited portfolio of RTE food products. Transaction data for the past 1 year is available. How would you go about understanding the type of products to be introduced
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In a capitalist system such as the one in the US‚ everything is controlled by supply and demand. When there is a scarcity of a specific object/service‚ the demand for it is higher. A savvy businessperson will recognize the demand and will offer the product/service. Major chain stores are included in this system; they recognize a demand and try to fill it. As a simplistic example: town A has no pizza store. Mr. B realizes that people would like to be able to eat in a local pizzeria‚ so he opens
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Problem 1 The following data were obtained from a project to create a new portable electronic. Activity Duration Predecessors A 5 Days --- B 6 Days --- C 8 Days --- D 4 Days A‚ B E 3 Days C F 5 Days D G 5 Days E‚ F H 9 Days D I 12 Days G Step 1: Construct a network diagram for the project. Step 2: Answer the following questions: (15 points total) a) What is the Scheduled Completion of the Project? (5 points) b) What is the Critical Path of the Project
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is the CPI for Year Two. You then find the inflation rate by plugging the two CPIs into the formula. ((118.18-100)/(100)) x 100= 18.18% or 18% rounded. This means the inflation rate for the Year One-Year Two Period is approximately 18 percent. 3. If the CPI was 130.7 in 1990 and was 136.2 in 1991‚ compute the rate of
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