Hello,these se are the questions! Let me know if you would be ab.docxCristieHolcomb793
Hello,
these se are the questions! Let me know if you would be able to help! Thanks
1
.
Accurate measurement of GDP is important to business decision-makers because this information will help them better determine the
a.
general happiness of a country's citizens.
b.
course of the economy and the direction of demand for their products.
c.
economic well-being of a particular group within a country.
d.
amount of leisure time available and the quality of life in a country.
2
.
Which of the following would increase U.S. GDP?
a.
Ford Motor Company begins to produce and sell cars in China.
b.
Mercedes-Benz begins to produce and sell cars in Mississippi.
c.
An American investor buys 100 shares of Ford stock.
d.
An American investor purchases 100 shares of Mercedes-Benz stock.
3
.
As per capita GDP has risen in the United States and other countries,
a.
life expectancy and leisure time have also risen and infant mortality and illiteracy have gone down..
b.
life expectancy has risen but leisure time has gone down, while infant mortality and illiteracy have remained the same.
c.
various quality of life variables have been unaffected.
d.
most quality of life variables such as life expectancy and expenditures on leisure time activities have fallen.
4
.
National income is
a.
personal income of individuals minus the taxes they pay.
b.
gross national product minus depreciation.
c.
employee compensation, self-employment income, interest, rents, plus corporate profits.
d.
consumption, investment, government expenditures, and net exports.
5
.
Per capita GDP is
a.
real GDP divided by the GDP deflator
b.
a measure of income per person
c.
a measure of resources available to each person
d.
an indicator of the overall production of a government
6.
Economists use the term "business cycle" to refer to
a.
the growth of small businesses into major corporations.
b.
changes in products that occur from improved technology.
c.
fluctuations in the level of real output and employment.
d.
periods of increases and decreases in the rate of inflation.
7.
The type of unemployment caused by changes in the business cycle is
a.
cyclical unemployment.
b.
natural unemployment.
c.
frictional unemployment.
d.
structural unemployment.
8.
Frictional unemployment is the result of
a.
not enough jobs for everyone to be employed.
b.
unemployed workers' skills not matching those needed for the available jobs.
c.
a decline in the demand for labor, such as during a recession.
d.
imperfect information and temporary periods of unemployment while workers are changing jobs.
9.
Economists use the phrase "business cycle" when referring to fluctuations in
a.
the rate of real output and employment.
b.
interest rates.
c.
the consumer price index.
d.
the general level of prices.
10.
Activists and nonactivists both believe that
a.
the self-corrective mechanism of a market economy works quite well.
b.
macro-policy should seek to minimize economic fluctuations, keep the inflation rat.
Instructions use a RED scantron and bubble in your answers. T.docxdirkrplav
Instructions: use a RED scantron and bubble in your answers. Turn in your
scantron along with your typed answers to the written portion of the exam.
1. When private ownership rights are well-defined and enforced, owners
a. can ignore the wishes of others, without bearing the cost.
b. have little incentive to take care of things.
c. can do anything they want with their property.
d. can be held accountable for damage to others through misuse of their
property.
2. Criteria for rationing goods and resources must be established because of
a. the law of comparative advantage.
b. the use of capitalism as a form of economic organization.
c. the inability of politicians to develop efficient forms of economic organization.
d. scarcity imposed by nature.
3. When we say the cost of production is $50, what is meant according to economic
principles?
a. A firm had to spend $50 in order to purchase the resources required to make the
good or service.
b. A value to society of this good or service was $50, so its cost is said to be $50.
c. A firm could have made something else with the resources that was worth $50 in
the market.
d. $50 represents the maximum willingness to pay from market participants.
4. For markets to be efficient in production, what must be true?
e. All profitable opportunities must be exhausted
f. No firm is doing something where MC>MB
g. All of the above
h. None of the above
Use the production possibilities data below for Honduras and Nicaragua to answer the
following question(s).
Table 2-2
Honduras
Oranges Apples
0 16
1 12
2 8
3 4
4 0
Nicaragua
Oranges Apples
0 8
1 6
2 4
3 2
4 0
5. Refer to Table 2-2. Which of the following is correct?
a. Honduras has the comparative advantage in both goods.
b. Nicaragua has the comparative advantage in oranges.
c. Honduras has the comparative advantage in oranges.
d. It would be impossible for Honduras and Nicaragua to gain from trade.
Figure 2-2
6. Which of the following would most likely cause the production possibilities curve for
breadfruit and fish to shift outward from AA to BB in Figure 2-2?
a. a decrease in the labor force of the country
b. a sudden change in consumer preferences for more fish and less breadfruit
c. a major technological advance
d. a decrease in the capital stock
Figure 2-10
7. Refer to Figure 2-10. A movement from point C to point D could be caused by
a. unemployment.
b. a decrease in society's preference for bananas.
c. fewer resources available for production of bananas.
d. All of the above are correct.
8. Which of the following results in more elastic demand?
a. Fewer substitutes
b. Less time in which to respond to a price spike
c. A higher proportion of income spent on the good
d. Good considered a luxury good rather than a necessity
9. Two points on a demand curve are P=60,Q=10 and P=30,Q=30. What is the elasticit.
www.UopStudents.com/ There is a Bus 475 Capstone Part 1 as well that tells the things which are not covered under Part 2 or it is the more explanatory version of Part 1.
ECON 201 MicroeconomicsTextbook Assignment 1 Due Date Januar.docxjack60216
ECON 201: Microeconomics
Textbook Assignment 1
Due Date: January 20, 2016
Multiple Choice
Identify the choice that best completes the statement or answers the question.
____ 1. Google has started a project to scan all books and make those that are not copyrighted available to people free of charge. Why is it important that only books without a copyright are available?
a.
If all books were scanned and available free of charge, copyright holders would face a positive incentive to continue writing and publishing books.
b.
If all books were scanned and available free of charge, copyright holders would face a negative incentive to continue writing and publishing books.
c.
If only copyrighted texts were scanned and available free of charge, copyright holders would face an indirect incentive to continue writing and publishing books.
d.
If only non-copyrighted books were scanned and available free of charge, copyright holders would face a negative incentive to continue writing and publishing books.
e.
If only non-copyrighted books were scanned and available free of charge, copyright holders would face an indirect incentive to continue writing and publishing books.
____ 2. In the area of many college campuses, parking spaces are often scarce. If these parking spaces have parking meters, which population described below would pay for parking?
a.
A population that is willing to take risks and believes that they will not be caught if they don’t place change in the meter
b.
A population that places a high opportunity cost on making sure they have change and placing change in the meter
c.
A population that is willing to take risks, believes that they will not be caught if they don’t place change in the meter, and disregards any possible $5 ticket for parking illegally
d.
A population that is unwilling to take risks and believes there is a high chance that they will not be caught if they don’t pay for parking
e.
A population that is unwilling to take risks, believes there is a high chance that they will be caught if they don’t pay their share, and places a high value on doing the “right” thing
____ 3. Kelly is an architect, and she is trying to decide whether to hire Mike, a draftsman, to assist with her work. Kelly could hire Mike at $20 per hour, but it would take him three times as long to complete a task as it takes Kelly. Kelly is able to earn $90 per hour and has more architectural jobs than she is able to handle. Which of the following is true?
a.
Kelly should not hire Mike because it would be faster for her to do the work herself.
b.
Kelly should do the drafting work herself because she has the lower opportunity cost.
c.
Mike should be hired at the $20 per hour wage rate.
d.
Mike should be hired, but only if he is paid more than $30 per hour.
e.
Kelly should hire someone who earns minimum wage instead of Mike.
____ 4. In 2009, the federal government created a program called Cash for Clunkers whereby consumers could trade in a less efficient ...
Exam 3 Corrections (Explain briefly why the red highlighted answe.docxgitagrimston
Exam 3 Corrections (Explain briefly why the red “highlighted answer is right 14 questions)
1) The currency of Venadia, a country, falls sharply in value against the currency of Lutetia, a neighboring country. Which of the following is a consequence of this exchange rate movement?
A. Lutetia's products will achieve a competitive pricing in Venadia.
B. Venadia's exports to Lutetia will increase because Venadian goods will become cheaper in Lutetia.
C. Venadia's products will cost more in Lutetia.
D. There will be no difference in the volume or direction of trade.
E. Lutetia's exports to Venadia will increase because Lutetian goods will become cheaper in Venadia.
2) The euro/dollar exchange rate is €1 = $1.20. If a trader buys a camera that retails for $300 in New York and sells it for €200 in Berlin (ignoring transaction costs, transportation costs, or trade barriers), this represents a potential profit (arbitrage) of _____.
A. $60
B. $80
C. $20
D. $100
E. $40
3) The nominal interest rate is 9 percent in Brazil and 6 percent in Japan. Applying the international Fisher effect, the Brazilian real should:
A. appreciate by 3 percent against the Japanese yen.
B. depreciate by 3 percent against the Japanese yen.
C. appreciate by 1.5 percent against the Japanese yen.
D. depreciate by 1.5 percent against the Japanese yen.
E. appreciate by 15 percent against the Japanese yen.
4) The government of Beryllia tightly controls the ability of its residents to convert its currency into other currencies. However, all foreign businesses with deposits in banks of Beryllia may, at any time, convert all their currency into foreign currency and take them out of the country. Beryllia's currency is said to be _____.
A. leading
B. nonconvertible
C. externally convertible
D. freely convertible
E. lagging
5) Certovia and Norkland are two neighboring countries that actively trade goods and services with each other. Under the gold standard, there will be a net flow of gold from Norkland to Certovia when:
A. Certovia is in trade deficit with Norkland.
B. Norkland is in balance-of-trade equilibrium with Certovia.
C. Certovia is in trade surplus with Norkland.
D. Certovia imports more than it exports to Norkland.
E. Norkland’s balance of payment to Certovia is favorable.
6) Which of the following statements is true about the role of the International Monetary Fund?
A. It never interfered in the monetary and fiscal conditions of its member countries.
B. It was authorized to approve currency devaluations of only up to 10 percent.
C.It required member countries to adhere to specific agreements irrespective of the amount of funds the countries borrowed
D.It lent money under the International Bank for Reconstruction and Development (IBRD) scheme and a second scheme which is overseen by the International Development Association (IDA).
E. It helped deficit-laden countries bring down inflation rates by providing short-term foreign currency loa ...
3Final ExaminationBAM 223 Principles of EconomicsM.docxtamicawaysmith
3
Final Examination
BAM 223 Principles of Economics
Multiple Choice Questions (Enter your answers on the enclosed answer sheet)
An economic ________ is a simplified version of some aspect of economic life used to analyze 1.
an economic issue.
variablea.
marketb.
modelc.
trade-off d.
Scenario 1-2
Suppose a hat manufacturer currently sells 2,000 hats per week and makes a profit of
$5,000 per week. The plant owner observes, “Although the last 300 hats we produced and
sold increased our revenue by $1,000 and our costs by $1,100, we are still making an
overall profit of $5,000 per week so I think we’re on the right track. We are producing the
optimal number of hats.”
Refer to Scenario 1-2. Had the firm not produced and sold the last 300 hats, would its profit 2.
be higher or lower, and if so by how much?
Its profit will be $1,100 higher. a.
Its profit will be $1,000 lower. b.
Its profit will be $100 lower.c.
Its profit will be $100 higher. d.
The term market in economics refers to: 3.
a place where money changes hands.a.
a legal institution where exchange can take place.b.
a group of buyers and sellers of a product and the arrangement by which they come c.
together to trade.
an organization which sells goods and services. d.
Scenario 1-3
Suppose a t-shirt manufacturer currently sells 5,000 t-shirts per week and makes a profit of
$10,000 per week. A manager at the plant observes, “Although the last 400 t-shirts we
produced and sold increased our revenue by $4,000 and our costs by $4,800, we are still
making an overall profit of $10,000 per week so I think we’re on the right track. We are
producing the optimal number of t-shirts.”
Refer to Scenario 1-3. Using marginal analysis terminology, what is another economic term 4.
for the incremental cost of producing the last 400 t-shirts?
marginal costa.
explicit costb.
operating costc.
Any of the above terms are correct.d.
4
Final Examination
BAM 223 Principles of Economics
Suppose the U.S. government encouraged new teachers to take jobs in underperforming 5.
schools by paying the new teachers a $20,000 bonus. These teachers would be exemplifying
the economic idea that:
people respond to economic incentivesa.
people are rationalb.
optimal decisions are made at the marginc.
equity is more important than efficiency d.
Dr. Goldfinger decides to invest in companies which he believes can “improve the 6.
productivity and efficiency” of health care services. How can Dr. Goldfinger strive to achieve
this productive efficiency?
by investing in companies that produce goods and services at the lowest possible costa.
by investing in companies that produce up to the point where the marginal benefit of the b.
last unit produced is equal to the marginal cost of producing it.
by investing in companies that fairly distribute their products and servicesc.
by investing in companies that produce goods and services based on consumer d.
preferences ...
Bus101 quiz (Business Organizations)The due time is in 1hrs1 .docxcurwenmichaela
Bus101 quiz (Business Organizations)
The due time is in 1hrs
1/ Both socialism and communism are variations of:
Select one:
a. command economies.
b. competitive economies.
c. free-market economies.
d. plutocratic systems.
2 / To be effective, empowerment will require lower-level workers to :
Select one:
a. have more training.
b. accept less responsibility and lower wages.
c. receive less training.
d. have written policies regulating each aspect of their work.
3)
As a small business owner, Tanika can't afford to provide her employees with the high wages and benefits offered by big corporations. One way to retain her employees and create a high level of motivation would be to:
Select one:
a. threaten to fire her existing employees and hire new workers.
b. adopt a policy of promoting the workers who have been employed the longest.
c. empower her employees to develop their own ideas.
d. hire only family members, since they are more loyal.
4/
Anita is employed as plant manager for Mojo Industries, Incorporated. Though she spends some time performing all management functions, she is particularly concerned with tactical planning and controlling. Anita's position would be classified as part of Mojo's:
Select one:
a. top management.
b. lateral management.
c. supervisory management.
d. middle management.
5/
Which of the following policies would tend to foster entrepreneurship?
Select one:
a. establishing a currency that is tradable on world markets.
b. establishing more regulations to protect the environment.
c. developing policies to reduce corruption between individuals.
d. allowing public ownership of businesses.
6)
All else held equal, socially responsible firms:
Select one:
a. are viewed more favorably by consumers.
b. enjoy significantly higher profits.
c. often experience customer loyalty problems.
d. fail to earn sufficient profits for their owners.
7) After personal savings, the next largest source of capital for entrepreneurs is from:
Select one:
a. large multinational banks.
b. the Small Business Administration.
c. state and local governments.
d. friends and family.
8/
Patrick's Products has a manufacturing plant near Chicago. The plant specializes in compact washers and dryers for countries in which consumers have less living space. Patrick's Products participates in the global market through:
Select one:
a. importing.
b. dumping.
c. exporting.
d. balancing trade.
9/
Managers who listen to their subordinates and allow them to participate in decision-making are using the ____________ style of leadership.
Select one:
a. autocratic
b. free-rein
c. participative
d. bureaucratic
10/
Which of the following statements about partnerships is the most accurate?
Select one:
a. A partnership is simply a corporation with fewer than 100 owners.
b. A major advantage of a partnership is that it offers owners limited liability.
c. A major drawback of a partnership is that it is difficult to terminate.
d. Partnerships are taxed at the lowest corporate tax .
1.) Since the mid-1980s, the __________ sector has generated t.docxelliotkimberlee
1.) Since the mid-1980s, the __________ sector has generated the most amount of increases in employment in the United
States.
A._ manufacturing
B) agricultural
C) service
D) goods producing
2) When referring to risk, which of the following statements is reasonable?
A) Although risk means taking a chance at losing, the less risk you take, the more you are likely to profit.
B) Good business strategy encourages less risk, because the least risky ventures usually make more profit.
C) Sizeable risks can lead to substantial profits, if the business takes calculated risks and captures good
opportunities.
D) Although risk means taking a chance, a start-up will usually manage to get off the ground faster if the
stakes are high.
3) Darnell lives in an area where labor is plentiful and locations for start-ups are relatively cheap. He is also confident that
he can find start-up funds for a graphic arts business. As he evaluates the opportunity for his proposed venture, which
of the following factors of production should he focus on?
A) Capital and land
B) Labor and knowledge
C) Entrepreneurship and capital
D) Entrepreneurship and knowledge
4) Lance and Laurie live on three acres of land in North Carolina, with two llamas, five goats, six chickens, and two
dogs. The goats provide milk, cheese, yogurt, and even fiber that is woven into yarn; the chickens provide free-range
eggs; and the llamas serve as protection for the other animals. Although Lance and Laurie have other professional jobs,
their home lifestyle represents _______.
A) a growing trend in the social environment to have more control of the food they eat and where it comes From
B) a need to challenge the competitive environments of big businesses that sell the same products
C) a desire to pay less sales tax on foods and other staple products at the larger stores
D) an aversion to technological advancement leading to a slower and less productive life
5) Since the mid-1980s, the __________ sector has generated the MOST amount of increases in employment in the United
States.
A) Manufacturing
B) Agricultural
C) service
D) goods producing
6) During the 2010 Gulf Oil Spill, former BP CEO, Tony Hayward, was quoted as saying: "I want my life back!" Although heapologized for this remark in a later statement, the original message remained in the thoughts of many, particularlyunder the circumstances that 11 persons lost their lives; several communities experienced extreme devastation; many fishing industry businesses lost their livelihood; and dead sea life washed up on the shores of several southern states
and Mexico. In terms of corporate social responsibility, which of the following statements would you like to share with
Tony Hayward?
A) We should repeat well-known economist Milton Friedman's statement that the only social responsibility of business is to make money for stockholders.
B) The company's CSR (corporate social responsibility) approach lacked whistleblowers that would e.
1.) Since the mid-1980s, the __________ sector has generated the m.docxjackiewalcutt
1.) Since the mid-1980s, the __________ sector has generated the most amount of increases in employment in the United
States.
A._ manufacturing
B) agricultural
C) service
D) goods producing
2) When referring to risk, which of the following statements is reasonable?
A) Although risk means taking a chance at losing, the less risk you take, the more you are likely to profit.
B) Good business strategy encourages less risk, because the least risky ventures usually make more profit.
C) Sizeable risks can lead to substantial profits, if the business takes calculated risks and captures good
opportunities.
D) Although risk means taking a chance, a start-up will usually manage to get off the ground faster if the
stakes are high.
3) Darnell lives in an area where labor is plentiful and locations for start-ups are relatively cheap. He is also confident that
he can find start-up funds for a graphic arts business. As he evaluates the opportunity for his proposed venture, which
of the following factors of production should he focus on?
A) Capital and land
B) Labor and knowledge
C) Entrepreneurship and capital
D) Entrepreneurship and knowledge
4) Lance and Laurie live on three acres of land in North Carolina, with two llamas, five goats, six chickens, and two
dogs. The goats provide milk, cheese, yogurt, and even fiber that is woven into yarn; the chickens provide free-range
eggs; and the llamas serve as protection for the other animals. Although Lance and Laurie have other professional jobs,
their home lifestyle represents _______.
A) a growing trend in the social environment to have more control of the food they eat and where it comes From
B) a need to challenge the competitive environments of big businesses that sell the same products
C) a desire to pay less sales tax on foods and other staple products at the larger stores
D) an aversion to technological advancement leading to a slower and less productive life
5) Since the mid-1980s, the __________ sector has generated the MOST amount of increases in employment in the United
States.
A) Manufacturing
B) Agricultural
C) service
D) goods producing
6) During the 2010 Gulf Oil Spill, former BP CEO, Tony Hayward, was quoted as saying: "I want my life back!" Although heapologized for this remark in a later statement, the original message remained in the thoughts of many, particularlyunder the circumstances that 11 persons lost their lives; several communities experienced extreme devastation; many fishing industry businesses lost their livelihood; and dead sea life washed up on the shores of several southern states
and Mexico. In terms of corporate social responsibility, which of the following statements would you like to share with
Tony Hayward?
A) We should repeat well-known economist Milton Friedman's statement that the only social responsibility of business is to make money for stockholders.
B) The company's CSR (corporate social responsibility) approach lacked whistleblowers that would e ...
Hello,these se are the questions! Let me know if you would be ab.docxCristieHolcomb793
Hello,
these se are the questions! Let me know if you would be able to help! Thanks
1
.
Accurate measurement of GDP is important to business decision-makers because this information will help them better determine the
a.
general happiness of a country's citizens.
b.
course of the economy and the direction of demand for their products.
c.
economic well-being of a particular group within a country.
d.
amount of leisure time available and the quality of life in a country.
2
.
Which of the following would increase U.S. GDP?
a.
Ford Motor Company begins to produce and sell cars in China.
b.
Mercedes-Benz begins to produce and sell cars in Mississippi.
c.
An American investor buys 100 shares of Ford stock.
d.
An American investor purchases 100 shares of Mercedes-Benz stock.
3
.
As per capita GDP has risen in the United States and other countries,
a.
life expectancy and leisure time have also risen and infant mortality and illiteracy have gone down..
b.
life expectancy has risen but leisure time has gone down, while infant mortality and illiteracy have remained the same.
c.
various quality of life variables have been unaffected.
d.
most quality of life variables such as life expectancy and expenditures on leisure time activities have fallen.
4
.
National income is
a.
personal income of individuals minus the taxes they pay.
b.
gross national product minus depreciation.
c.
employee compensation, self-employment income, interest, rents, plus corporate profits.
d.
consumption, investment, government expenditures, and net exports.
5
.
Per capita GDP is
a.
real GDP divided by the GDP deflator
b.
a measure of income per person
c.
a measure of resources available to each person
d.
an indicator of the overall production of a government
6.
Economists use the term "business cycle" to refer to
a.
the growth of small businesses into major corporations.
b.
changes in products that occur from improved technology.
c.
fluctuations in the level of real output and employment.
d.
periods of increases and decreases in the rate of inflation.
7.
The type of unemployment caused by changes in the business cycle is
a.
cyclical unemployment.
b.
natural unemployment.
c.
frictional unemployment.
d.
structural unemployment.
8.
Frictional unemployment is the result of
a.
not enough jobs for everyone to be employed.
b.
unemployed workers' skills not matching those needed for the available jobs.
c.
a decline in the demand for labor, such as during a recession.
d.
imperfect information and temporary periods of unemployment while workers are changing jobs.
9.
Economists use the phrase "business cycle" when referring to fluctuations in
a.
the rate of real output and employment.
b.
interest rates.
c.
the consumer price index.
d.
the general level of prices.
10.
Activists and nonactivists both believe that
a.
the self-corrective mechanism of a market economy works quite well.
b.
macro-policy should seek to minimize economic fluctuations, keep the inflation rat.
Instructions use a RED scantron and bubble in your answers. T.docxdirkrplav
Instructions: use a RED scantron and bubble in your answers. Turn in your
scantron along with your typed answers to the written portion of the exam.
1. When private ownership rights are well-defined and enforced, owners
a. can ignore the wishes of others, without bearing the cost.
b. have little incentive to take care of things.
c. can do anything they want with their property.
d. can be held accountable for damage to others through misuse of their
property.
2. Criteria for rationing goods and resources must be established because of
a. the law of comparative advantage.
b. the use of capitalism as a form of economic organization.
c. the inability of politicians to develop efficient forms of economic organization.
d. scarcity imposed by nature.
3. When we say the cost of production is $50, what is meant according to economic
principles?
a. A firm had to spend $50 in order to purchase the resources required to make the
good or service.
b. A value to society of this good or service was $50, so its cost is said to be $50.
c. A firm could have made something else with the resources that was worth $50 in
the market.
d. $50 represents the maximum willingness to pay from market participants.
4. For markets to be efficient in production, what must be true?
e. All profitable opportunities must be exhausted
f. No firm is doing something where MC>MB
g. All of the above
h. None of the above
Use the production possibilities data below for Honduras and Nicaragua to answer the
following question(s).
Table 2-2
Honduras
Oranges Apples
0 16
1 12
2 8
3 4
4 0
Nicaragua
Oranges Apples
0 8
1 6
2 4
3 2
4 0
5. Refer to Table 2-2. Which of the following is correct?
a. Honduras has the comparative advantage in both goods.
b. Nicaragua has the comparative advantage in oranges.
c. Honduras has the comparative advantage in oranges.
d. It would be impossible for Honduras and Nicaragua to gain from trade.
Figure 2-2
6. Which of the following would most likely cause the production possibilities curve for
breadfruit and fish to shift outward from AA to BB in Figure 2-2?
a. a decrease in the labor force of the country
b. a sudden change in consumer preferences for more fish and less breadfruit
c. a major technological advance
d. a decrease in the capital stock
Figure 2-10
7. Refer to Figure 2-10. A movement from point C to point D could be caused by
a. unemployment.
b. a decrease in society's preference for bananas.
c. fewer resources available for production of bananas.
d. All of the above are correct.
8. Which of the following results in more elastic demand?
a. Fewer substitutes
b. Less time in which to respond to a price spike
c. A higher proportion of income spent on the good
d. Good considered a luxury good rather than a necessity
9. Two points on a demand curve are P=60,Q=10 and P=30,Q=30. What is the elasticit.
www.UopStudents.com/ There is a Bus 475 Capstone Part 1 as well that tells the things which are not covered under Part 2 or it is the more explanatory version of Part 1.
ECON 201 MicroeconomicsTextbook Assignment 1 Due Date Januar.docxjack60216
ECON 201: Microeconomics
Textbook Assignment 1
Due Date: January 20, 2016
Multiple Choice
Identify the choice that best completes the statement or answers the question.
____ 1. Google has started a project to scan all books and make those that are not copyrighted available to people free of charge. Why is it important that only books without a copyright are available?
a.
If all books were scanned and available free of charge, copyright holders would face a positive incentive to continue writing and publishing books.
b.
If all books were scanned and available free of charge, copyright holders would face a negative incentive to continue writing and publishing books.
c.
If only copyrighted texts were scanned and available free of charge, copyright holders would face an indirect incentive to continue writing and publishing books.
d.
If only non-copyrighted books were scanned and available free of charge, copyright holders would face a negative incentive to continue writing and publishing books.
e.
If only non-copyrighted books were scanned and available free of charge, copyright holders would face an indirect incentive to continue writing and publishing books.
____ 2. In the area of many college campuses, parking spaces are often scarce. If these parking spaces have parking meters, which population described below would pay for parking?
a.
A population that is willing to take risks and believes that they will not be caught if they don’t place change in the meter
b.
A population that places a high opportunity cost on making sure they have change and placing change in the meter
c.
A population that is willing to take risks, believes that they will not be caught if they don’t place change in the meter, and disregards any possible $5 ticket for parking illegally
d.
A population that is unwilling to take risks and believes there is a high chance that they will not be caught if they don’t pay for parking
e.
A population that is unwilling to take risks, believes there is a high chance that they will be caught if they don’t pay their share, and places a high value on doing the “right” thing
____ 3. Kelly is an architect, and she is trying to decide whether to hire Mike, a draftsman, to assist with her work. Kelly could hire Mike at $20 per hour, but it would take him three times as long to complete a task as it takes Kelly. Kelly is able to earn $90 per hour and has more architectural jobs than she is able to handle. Which of the following is true?
a.
Kelly should not hire Mike because it would be faster for her to do the work herself.
b.
Kelly should do the drafting work herself because she has the lower opportunity cost.
c.
Mike should be hired at the $20 per hour wage rate.
d.
Mike should be hired, but only if he is paid more than $30 per hour.
e.
Kelly should hire someone who earns minimum wage instead of Mike.
____ 4. In 2009, the federal government created a program called Cash for Clunkers whereby consumers could trade in a less efficient ...
Exam 3 Corrections (Explain briefly why the red highlighted answe.docxgitagrimston
Exam 3 Corrections (Explain briefly why the red “highlighted answer is right 14 questions)
1) The currency of Venadia, a country, falls sharply in value against the currency of Lutetia, a neighboring country. Which of the following is a consequence of this exchange rate movement?
A. Lutetia's products will achieve a competitive pricing in Venadia.
B. Venadia's exports to Lutetia will increase because Venadian goods will become cheaper in Lutetia.
C. Venadia's products will cost more in Lutetia.
D. There will be no difference in the volume or direction of trade.
E. Lutetia's exports to Venadia will increase because Lutetian goods will become cheaper in Venadia.
2) The euro/dollar exchange rate is €1 = $1.20. If a trader buys a camera that retails for $300 in New York and sells it for €200 in Berlin (ignoring transaction costs, transportation costs, or trade barriers), this represents a potential profit (arbitrage) of _____.
A. $60
B. $80
C. $20
D. $100
E. $40
3) The nominal interest rate is 9 percent in Brazil and 6 percent in Japan. Applying the international Fisher effect, the Brazilian real should:
A. appreciate by 3 percent against the Japanese yen.
B. depreciate by 3 percent against the Japanese yen.
C. appreciate by 1.5 percent against the Japanese yen.
D. depreciate by 1.5 percent against the Japanese yen.
E. appreciate by 15 percent against the Japanese yen.
4) The government of Beryllia tightly controls the ability of its residents to convert its currency into other currencies. However, all foreign businesses with deposits in banks of Beryllia may, at any time, convert all their currency into foreign currency and take them out of the country. Beryllia's currency is said to be _____.
A. leading
B. nonconvertible
C. externally convertible
D. freely convertible
E. lagging
5) Certovia and Norkland are two neighboring countries that actively trade goods and services with each other. Under the gold standard, there will be a net flow of gold from Norkland to Certovia when:
A. Certovia is in trade deficit with Norkland.
B. Norkland is in balance-of-trade equilibrium with Certovia.
C. Certovia is in trade surplus with Norkland.
D. Certovia imports more than it exports to Norkland.
E. Norkland’s balance of payment to Certovia is favorable.
6) Which of the following statements is true about the role of the International Monetary Fund?
A. It never interfered in the monetary and fiscal conditions of its member countries.
B. It was authorized to approve currency devaluations of only up to 10 percent.
C.It required member countries to adhere to specific agreements irrespective of the amount of funds the countries borrowed
D.It lent money under the International Bank for Reconstruction and Development (IBRD) scheme and a second scheme which is overseen by the International Development Association (IDA).
E. It helped deficit-laden countries bring down inflation rates by providing short-term foreign currency loa ...
3Final ExaminationBAM 223 Principles of EconomicsM.docxtamicawaysmith
3
Final Examination
BAM 223 Principles of Economics
Multiple Choice Questions (Enter your answers on the enclosed answer sheet)
An economic ________ is a simplified version of some aspect of economic life used to analyze 1.
an economic issue.
variablea.
marketb.
modelc.
trade-off d.
Scenario 1-2
Suppose a hat manufacturer currently sells 2,000 hats per week and makes a profit of
$5,000 per week. The plant owner observes, “Although the last 300 hats we produced and
sold increased our revenue by $1,000 and our costs by $1,100, we are still making an
overall profit of $5,000 per week so I think we’re on the right track. We are producing the
optimal number of hats.”
Refer to Scenario 1-2. Had the firm not produced and sold the last 300 hats, would its profit 2.
be higher or lower, and if so by how much?
Its profit will be $1,100 higher. a.
Its profit will be $1,000 lower. b.
Its profit will be $100 lower.c.
Its profit will be $100 higher. d.
The term market in economics refers to: 3.
a place where money changes hands.a.
a legal institution where exchange can take place.b.
a group of buyers and sellers of a product and the arrangement by which they come c.
together to trade.
an organization which sells goods and services. d.
Scenario 1-3
Suppose a t-shirt manufacturer currently sells 5,000 t-shirts per week and makes a profit of
$10,000 per week. A manager at the plant observes, “Although the last 400 t-shirts we
produced and sold increased our revenue by $4,000 and our costs by $4,800, we are still
making an overall profit of $10,000 per week so I think we’re on the right track. We are
producing the optimal number of t-shirts.”
Refer to Scenario 1-3. Using marginal analysis terminology, what is another economic term 4.
for the incremental cost of producing the last 400 t-shirts?
marginal costa.
explicit costb.
operating costc.
Any of the above terms are correct.d.
4
Final Examination
BAM 223 Principles of Economics
Suppose the U.S. government encouraged new teachers to take jobs in underperforming 5.
schools by paying the new teachers a $20,000 bonus. These teachers would be exemplifying
the economic idea that:
people respond to economic incentivesa.
people are rationalb.
optimal decisions are made at the marginc.
equity is more important than efficiency d.
Dr. Goldfinger decides to invest in companies which he believes can “improve the 6.
productivity and efficiency” of health care services. How can Dr. Goldfinger strive to achieve
this productive efficiency?
by investing in companies that produce goods and services at the lowest possible costa.
by investing in companies that produce up to the point where the marginal benefit of the b.
last unit produced is equal to the marginal cost of producing it.
by investing in companies that fairly distribute their products and servicesc.
by investing in companies that produce goods and services based on consumer d.
preferences ...
Bus101 quiz (Business Organizations)The due time is in 1hrs1 .docxcurwenmichaela
Bus101 quiz (Business Organizations)
The due time is in 1hrs
1/ Both socialism and communism are variations of:
Select one:
a. command economies.
b. competitive economies.
c. free-market economies.
d. plutocratic systems.
2 / To be effective, empowerment will require lower-level workers to :
Select one:
a. have more training.
b. accept less responsibility and lower wages.
c. receive less training.
d. have written policies regulating each aspect of their work.
3)
As a small business owner, Tanika can't afford to provide her employees with the high wages and benefits offered by big corporations. One way to retain her employees and create a high level of motivation would be to:
Select one:
a. threaten to fire her existing employees and hire new workers.
b. adopt a policy of promoting the workers who have been employed the longest.
c. empower her employees to develop their own ideas.
d. hire only family members, since they are more loyal.
4/
Anita is employed as plant manager for Mojo Industries, Incorporated. Though she spends some time performing all management functions, she is particularly concerned with tactical planning and controlling. Anita's position would be classified as part of Mojo's:
Select one:
a. top management.
b. lateral management.
c. supervisory management.
d. middle management.
5/
Which of the following policies would tend to foster entrepreneurship?
Select one:
a. establishing a currency that is tradable on world markets.
b. establishing more regulations to protect the environment.
c. developing policies to reduce corruption between individuals.
d. allowing public ownership of businesses.
6)
All else held equal, socially responsible firms:
Select one:
a. are viewed more favorably by consumers.
b. enjoy significantly higher profits.
c. often experience customer loyalty problems.
d. fail to earn sufficient profits for their owners.
7) After personal savings, the next largest source of capital for entrepreneurs is from:
Select one:
a. large multinational banks.
b. the Small Business Administration.
c. state and local governments.
d. friends and family.
8/
Patrick's Products has a manufacturing plant near Chicago. The plant specializes in compact washers and dryers for countries in which consumers have less living space. Patrick's Products participates in the global market through:
Select one:
a. importing.
b. dumping.
c. exporting.
d. balancing trade.
9/
Managers who listen to their subordinates and allow them to participate in decision-making are using the ____________ style of leadership.
Select one:
a. autocratic
b. free-rein
c. participative
d. bureaucratic
10/
Which of the following statements about partnerships is the most accurate?
Select one:
a. A partnership is simply a corporation with fewer than 100 owners.
b. A major advantage of a partnership is that it offers owners limited liability.
c. A major drawback of a partnership is that it is difficult to terminate.
d. Partnerships are taxed at the lowest corporate tax .
1.) Since the mid-1980s, the __________ sector has generated t.docxelliotkimberlee
1.) Since the mid-1980s, the __________ sector has generated the most amount of increases in employment in the United
States.
A._ manufacturing
B) agricultural
C) service
D) goods producing
2) When referring to risk, which of the following statements is reasonable?
A) Although risk means taking a chance at losing, the less risk you take, the more you are likely to profit.
B) Good business strategy encourages less risk, because the least risky ventures usually make more profit.
C) Sizeable risks can lead to substantial profits, if the business takes calculated risks and captures good
opportunities.
D) Although risk means taking a chance, a start-up will usually manage to get off the ground faster if the
stakes are high.
3) Darnell lives in an area where labor is plentiful and locations for start-ups are relatively cheap. He is also confident that
he can find start-up funds for a graphic arts business. As he evaluates the opportunity for his proposed venture, which
of the following factors of production should he focus on?
A) Capital and land
B) Labor and knowledge
C) Entrepreneurship and capital
D) Entrepreneurship and knowledge
4) Lance and Laurie live on three acres of land in North Carolina, with two llamas, five goats, six chickens, and two
dogs. The goats provide milk, cheese, yogurt, and even fiber that is woven into yarn; the chickens provide free-range
eggs; and the llamas serve as protection for the other animals. Although Lance and Laurie have other professional jobs,
their home lifestyle represents _______.
A) a growing trend in the social environment to have more control of the food they eat and where it comes From
B) a need to challenge the competitive environments of big businesses that sell the same products
C) a desire to pay less sales tax on foods and other staple products at the larger stores
D) an aversion to technological advancement leading to a slower and less productive life
5) Since the mid-1980s, the __________ sector has generated the MOST amount of increases in employment in the United
States.
A) Manufacturing
B) Agricultural
C) service
D) goods producing
6) During the 2010 Gulf Oil Spill, former BP CEO, Tony Hayward, was quoted as saying: "I want my life back!" Although heapologized for this remark in a later statement, the original message remained in the thoughts of many, particularlyunder the circumstances that 11 persons lost their lives; several communities experienced extreme devastation; many fishing industry businesses lost their livelihood; and dead sea life washed up on the shores of several southern states
and Mexico. In terms of corporate social responsibility, which of the following statements would you like to share with
Tony Hayward?
A) We should repeat well-known economist Milton Friedman's statement that the only social responsibility of business is to make money for stockholders.
B) The company's CSR (corporate social responsibility) approach lacked whistleblowers that would e.
1.) Since the mid-1980s, the __________ sector has generated the m.docxjackiewalcutt
1.) Since the mid-1980s, the __________ sector has generated the most amount of increases in employment in the United
States.
A._ manufacturing
B) agricultural
C) service
D) goods producing
2) When referring to risk, which of the following statements is reasonable?
A) Although risk means taking a chance at losing, the less risk you take, the more you are likely to profit.
B) Good business strategy encourages less risk, because the least risky ventures usually make more profit.
C) Sizeable risks can lead to substantial profits, if the business takes calculated risks and captures good
opportunities.
D) Although risk means taking a chance, a start-up will usually manage to get off the ground faster if the
stakes are high.
3) Darnell lives in an area where labor is plentiful and locations for start-ups are relatively cheap. He is also confident that
he can find start-up funds for a graphic arts business. As he evaluates the opportunity for his proposed venture, which
of the following factors of production should he focus on?
A) Capital and land
B) Labor and knowledge
C) Entrepreneurship and capital
D) Entrepreneurship and knowledge
4) Lance and Laurie live on three acres of land in North Carolina, with two llamas, five goats, six chickens, and two
dogs. The goats provide milk, cheese, yogurt, and even fiber that is woven into yarn; the chickens provide free-range
eggs; and the llamas serve as protection for the other animals. Although Lance and Laurie have other professional jobs,
their home lifestyle represents _______.
A) a growing trend in the social environment to have more control of the food they eat and where it comes From
B) a need to challenge the competitive environments of big businesses that sell the same products
C) a desire to pay less sales tax on foods and other staple products at the larger stores
D) an aversion to technological advancement leading to a slower and less productive life
5) Since the mid-1980s, the __________ sector has generated the MOST amount of increases in employment in the United
States.
A) Manufacturing
B) Agricultural
C) service
D) goods producing
6) During the 2010 Gulf Oil Spill, former BP CEO, Tony Hayward, was quoted as saying: "I want my life back!" Although heapologized for this remark in a later statement, the original message remained in the thoughts of many, particularlyunder the circumstances that 11 persons lost their lives; several communities experienced extreme devastation; many fishing industry businesses lost their livelihood; and dead sea life washed up on the shores of several southern states
and Mexico. In terms of corporate social responsibility, which of the following statements would you like to share with
Tony Hayward?
A) We should repeat well-known economist Milton Friedman's statement that the only social responsibility of business is to make money for stockholders.
B) The company's CSR (corporate social responsibility) approach lacked whistleblowers that would e ...
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Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
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Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
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Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
The key differences between the MDR and IVDR in the EUAllensmith572606
In the European Union (EU), two significant regulations have been introduced to enhance the safety and effectiveness of medical devices – the In Vitro Diagnostic Regulation (IVDR) and the Medical Device Regulation (MDR).
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Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
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In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
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Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
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Digital Transformation and IT Strategy Toolkit and Templates
4dangdethi anhvanvaonh
1. ĐỀ THI ANH VĂN
ĐỀ SỐ 1
SECTION 1: Language usage
1. In the long term ……….is due to increase in the price of raw materials. This is the
situation where prices rise to keep up with increased production cost.
a. devaluation b. inflation c. recession d. crisis
2. In a accordance with our usual terms, payment will be by …………This is a letter
from a bank authorizing payment of a certain sum to a person or a company.
a. cheque b. banker’s draft c. letter of credit d. cash on delivery
3. We enclose our……….., which is a formal request for payment
a. receipt b. quotation c. commercial invoice d. bill of lading
4. The industry and constrution ………..is facing difficulties due to low efficiency and
competitiveness.
a. set b. sector c. section d. part
5. It is complained that the Telephone and Post Communicatios Company is operating in
a very favourable environment without any
a. monopoly b. fluctuation c. promotion d. competition
6. We are proud of the very high level of services we offer and are accustomed to
organizing conferences ………..two thousand delegates.
a. out of to b. of up to c. from up to d. up from to
7. Sofitel Plaza Hotel has an excellent range of facilities and no doubt you will be aware
……the fact that the local area is rich in cultural interest.
a. for b. to c. of d. about
8. When we receive your bank confirmation of L/C, your order will be made ……..
a. for b. over c. up d. with
9. Impex is an international company which deals ……..a wide variety of goods.
a. for b. in c. of d. about
10. A fall in prices can result in serious difficulties to many producers and may cause
them to go ……..business completely.
a. through b. out c. out of d. into
11. The MD asked Mr. Green
a. that he had finished the report b. whether he had finished the report
c. had she finished the report d.if had he finished the report
12. The MD also wanted to know
a. when Mr. Green will submit that report b. when would Mr. Green submit the report
c. when will Mr. Green submit the report d. when Mr. Green would submit the report
13. Would you like …….coffee? Yes, please
a. any b. the c. 0 d. a
14. The goods in this catalogue are of ………..excellent value. I am going to order some.
a. the b. 0 c. an d. a
15. The Sales&Marketing Department will be divided into two ……….., a new
Management Services Department will be created.
a. Furthermore b. Therefore c. Although d. Otherwise
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2. 16. …………the launch date is due, the new product is not ready yet. So, the shopfloor
workers are working hard now.
a. Nevertheless b. However c. Although d. Inspite of
17. Fluctuation in exchange rates causes instability. …….., it makes forecasting more
difficult.
a. In addition b. So c. In order that d. So that
18. Producing new software is not necessarily expensive, ……… innovations in
computer hardware certainly involve massive costs.
a. where b. whereas c. when d. as
19. Mr. Green , …………..is an experienced businessman is very eager to expand his
business in the Middle East.
a. which b. that c. who d. b & c
20. One of the accidents they had was pretty serious. A workman ………..20 feet above
the ground when he suddenly fell.
a. was working b. worked c. has been working d. has worked
21. The number of overseas Vietnamese going home ……… by 8.9% this year.
a. increases b. is increasing c. has increased d. increased
22. The Bank’s loan terms are better than those on hire purchase, so I …… ……… the
bank loans.
a. am choosing b. had chosen c. was choosing d. will be choosing
23. My boss has come in and …….. you in a few minutes.
a. would see b. has seen c. will see d. is going to see
24. Next week, John is going home for Christmas. He hopes his family ……. at the
airport
a. will have waited b. have been waiting
c. will be waiting d. are waiting
25. Could you tell Mr. Blake that Mr. Ali is here? He ………. me.
a. will expect b. was expecting c. is expecting d. has expected
Complete each sentence with the correct from of the word in brackets.
26. (BENEFIT) The new salary scheme is ……….to all staff.
27. (COMMERCE) Ho Chi Minh City is the biggest ……. center in the
country.
28. (RELATIVE) The risk of investing in durable goods is ……..low.
29. (VARY) Prices have not shown much …………this year.
30. (MANAGE) Good …………should be capable of leading as well as
managing.
SECTION 2: Language use (70 marks)
2.1 Choose ONE suitable word for each sentences from the list below (20 marks)
measurable deteriorate goods money factors
payments decrease production capital economy
resources companies value available risk
1. As they ……..easily, perishables must be placed on the market as quickly as possible.
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3. 2. Foreign direct investment(FDI) has significantly contributed to the performance of
the……….
3. FDI projects account for 12% of GDP and 35% of industrial ………..
4. More than 2,500 FDI projects have been licensed with a total ……… of 40 billion
dollars.
5. Economics studies how society uses its scarce …………..to produce goods and
services.
6. Money is used to save for the future; it is a store of ………….
7. Providing capital for a business always involves an element of …………
8.Entrepreneurs control and co-ordinate various …….. of production.
9. The econnomist is only interested in services which are ………….in terms of money.
10. Changes in prices result in changes in the quantity of a particular commodity.
………….to consumers.
2.2. Reading comprehension (30 marks)
Read the passage below and then do the tasks that follow
It seems easy to say that you are employed if you work for somebody else and you are
self – employed if you work for yourself! But life isn’t quite so simple. Being self-
employed is not restricted to people who run their own business, in the physical sense of
owning property and stock and perhaps employing their own staff. A great number of
people work from home in a wide range of occupations and many of them are classed as
self-employed. Examples are the hairdresser who has set up shop in one room of the
house, the freelance book-keeper who does the accounts for other small businesses, the
woman who holds clothing or Tupperware parties, and the artist who takes on freelance
work from various publishing companies.
People who work on a freelance basic “hire out” their skills to anyone who will pay them.
A freelance photographer, for instance, may either be contracted to do a specific job for a
newspaper or may even take photographs of events on the change that he/she can sell
them.
The number of people in Britain who are classed as self-employed rose by 52% between
1981 and 1991 from 2.2 million to 3.3 million people – and most of them work on their
own (i.e. they do not employ other people) in many cases these are people who have been
faced with redundancy and who have used their savings or their redundancy payments, or
taken advantages of one of the government schemes to set up on their own.
Circle the correct answer
11. Which of the following suggestions is a suitable title for the passage?
a. Self – employment b. Employed or self – employed?
c. The UK employment market d. Types of employment
12. A self-employed person
a. has to carry out instructions b. works for several employers
c. is paid a wage or salary d. is own employer
13. The passage suggests
a. The pattern of employment is not varied in the UK
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4. b. If you are in a job, you will have it forever.
c. It is standard practice for many people in the UK to leave school and work for
themselves.
d. In the UK people can either have the opportunity or the finances to start in business for
themselves
What does each of the following underlined word/phrase refer to?
14. “……..and many of them are classed as self-employed.” (Paragraph 1)
15. “by 52% between 1981 and 1991 from 2.2 million to 3.3 million people – and most of
them work on their own.” (paragraph 3)
Which words in the passage mean the following?
16. jobs……….
17. to classify ………..
18. state of being no longer needed for any available jobs ……..
Fill in each blank with ONE suitable word from the passage
19. ……………..becomes more popular among mothers of young children as they don’t
have to work the standard 8 a.m to 5 p.m a day.
20 . Self – employed may ………..other people to help them with their business.
2.3. Writing (20 marks)
Read this invitation card and write a short description of the Book Fair for a brochure
INVITATION TO 2002 BOOK FAIR
Youth Cultural Centre
Exhibition of Books in Vietnamese and foreign languages
Free copies of catalogues
Free use of Internet
Publishers from over the country and Oxford University Press
21 – 28 February, 2002
ĐỀ SỐ 2
SECTION 1: Language usage (30 marks)
Circle the correct answer
1. We believe communication channels within the company will be simplified, …….. our
decision making will be more streamlined.
a. in order to b. so c. so that d. that
2. No holiday booking will be accepted ……..it is accompanied by the necessary deposit.
a. if b. whether c. unless d. when
3. More men than women are self-employed ………..this type of work is also popular
among mothers of young children.
a. however b. although c. nevertheless d. inspite of
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5. 4. Travel Services is expanding its business to Vietnam, …………..is a fast growing
market.
a. which b. who c. that d. 0
5. Coca-Cola employees enjoy high salaries. ………….., they can claim traveling
expenses.
a. In addition b. however c. Therefore d. So that
6. After considering the advantages and disadvantages of the trip to Chicago, Mr Green
wants to revise his ………………..
a. plan b. agenda c. itinerary d.list
7. Exports of the company ………..of natural gas, cotton, and textiles.
a. include b. has c. consist d. compose
8. ………………of currency is American dollar.
a. unit b. money c. measure d. device
9. There is a very rapid growth in the computer and data processing market, especially in
the banking
a. section b. sector c. part d. department
10. A group of certain companies …………the market when they have completely
controlled over particular commodities.
a. corner b. advertise c. monopolize d. motivate
11. We are planning ……………series of travel talks on different holiday resorts. The
first talk is called “Discover Vietnam”
a. the b. a c. an d. 0
12. The sign on the door says “……………..set menu lunch will be available from
12:30p.m. we hope you will be able to attend”
a. the b. a c. an d. 0
13. The sponsorship will be ………….those employees with good records of work.
a. for b. on c. with d. in
14. The enclosures should be attached ……………..the letter.
a. to b. for c. with d. in
15. Alison has finished her project ………..personnel management.
a. in b. about c. to d. on
16. The clerical staff will use the desk top system ………………word processor.
a. like b. same as c. as d. similar to
17. The Us dollar has risen ……………..Vietnamese dongs.
a. to b. by c. against d. opposite
18. Multinational companies ……………. Rapidly since World war 2, and today some
have operations in more than 100 countries.
a. were growing b. have grown c. had grown d. grew
19. A huge explosion caused extensive damage last night in the new multi-million dollar
factory of Perfecta Ltd, the well-………… ladies’ fashion designers.
a. know b. known c. knew d. knowing
20. “I am sorry Mr. Dent will not be able to see you tomorrow. He …………… a meeting
9:30 tomorrow.
a. will attend b. is attending c. is going to attend d. attends
21. Travel Services is discussing …………… an office in Vietnam to expand their
business in South East Asia.
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6. a. to open b. the opening c. opening d. opened
22. Tourists are strongly recommended ………. Travel insurance for the period of their
journey.
a. the taking out b. to take out c. to be taken out d. taking out
23. The manager is interested to know
a. if staff are happy with the new arrangements at work.
b. whether are staff happy with the new arrangements at work.
c. are staff happy with the new arrangements at work.
d. what staff are happy with the new arrangements at work.
24. The manager came to see me and asked “………….”.
a. What other changes to the working conditions do you think we should make?
b. What other changes to the working conditions you think we should make?
c. If you think we should make other changes to the working conditions?
d. If other changes you think we should make to the working conditions
25. ………………will be a new year party at 8:00 in the evening. It will be held at the
Continental Hotel.
a. There b. It c. This d. That
Complete each sentences with the correct form of the word in brackets
26. (EMPLOY) The new salary scheme is to the benefit of all ………….
27. (VARY) The company will increase the ……… of products offered for sale.
28. (PROFIT) It would be more ……… to set up a subsidiary.
29. (FINANCE) HSBC provides …………. Services all over the world.
30. (EXTREME) The figures show an ………….. good year for the company.
SECTION 2: Language use (70 marks)
2.1 Choose ONE suitable word for each sentences from the list below (20 marks)
competition diminish increase management economy
sales reduce measure bear particular
average planned monopoly rate economic
1. Besides essential commodities, people also buy non-essential commodities which
provide some …………… personal satisfaction.
2. Utility is related to our decisions about priorities in production, particularly in a
centrally ………………… economy.
3. The Vietnamese economy grew by an annual ………….. of 8% between 1991 and
1998.
4. In 1999, …………growth slowed down with a 5% increase in GDP.
5. GDP’s growth ……… stood at 6% in 2000 – 2001 and is projected as 7% this year.
6. Economists …………the services which people provide for financial rewards.
7. Entrepreneurs make decisions on production and …………. the risk of success or
failure.
8. ……………among sellers of the same commodities has an influence on its market
prices.
9. Most nations hold a ………….. on such essential commodities as electricity and water.
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7. 10. The consumer’s desire for a commodity tends to ……………. As he gets more units
of that commodity.
2.2 Reading comprehension (30 marks)
Read the passage below and then do the tasks that follow
The number of people working part-time has increased dramatically over the last ten
years, not just in Britain but also throughout the European Community. In many cases
companies are converting full-time jobs to part time positions. For example, in late 1992
Burtons announced that 1000 full-time shop jobs were to be replaced by up to 3000 part-
time posts.
The main difference, of course, between working part-time and working full-time is in
the number of hours worked. A part-time employee will work less than the standard
opening hours of the company. In some cases two part time employees might job share
one full-time job – i.e. they do the work between them.
Employers may prefer part-time staff because the company’s wage bill is reduced. The
employer also saves on National Insurance payments if part-time staff earn less than the
lower earnings limit. Part-time staff are more flexible. They can be used to cover for
absent staff and work extra hours when the company is busy or wants to open longer
hours. In addition, part-time staff do not have the same legal rights in employment law as
full-time staff unless they work more than 16 hours a week. Those working fewer than
eight hours a week can never gain protection. This means they cannot claim for unfair
dismissal and do not receive other benefits such as maternity or pension rights.
Circle the correct answer
11. Which of the following suggestions is a suitable title for the passage?
a. Full-time or part-time b. Employing part-time staff
c. Working part-time d. Converting full-time jobs to part-time positions
12. Part-time workers
a. gain the same employment rights as in other European countries.
b. do not get the same benefits as full-time staff in employment.
c. can expect their employers to pay for their training.
d. are not readily available to companies when they need them.
13. The passage suggests
a. British companies tend to employ more staff on a part-time basis.
b. Companies in Britain can grow faster if they increase part-time staff.
c. part-time jobs benefit employees.
d. part-time work enables a person to earn some money and yet have more time for
leisure.
What does each of the following underlined word/phrase refer to?
14. “………They can be used to cover for absent staff and work extra hours
……….”(Paragraph 3)
15. “ ……….This means they cannot claim for unfair dismissal and ………” (Paragraph
3)
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8. Which words in the passage mean the following
16. changing from one form to another ………
17. employees do the work between them ………..
18. loss of job ……………
Fill in each blank with ONE suitable word from the passage
19. Working part-time is a useful way of earning some income for those who cannot
work ………….(e.g. students, pensioners who want to supplement their pension)
20. He spent all his …………… without thinking about how hard it was for him to make
this money.
2.3. Writing (20 marks)
Read this invitation card and write a circular letter to book publishers.
INVITATION TO 2002 BOOK FAIR
Youth Cultural Centre
Exhibition of Books in Vietnamese and foreign languages
Free copies of catalogues
Free use of Internet
Publishers from over the country and Oxford University Press
21 – 28 February, 2002
ĐỀ SỐ 3
SECTION 1: Language usage (30 marks)
Circle the best answer
1. I ………..in connection with your letter of 10 November, 2000.
a. am writin b. write c. will write d. have written
2. We …………. Both Enterprise 1 & 2, and now are ready for the final exam.
a. have been studying b. studied
c. have studied d. had studied
3. John Hartz ………. A lecture when he was interrupted
a. delivered b. had deliverd c. was deliverd d. was delivering
4. We delayed ……….the product because of technical problems
a. being launched b. launching c. launch d.to launch
5. The consultant advised us ……… a subsidiary in the North.
a. to set up b. setting up
c. set up d. a & b are correct
6. Thank you, I have passed the exam. Without your help I ………..
a. would have failed b. failed
c. would fail d. had failed
7. The receptionist asked Alison …………..
a. that she has made a reservation
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9. b. if she has made a reservation.
c. has she made a reservation.
d. whether she had made a reservation
8. The managing wanted to know…………….
a. how much has their turnover risen.
b. how much their turnover had risen.
c. that how much their turnover had risen.
d. that how much their turnover has risen.
9. In 1999 the P & G spent 30 million pounds ……..research & development.
a. on b. about c. with d.to
10. The turnover showed an increase …………5%.
a. by b. to c. of d. on
11. The demand ………….this product is growing fast.
a. on b. for c. of d. in
12. ……………, we should advertise this job locally.
a. in my opinion b. according to me
c. on my opinion d. according to my opinion
13. All foreign investors must comply ……….. the law on foreign investment.
a. with b. in c. about d. on
14. How long have you been in ………..oil industry?
a. an b. the c. a d. no article
15. ………………smoking is not allowed in the library.
a. a b. the c. an d. no article
16. We are making intensive preparations ……….. the new product can be launched
before Tet.
a. in order b. for the purpose c. so that d. in order to
17. The MD ………… is going to retire, has recmmended Mr Blake as his successor.
a. who b. that c. who d. ,that
18. The business performance did not improve …………. The appointment of the new
MD.
a. when b. until c. since d. where
19. Home sales have shown a strong performance, ……………exports are well below the
target.
a. however b. but c. nevertheless d. and
20. ……………we invest more in R & D, we are likely to fall behind our competitors.
a. If b. When c. Unless d. Whether
21. We’ve started a join ………….. program with a Canadian company.
a. project b. firm c. venture d. company
22. With the new pension plans employees can …………. To take early retirement.
a. afford b. allow c. demand d. think
23. The Chief Accountant resigned from the company for …………Reasons
a. personnel b. individual c. personal d. all are correct
24. We’ve spent a large part of our ………on advertising.
a. sharply b. slightly c. steadily d. dramatically
25. We’ve spent a large part of our …………. on advertising.
a. budget b. costs c. expenses d. amount
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10. Complete each sentences with the correct form of the word in brackets
26. (deliver) The price include ………charge
27. (success) We hope the new product will ………..in the home market.
28. (attend) Why don’t teachers check the ……………of students nowadays?
29. (impression) Most consumers are ………….by our new product.
30. (hard) You should work ……….. to make up for your lack of
intelligence.
SECTION 2: Language use (70 marks)
2.1. Gap – filling (20 marks)
Choose ONE suitable word for each sentences from the given list below
Strictly payment inelastic tends accumulates
Reward satisfy study elastic saves
Budget capital economic fairly labour
1. The economist is not coneerned with the services which people provide for no
financial ……….
2. Profit is the surplus which ……….. as a result of productive work.
3. There is always some ……….. involved in financing a business.
4. Commodity of different kinds …………. our wants in different ways.
5. According to the Law of Supply, a rise in prices ………to increase supply
6. Supply is ……….when it can be increased or decreased rapidly in response to market
prices.
7. The economist’s method should be ……….. objective and scientific.
8. The ………. Reform in Vietnam has achieved remarkable results.
9. Vietnam is not only rich in national resources, but also has an abundance of………..
10. Raising …………. for development is one of Vietnam’s main priorities.
2.2 Reading comprehension.
Read the passage below and then do the tasks that follow
Business is a word that is commonly used in many different languages. But exactly what
does it mean? The concepts and activities of business have increased in modern times.
Traditionally, business simply meant exchange or trade for things people wanted or
needed. Today, it has a more technical definition. One definition of business is the
production, distribution, and sale of goos and services for a porfit. To examine this
definition, we will look at its various parts.
First, production is the creation of services or the changing of materials into products.
One example is the conversion of iron or into metal car parts. Next, these products need
to be moved from the factory to the market place. This is known as distribution. A car
might be moved from a factory in Detroit to a car dealership in Miami.
Third is the sale of goods and services. Sale is the exchange of a product or service for
money. A car is sold to someone in exchange for money. Goods are products that people
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11. will either need or want. For example cars can be classified as goods. Services, on the
other hand, are activities that a person or group performs for another person or
organisation. For instance, an auto mechanic performs a service when he repair a car. A
doctor also performs a service by taking care of people when they are sick.
Business then is a combination of all these activities: production, distribution and sale.
However, there is one other important factor. This factor is the creation of profits or
economic surplus. A major role in the functioning of an American business company is
making a profit. Profit is the money that remains after all the expenses are paid. Creating
an economic surplus or profit is, therefore, a primary goal of business activities.
1. Which of the following suggestions is a suitable title for the passage?
a. What are important factors of business?
b. How are goods produced?
c. What is business?
d. How important is business?
2. Which of the following statements is FALSE?
a. Today business means exchange of goods for money.
b. People produce goods and services.
c. Business involves various activities.
d. Economic surplus is a major element in business.
3. “Today it has a more technical definition”(Paragraph 1). The sentences means
a. It is related to techniques.
b. It is the definition of technology
c. The definition is more specialised
d. The definition refers to a technical subject
The underlined word means
4. “Traditionally, business meant exchange or trade for things…..”(Paragraph 1)
a. According to our traditions b. In the past
c. In traditional terms d. As a custom
5. “………from a factory in Destroit to a car dealership” (Paragraph 2)
a. an exhibition b. a showroom
c. a garage d. a shop
Which words in the passage mean
6. changing
7. carries out
8. usually
9. most important/main
Fill in each blank with ONE suitable word from the passage.
10. Prices play an essental ……….in the market.
11. A close look at various parts of business will help better ……….its definition.
Write short answers to the following questions.
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12. 12. What is distribution?
13. Why do people carry out business?
What does the underlined word refer to ?
14. “To examine this definition ……” (Paragraph 1)
15. “Today, it has a more technical definition” (Paragraph 1)
2.3 Writing (20 marks)
Write a letter to Mr Nguyễn Văn Nam, Sales Manager of Coca-Cola Vietnam. 142/B1
Đien Bien Phu Rd. Binh Thanh Dis; HCMC. Arrange a meeting with him on 1 February,
at 10:30 in his office. You want to renew the ……..contract.
ĐỀ SỐ 4
SECTION 1: Language usage (30 marks)
Circle the best answer
1. Alison is in the MD’s office. She is …………. for the post of assistant manager.
a. interviewed b. being interviewed
c. interviewing d. having interviewed
2. Alison looks happy now. She ……………well at the interview.
a. performed b. had performed
c. has performed d. was performed
3. The teacher entered the classroom when some of his students …….fun of the new
comer.
a. were making b. made
c. were made d. have made
4. The management is considering ……….a new branch in Hanoi.
a. to open b. opening
c. open d. being opened
5.This information helps management ……..a final decision on the shortlists for
interview.
a. make b. to make
c. making d. a & b
6. Thanks for providing the information. I ……….the report without it.
a. did not finish b.would not have finished
c. have not finished d. had not finished
7. The manager wanted to know……
a. if the order had been delivered b. that the order had been deliverd
c. whether the order has been delivered d. had the order been delivered
8. The receptionist asked Alison ………
a. how long she was going to stay. b. that how long she was going to stay.
c. how long are you going to stay. d. that how long she will stay.
9. The head of the department agreed …….. the proposal to expand production.
a. to b. with c. for d. about
10. Unfortunately, there is a decrease ……..2% in profits.
a. by b. on c.in d. of
11. The order………..this product is growing.
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13. a. for b. in c. with d. on
12. …………..Sales, the campaign has been successful.
a. According to the terms of b. For the terms of
c. In term with d. In term of
13. Cho Lon is one of the biggest wholesalers in Vietnam. It deals ………. a variety of
goods.
a. with b. on c.in d. about
14. People are in ……….. business to make profits.
a. no article b. a c. the d. an.
15. ……………advertising campaign has resuted in higher sales for the company.
a. no article b.a c. the d. an
16. The employees should work overtime ……….achieve the company’s objectives.
a. in order that b. in order to
c. so that d. for the purpose
17. Coca-Cola ………is one of the largest multinationals, sells 1.6 billion gallons per
year.
a. which b. , which c. that d. , that
18. Would you like such an exciting job ………you jump on planes and fly first class
around the world.
a. that b. which c. where d. when
19. No company wants to make employees redundant. …………occasionally they have
to.
a. and b. but c. however d. nevertheless
20. ……………an investor follows the standard procedures, his application is unlikely to
be approved.
a. if b. whether c. unless d. when
21. We ran a summer advertising ………and sales increased steadily.
a. action b. activity c. promotion d. campaign
22. We …….. to send the rest of our staff on training courses next year.
a. think b. suggest c. plan d. consider
23. Changes are being made to the ……….policies of the company.
a. personal b. private c. personnel d. individual
24. Although the market is not growing, I expect sales to increase …….at least until the
end of the century.
a. substantially b. on average c. steadily d. fairly
25. Employees have the right to claim their business………..
a. budget b. expenditure c. expenses d. amount
Complete each sentences with the correct of the word in brackets
26. (improve) There was a steady……….in September
27. (succeed) The new product has been a real…..
28. (complain) We should make a ………….to the head office.
29. (impression) The company has…………the market with the latest product.
30. (basic) ………., the project goes as planned.
SECTION 2: Language use (70 marks)
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14. 2.1. Gap – filling (20 marks)
Choose ONE suitable word for each sentences from the given list below
Monopoly fluctuations measures measurable changing
Work economic investment labour adjusted
Glut affordable available shortage diminish
1. The economist is interested in services which are ……….in terms of money payment.
2. ……….. in prices have a great effect on supply and demand.
3. Natural …………arises when a country has control over natural resources.
4. The consumer’s desire for a commodity will ………as he has more units of that
commodity.
5. Over production of any commodity can create difficulties because it can lead to a
…….on the market.
6. Supplies of many commodities can generally be ……to suit market conditions.
7. The utility of a commodity is related to the quantity……….to the consumer.
8. Firms located in the Exprot Processing Zone (EPZ) may benefit from cheap ……and
lower rent.
9. American ………has increased since the US – Vietnam trade agreement was signed
last year.
10. Many experts believe that Vietnam has great ………potential.
2.2 Reading comprehension
Read the passage below and do the tasks that follow
The sale of goods and services is not restricted to local, regional or national markets; it
often takes place on an international basis. Nations import goods that they lack or cannot
produce as efficiently as other nations, and they export goods that they can produce more
efficiently. This exchange of goods and services in the world, or global, is known as
international trade. There are three main benefits to this type of exchange.
First international trade makes scarce goods available to nations that need or desire them.
When a nation lacks the resources needed to produce goods domestically, it may import
them from another country.
Second, international trade allows a nation to specialise in production of those goods for
which it is particularly suited. This often results in increased output, decreased costs, and
a higher national standard of living. Natural human and technical resources help
determine which product a nation will specialise in.
The third benefit of international trade is its political effects. Nations that trade together
develop common interests that may help them overcome political differences. Economic
cooperation has been the foundation for many political alliances, such as the European
Community, founded in 1957.
International trade has done much to improve global conditions. It enables countries
import goods they lack or cannot produce domestically. It allows countries to specialise
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15. in certain goods with increased production and decreased prices. Finally, it opens the
channels of communication among the nations.
1. Which of the following suggestions is a suitable title of the passage?
a. Why nations trade.
b. How nations trade.
c. When nations trade.
d. What nations trade.
2. Which of the following statements is TRUE?
a. International trade leads to higher costs and living standards.
b. International trade benefits the world economy.
c. International trade does not affect politics.
d. International trade means exporting of goods.
3. “There are three main benefits to be gained from this type of exchange” (Paragraph 1)
a. profits b. advantages
c. allowances d. bonuses
The underlined word means
4. “International trade makes scarce goods available to nations……”(Paragraph 2)
a. high quality b. foreign made
c. well-known d. not easily purchased
5. “It enables countries to import goods they lack or cannot produce
domestically”(Paragraph 5)
a. on their own b. efficiently
c. with domestic resources d. cheaply
Which words in the passage mean
6. do not have enough
7. decide
8. shared
9. of the whole world
Fill in each blank with ONE suitable word from the passage.
10. High-tech goods are now readily ……….to the Vietnamese market.
11. Economic growth has helped ……….people’s living conditions.
Write short answers to the following questions.
12. What is international trade?
13. How does international trade affect politics?
What does the underlined word refer to?
14. “This often results in increased out put and decreased costs and a higher national
standard of living” (Paragraph 3)
15. “Finaly, it opens the channels of communication among nations”(Paragraph 3)
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16. 2.3 Writing (20 marks)
Read the following invitation card and then write a circular letter to suppliers.
INVITATION TO YEAR 2001 CONSUMER GOODS FAIR
Invitation Exhibition Centre
Ho Chi Minh City
Display of latest products
February 12 to 14, 2001
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