1. ________ isa propositionthatastrongproponentof supplyside economicswouldmostlikelystress.
Selectone:
a. None of these isa likelystatementforasupply-sideproponent.
b. A tax reductionwill increase the disposable income of households, andthus,the primaryimpactof a
tax reductiononaggregate supplywillstemfromthe influenceof the tax change on the size of the
budgetdeficitorsurplus.
c. Highermarginal tax rateswill leadtoa reductioninthe size of the budgetdeficitandlowerinterest
ratesas theydependongovernmentrevenues.
d. Income redistributionpaymentswill exertlittle impactonreal aggregate supplyastheydo not
consume resourcesdirectly.
e. Highermarginal tax ratespromote economicinefficiencyandtherebyretardaggregate outputas
theyencourage investorstoundertake lowproductivityprojectswithsubstantial tax shelterbenefits.
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The correct answeris: Highermarginal tax ratespromote economicinefficiencyandtherebyretard
aggregate outputas theyencourage investorstoundertake low productivityprojectswithsubstantial
tax shelterbenefits.
Question2
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A decliningGDPindicatesa(n) ______ economywith______ opportunityfora firmto increase sales.
Selectone:
a. stagnant; little
b. stable;no
c. expanding;little
d. expanding;ample
e. stagnant;ample
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The correct answeris: stagnant;little
Question3
2. Correct
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A firminan industrythatis verysensitivetothe businesscycle will likelyhave astockbeta__________.
Selectone:
a. greaterthan 1.0
b. equal toor lessthan0.0
c. There isno relationshipbetweenbetaandsensitivityto the businesscycle.
d. lessthan1.0 but greaterthan0.0
e. equal to1.0
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The correct answeris: greaterthan1.0
Question4
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A firminthe earlystagesof the industrylife cycle will likelyhave _______.
Selectone:
a. highmarketpenetrationandrapidgrowth
b. highrisk
c. rapidgrowth
d. highriskand rapidgrowth
e. highmarketpenetration
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The correct answeris: highriskand rapidgrowth
Question5
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A peakis_______.
Selectone:
a. a depressionthatlastsmore thanthree years
b. a transitionfroman expansioninthe businesscycle tothe startof a contraction
c. a transitionfroma contractioninthe businesscycle tothe start of an expansion
d. None of these iscorrect.
e. onlya feature of geographyandnotan investmentterm
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The correct answeris: a transitionfromanexpansioninthe businesscycle tothe start of a contraction
Question6
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A rapidlygrowingGDPindicatesa(n) ______ economywith______ opportunityfora firmtoincrease
sales.
Selectone:
a. expanding;little
b. stable;no
c. stagnant;ample
d. expanding;ample
e. stagnant;little
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The correct answeris: expanding;ample
Question7
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A topdownanalysisof a firmstarts with___________.
Selectone:
a. the absolute value of the firm
b. the domesticeconomy
c. the industryoutlook
d. the global economy
e. the relative value of the firm
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The correct answeris: the global economy
Question8
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A troughis _______.
Selectone:
a. a transitionfromanexpansioninthe businesscycle tothe startof a contraction
b. onlysomethingusedbyfarmerstofeedpigsandnotan investmentterm
c. a transitionfroma contractioninthe businesscycle tothe start of an expansion
d. None of these iscorrect.
e. a depressionthatlastsmore thanthree years
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The correct answeris: a transitionfroma contractioninthe businesscycle tothe start of an expansion
Question 9
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A varietyof factorsrelatingtoindustrystructure affectthe performance of the firm, including
Selectone:
a. threat of entryand the state of the economy.
b. rivalrybetweenexistingcompetitors.
c. threatof entryand rivalrybetweenexistingcompetitors.
d. threatof entry.
e. the state of the economy.
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The correct answeris: threatof entryandrivalrybetweenexistingcompetitors.
Question10
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An example of ahighlycyclical industryis_______.
Selectone:
a. the automobile industry
b. the foodindustry
c. the tobacco industryandthe foodindustry
d. the tobacco industry
e. the automobile industryandthe tobaccoindustry
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The correct answeris: the automobile industry
Question11
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6. Questiontext
Assume thatthe Federal Reserve decreasesthe moneysupply.Thisactionwill cause ________ to
decrease.
Selectone:
a. trade balance
b. the unemploymentrate
c. interestrates
d. None of these iscorrect.
e. investmentinthe economy
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The correct answeris: investmentinthe economy
Question12
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Assume the U. S.governmentwastodecide todecrease the budgetdeficit.Thisactionwill mostlikely
cause __________ to decrease.
Selectone:
a. None of these iscorrect
b. interestrates
c. unemployment
d. interestratesandgovernmentborrowing
e. governmentborrowing
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The correct answeris: interestratesandgovernmentborrowing
Question13
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Assume the U. S.governmentwastodecide toincrease the budgetdeficit.Thisactionwill mostlikely
cause __________ to increase.
Selectone:
a. interestratesandgovernmentborrowing
b. governmentborrowing
c. unemployment
d. None of these iscorrect.
e. interestrates
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The correct answeris: interestratesandgovernmentborrowing
Question14
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Classifyingfirmsintogroups,suchas_________ providesanalternative tothe industrylife cycle.
Selectone:
a. slow-growersandstalwarts
b. stalwarts
c. countercyclicals
d. slow-growersandcountercyclicals.
e. slow-growers
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The correct answeris: slow-growersandstalwarts
Question15
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Demand-sideeconomicsisconcernedwith______.
Selectone:
a. governmentspendingandtax levelsandmonetarypolicy
b. governmentspendingandtax levels,monetarypolicy,andfiscal policy
c. governmentspendingandtax levels
d. fiscal policy
e. monetarypolicy
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The correct answeris: governmentspendingandtax levels,monetarypolicy,andfiscal policy
Question16
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Fiscal policygenerallyhasa_______ directimpactthan monetarypolicyonthe economy,andthe
formulationandimplementationof fiscal policyis______ than that of monetarypolicy.
Selectone:
a. more,quicker
b. less,quicker
c. Cannottell fromthe informationgiven
d. less,slower
e. more,slower
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The correct answeris: more,slower
Question17
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Fiscal policyisdifficulttoimplementquicklybecause
Selectone:
a. increasesintax rates affectconsumerspendinggradually.
b. it requirespolitical negotiations.
c. itrequirespolitical negotiationsandmuchof governmentspendingisnondiscretionaryandcannotbe
changed.
d. it requirespolitical negotiationsand increasesintax ratesaffectconsumerspendinggradually.
e. muchof governmentspendingisnondiscretionaryandcannotbe changed.
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The correct answeris: itrequirespoliticalnegotiationsandmuchof governmentspendingis
nondiscretionary andcannotbe changed.
Question18
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GDP refersto ________.
Selectone:
a. None of these iscorrect.
b. the total productionof goodsandservicesinthe economy
c. the total manufacturingoutputinthe economy
d. the amountof personal disposable income inthe economy
e. the difference betweengovernmentspendingandgovernmentrevenues
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The correct answeris: the total productionof goodsand servicesinthe economy
Question19
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If interestratesincrease,businessinvestmentexpendituresare likelyto______ and consumerdurable
expendituresare likelyto________.
Selectone:
a. decrease,decrease
b. increase,decrease
c. be unaffected,be unaffected
d. increase,increase
e. decrease,increase
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The correct answeris: decrease,decrease
Question20
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If the currencyof yourcountryis appreciating,the resultshouldbe to______ exportsandto _______
imports.
Selectone:
a. discourage,stimulate
b. discourage,discourage
c. stimulate,stimulate
d. stimulate,discourage
e. notaffect,notaffect
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The correct answeris: discourage,stimulate
Question21
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If the currencyof yourcountryis depreciating,the resultshouldbe to______ exportsandto _______
imports.
Selectone:
a. stimulate,stimulate
b. discourage,discourage
c. notaffect,notaffect
d. discourage,stimulate
e. stimulate,discourage
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The correct answeris: stimulate,discourage
Question22
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If the economyisgrowing,firmswithhighoperatingleverage will experience _________.
Selectone:
a. higherincreasesinprofitsthanfirmswithlow operatingleverage
b. None of these iscorrect.
c. smallerincreasesinprofitsthanfirmswithlow operatingleverage
d. similarincreasesinprofitsasfirmswithlow operatingleverage
e. nochange inprofits
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The correct answeris: higherincreasesinprofitsthanfirmswithlow operatingleverage
Question23
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If the economyisgrowing,firmswithlow operatingleverage willexperience_________.
Selectone:
a. smallerincreasesinprofitsthanfirmswithhighoperatingleverage
b. similarincreasesinprofitsasfirmswithhighoperatingleverage
c. higherincreasesinprofitsthanfirmswithhighoperatingleverage
d. None of these iscorrect
e. nochange inprofits
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The correct answeris: smallerincreasesinprofitsthanfirmswith highoperatingleverage
Question24
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If the economyisshrinking,firmswithhighoperatingleverage will experience _________.
Selectone:
a. None of these iscorrect.
b. smallerdecreasesinprofitsthanfirmswithlow operatingleverage
c. similardecreasesinprofitsasfirmswithlow operatingleverage
d. no change inprofits
e. higherdecreasesinprofitsthanfirmswithlow operatingleverage
Feedback
The correct answeris: higherdecreasesinprofitsthanfirmswithlow operatingleverage
Question25
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If the economyisshrinking,firmswithlow operatingleverage will experience _________.
Selectone:
a. similardecreasesinprofitsasfirmswithhighoperatingleverage
b. no change inprofits
c. smallerdecreasesinprofitsthanfirmswithhighoperatingleverage
d. higherdecreasesinprofitsthanfirmswithhighoperatingleverage
e. None of these iscorrect.
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The correct answeris: smallerdecreasesinprofitsthanfirmswithhighoperatingleverage
Question26
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If the economywere goingintoarecession,anattractive industrytoinvestinwouldbe the ________
industry.
Selectone:
a. automobile andconstruction
b. automobile
c. construction
d. medical servicesandconstruction
e. medical services
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The correct answeris: medical services
Question27
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In the consolidationstage of the industrylife-cycle
Selectone:
a. industrygrowthisveryrapid.
b. the performance of firmswill more closelytrackthe performance of the overall industry.
c. industrygrowthisveryrapidandthe performance of firmswill more closelytrackthe performance of
the overall industry
d. it isdifficulttopredictwhichfirmswill succeedandwhichfirmswill failandindustrygrowthisvery
rapid.
e. itis difficulttopredictwhichfirmswill succeedandwhichfirmswillfail.
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The correct answeris: the performance of firmswill more closelytrackthe performance of the overall
industry.
Question28
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In the decline stage of the industrylifecycle
Selectone:
a. the industrymayexperience negative growth.
b. the product mayhave reachedobsolescence.
c. the productmay have reachedobsolescence,the industrywill grow ata rate lessthanthe overall
economy,andthe industrymayexperience negativegrowth.
d. the product mayhave reachedobsolescenceandthe industrywill grow ata rate lessthan the overall
economy.
e. the industrywill growata rate lessthanthe overall economy.
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15. The correct answeris: the productmay have reachedobsolescence,the industrywillgrow ata rate less
than the overall economy,andthe industrymayexperience negativegrowth.
Question29
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Questiontext
In the maturitystage of the industrylife cycle
Selectone:
a. producersare forcedto compete onprice to a greaterextent.
b. the product has reached full potential andprofitmarginsare narrower.
c. the producthas reachedfull potential.
d. the product has reachedfull potential,profitmarginsare narrower,andproducersare forcedto
compete onprice to a greaterextent.
e. profitmarginsare narrower.
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The correct answeris: the producthas reachedfull potential,profitmarginsare narrower,and
producersare forcedto compete onprice to a greaterextent.
Question30
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Questiontext
In the start-upstage of the industrylife cycle
Selectone:
a. industrygrowthisveryrapid.
b. firmspaya highlevel of dividends.
c. itis difficulttopredictwhichfirmswill succeedandwhichfirmswillfail.
d. it isdifficulttopredictwhichfirmswill succeedandwhichfirmswill failandindustrygrowthisvery
rapid.
16. e. industrygrowthisveryrapidandfirmspay a highlevel of dividends.
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The correct answeris: itis difficulttopredictwhichfirmswill succeedandwhichfirmswillfail and
industrygrowthisveryrapid.
Question31
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Increasesinthe moneysupplywillcause demandforinvestmentandconsumptiongoodsto_______ in
the short run andcause pricesto_______ inthe longrun.
Selectone:
a. be unaffected,be unaffected
b. increase,decrease
c. increase,increase
d. decrease,increase
e. decrease,holdsteady
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The correct answeris: increase,increase
Question32
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Industrial productionrefersto________.
Selectone:
a. the total manufacturingoutputinthe economy
b. the amountof personal disposable income inthe economy
c. the total productionof goodsand servicesinthe economy
17. d. the difference betweengovernmentspendingandgovernmentrevenues
e. None of these iscorrect
Feedback
The correct answeris: the total manufacturingoutputinthe economy
Question33
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Questiontext
Inflation
Selectone:
a. rates are highwhenthe economyisconsideredtobe "overheated."
b. isthe rate at whichthe general level of pricesisincreasing;andratesare highwhenthe economyis
consideredtobe "overheated."
c. isthe rate at whichthe general level of pricesisincreasing.
d. isunrelatedtounemploymentrates.
e. isthe rate at whichthe general level of pricesisincreasing;andisunrelatedtounemploymentrates.
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The correct answeris: isthe rate at whichthe general level of pricesisincreasing;andratesare high
whenthe economyisconsideredtobe "overheated."
Question34
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Monetarypolicyinthe U.S. is determinedby
Selectone:
a. congressional actions.
b. the board of Governorsof the Federal ReserveSystem.
18. c. presidentialmandates.
d. governmentbudgetdecisions.
e. None of these iscorrect.
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The correct answeris: the board of Governorsof the Federal ReserveSystem.
Question35
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Supply-side economistswishingtostimulatethe economyare mostlikelytorecommend
Selectone:
a. a decrease inthe tax rate.
b. None of these iscorrect.
c. a decrease inthe moneysupply.
d. an increase inthe real interestrate.
e. a decrease inproductionoutput.
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The correct answeris: a decrease inthe tax rate.
Question36
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Questiontext
The "normal"range of price-earningsratiosforthe S&P500 Index is
Selectone:
a. between2and 10.
b. lessthan8.
c. between5and15.
19. d. between12and 25.
e. greaterthan20.
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The correct answeris: between12and 25.
Question37
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The "real",or inflation-adjusted,exchange rate,is
Selectone:
a. the budgetdeficit.
b. None of these iscorrect.
c. the balance of trade.
d. unimportanttothe U.S. economy.
e. the purchasingpowerratio.
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The correct answeris: the purchasingpowerratio.
Question38
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The average durationof unemploymentandchangesinthe consumerprice index forservicesare
_________.
Selectone:
a. None of these iscorrect.
b. laggingeconomicindicators
c. coincidentaleconomicindicators
20. d. leadingeconomicindicators
e. composite economicindicators
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The correct answeris: laggingeconomicindicators
Question39
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The industrylife cycle isdescribedbywhichof the followingstage(s)?
Selectone:
a. Absolute decline.
b. Start-up.
c. Consolidation.
d. Start-up,consolidationandabsolute decline.
e. Start-upandconsolidation.
Feedback
The correct answeris: Start-upandconsolidation.
Question40
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The most widelyusedmonetarytool is__________.
Selectone:
a. None of these iscorrect.
b. alteringthe discountrate
c. alteringmarginal tax rates
d. openmarketoperations
21. e. alteringthe reserve requirements
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The correct answeris: openmarket operations
Question41
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Questiontext
The North AmericanIndustryClassificationSystem(NAICS) codes
Selectone:
a. are for firmsthatoperate inthe NAFTA region.
b. are forfirmsthat operate inthe NAFTA regionandgroup firmsbyindustry.
c. groupfirmsbyindustry.
d. are forfirmsthat operate inthe NAFTA regionandare a perfectclassificationsystemforfirms.
e. are a perfectclassificationsystemforfirms.
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The correct answeris: are forfirmsthat operate inthe NAFTA regionandgroupfirmsby industry.
Question42
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The stock price index andnewordersfornondefensecapital goodsare
Selectone:
a. not useful aseconomicindicators.
b. leadingeconomicindicators.
c. coincidentaleconomicindicators.
d. None of these iscorrect
e. laggingeconomicindicators.
22. Feedback
The correct answeris: leadingeconomicindicators.
Question43
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Two firms,A and B, bothproduce widgets.The price of widgetsis$1 each.FirmA has total fixedcostsof
$500,000 and variable costsof 50 centsper widget.FirmBhas total fixedcostsof $240,000 and variable
costs of 75 cents perwidget.The corporate tax rate is40%. If the economyisstrong,each firmwill sell
1,200,000 widgets.If the economyentersarecession,eachfirmwill sell 1,100,000 widgets.If the
economyentersarecession,the after-tax profitof FirmA will be _______.
Selectone:
a. $0
b. None of these iscorrect
c. $30,000
d. $6,000
e. $60,000
Feedback
The correct answeris: $30,000
Question44
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Questiontext
Two firms,A and B, bothproduce widgets.The price of widgetsis$1 each.FirmA has total fixedcostsof
$500,000 and variable costsof 50 centsper widget.FirmBhas total fixedcostsof $240,000 and variable
costs of 75 cents perwidget.The corporate tax rate is40%. If the economyisstrong,each firmwill sell
1,200,000 widgets.If the economyentersarecession,eachfirmwill sell 1,100,000 widgets.If the
economyentersarecession,the after-tax profitof FirmBwill be ______.
Selectone:
a. $0
23. b. None of these iscorrect
c. $36,000
d. $60,000
e. $6,000
Feedback
The correct answeris: None of these iscorrect
Question45
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Questiontext
Two firms,A and B, bothproduce widgets.The price of widgetsis$1 each.FirmA has total fixedcostsof
$500,000 and variable costsof 50 centsper widget.FirmBhas total fixedcostsof $240,000 and variable
costs of 75 cents perwidget.The corporate tax rate is40%. If the economyisstrong,each firmwill sell
1,200,000 widgets.If the economyentersarecession,eachfirmwill sell 1,100,000 widgets.If the
economyisstrong,the after-tax profitof FirmA will be ______.
Selectone:
a. $60,000
b. $36,000
c. $0
d. None of these iscorrect
e. $6,000
Feedback
The correct answeris: $60,000
Question46
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Questiontext
24. Two firms,A and B, bothproduce widgets.The price of widgetsis$1 each. FirmA has total fixedcostsof
$500,000 and variable costsof 50 centsper widget.FirmBhas total fixedcostsof $240,000 and variable
costs of 75 cents perwidget.The corporate tax rate is40%. If the economyisstrong,each firmwill sell
1,200,000 widgets.If the economyentersarecession,eachfirmwill sell 1,100,000 widgets.If the
economyisstrong,the after-tax profitof FirmB will be _________.
Selectone:
a. $36,000
b. None of these iscorrect
c. $6,000
d. $0
e. $60,000
Feedback
The correct answeris: $36,000
Question47
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Questiontext
Two firms,A and B, bothproduce widgets.The price of widgetsis$1 each.FirmA has total fixedcostsof
$500,000 and variable costsof 50 cents per widget.FirmBhas total fixedcostsof $240,000 and variable
costs of 75 cents perwidget.The corporate tax rate is40%. If the economyisstrong,each firmwill sell
1,200,000 widgets.If the economyentersarecession,eachfirmwill sell 1,100,000 widgets.Calculate
firmA's degree of operatingleverage.
Selectone:
a. None of these iscorrect
b. 2.86
c. 9.09
d. 11.0
e. 1.00
Feedback
The correct answeris: 11.0
Question48
25. Correct
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Questiontext
Two firms,A and B, bothproduce widgets.The price of widgetsis$1 each.FirmA has total fixedcostsof
$500,000 and variable costsof 50 centsper widget.FirmBhas total fixedcostsof $240,000 and variable
costs of 75 cents perwidget.The corporate tax rate is40%. If the economyisstrong,each firmwill sell
1,200,000 widgets.If the economyentersarecession,eachfirmwill sell 1,100,000 widgets.Calculate
firmB's degree of operatingleverage.
Selectone:
a. .714
b. 7.86
c. 9.09
d. 7.14
e. None of these iscorrect
Feedback
The correct answeris: 7.86
Question49
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Questiontext
Whichof the followingare examplesof defensive industries?
Selectone:
a. Pharmaceutical firms.
b. Durable goodsproducers.
c. Foodproducers.
d. Publicutilities.
e. Foodproducers,pharmaceutical firmsandPublicutilities
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26. The correct answeris: Foodproducers,pharmaceutical firmsandPublicutilities
Question50
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Questiontext
Whichof the followingare notexamplesof defensiveindustries?
Selectone:
a. Durable goodsproducers.
b. Foodproducers.
c. Durable goodsproducersandpharmaceutical firms.
d. Pharmaceutical firms.
e. Publicutilities.
Feedback
The correct answeris: Durable goodsproducers.