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Dwnload Full Economics For Managers 3rd Edition Farnham Test Bank PDF
Dwnload Full Economics For Managers 3rd Edition Farnham Test Bank PDF
https://testbankfan.com/download/economics-for-managers-3rd-edition-farnham-test-
bank/
1) According to the case for analysis (Demand and Supply in the Copper Industry) in the text, all
of the following can lead to a decline in the price of copper except:
A) steady production uninterrupted by labor strikes or natural disasters.
B) substitution away from copper to other materials such as aluminum and plastic.
C) an increase in mining of higher grade materials.
D) a surge in demand from foreign importers.
Answer: D
Diff: 1
Topic: Case for analysis: copper
2) All else constant, as more firms substitute alternative materials, e.g., plastic, for copper, the
market price of copper would be expected to:
A) increase.
B) stay the same.
C) decrease.
D) cannot be determined with the information given.
Answer: C
Diff: 2
Topic: Case for analysis: copper
4) All of the following are non-price factors that influence demand except:
A) tastes and preferences.
B) quantity supplied.
C) income.
D) the prices of related goods.
Answer: B
Diff: 1
Topic: Factors influencing demand
1
Copyright © 2014 Pearson Education, Inc.
7) Many people consider hot dogs to be an inferior good. For such people, all else held constant,
a decrease in income would cause their demand for hot dogs to:
A) increase.
B) stay the same.
C) decrease.
D) cannot be determined with the information given.
Answer: A
Diff: 2
Topic: Inferior goods
8) If the price of salmon increases relative to the price of cod, the demand for:
A) cod will decrease.
B) cod will increase.
C) salmon will decrease.
D) salmon will increase.
Answer: B
Diff: 2
Topic: Price changes and substitute goods
9) If movies on DVD for home rental and movies seen at a theater are substitutes, and the price
of movies seen at a theater increases, the demand for movies on DVD will:
A) increase.
B) stay the same.
C) decrease.
D) cannot be determined.
Answer: A
Diff: 2
Topic: Price changes and substitute goods
2
Copyright © 2014 Pearson Education, Inc.
10) An increase in the number of buyers in the market for LED TVs would cause the market
demand curve for LED TVs to:
A) shift right.
B) shift left.
C) stay the same because market demand doesn't depend on the number of buyers.
D) shift left or right depending on whether the new buyers purchase more or less than existing
customers at each price.
Answer: A
Diff: 2
Topic: Change in demand
11) All else constant, all of the following would cause the demand curve for a good to shift
except:
A) a change in the cost of producing the good.
B) a change in the price of a related good.
C) a change in consumer's incomes.
D) a change in the number of buyers.
Answer: A
Diff: 2
Topic: Change in demand
12) In the market for French wines, an increase in demand is illustrated by:
A) a movement up the demand curve.
B) a movement down the demand curve.
C) a shift of the demand curve to the left.
D) a shift of the demand curve to the right.
Answer: D
Diff: 2
Topic: Change in demand
13) Assume the demand function for good X can be written as Qd = 80 - 3Px + 2Py + 10I, where
Px = the price of X, Py = the price of good Y, and I = Consumer income. According to this
equation:
A) a rise in the price of Y would cause the demand for X to decrease.
B) X and Y are complements
C) X is an inferior good.
D) X and Y are substitutes.
Answer: D
Diff: 2
Topic: Substitute goods
3
Copyright © 2014 Pearson Education, Inc.
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"Not before lunch," said the Great Man. He turned to the
detective. "On the face of it the matter should prove a simple one,
Kenly, but just at present it is beyond our combined intelligence to
fathom it. Late on the fifteenth—a Tuesday, wasn't it, Markham?—a
cypher cablegram containing important information came into this
office. The despatch was de-coded——"
"By myself," interrupted the Permanent Secretary.
"Placed in a despatch case which was sealed in the usual way
and forwarded by King's Messenger to me," continued Sir Gadsby. "I
received the case, broke the seals myself, and retained the despatch
in my own possession."
"Yes," said the detective, as the Great Man paused.
"The despatch related to the recent trouble in the South Pacific,
the German affair," remarked the Permanent Secretary, "and next
morning there was wild excitement on the Stock Exchange, and later
in the day the newspapers published full details of the trouble, much
to our embarrassment."
"H—m," said the detective, "I suppose you want me to find out
who gave the show away?"
"Your perspicacity is wonderful, Kenly," remarked the Great Man
drily and the Permanent Secretary smiled. "At present, Markham, I
know, suspects me of 'giving the show away,' as you put it, and if I
didn't know Markham I should be compelled to suspect him. We are
really the only two possible suspects."
"H—m," said the detective a second time before remarking
deprecatingly, "The despatch passed through the hands of a third
person. I think you mentioned a King's Messenger?"
"I sealed the despatches with my own hands," remarked the
Permanent Secretary. "And the seals were intact when I took the
case from Captain Marven's hands," added the Great Man.
The detective hazarded another suggestion.
"Is it quite impossible that the information might not have
reached the Stock Exchange and the newspapers from an external
source?"
"So far as we can ascertain, quite impossible," replied the
Permanent Secretary. "We have ascertained that no cable was
received in London which could in any way have related to the affair
before the publication of the news."
"It seems to me," said the Great Man briskly, "that even if we
cannot get direct evidence as to the source through which the
information leaked out, we should at least be able to come to some
sort of conclusion if we knew the names of the parties who must
have benefited by the Stock Exchange operations."
"I see," said the detective. "Well, Sir Gadsby, I'll do my best to
find that out for you."
"I know you will, Kenly," said the Great Man. "But not a word to
anyone; and, while I think of it, I'll write a note to the Commissioner
and ask him to allow you to report directly to Markham here, and to
devote your whole time and attention to this business."
"Very good, Sir Gadsby," said the detective, and the interview
ended.
When alone with the Permanent Secretary, Inspector Kenly
asked every question which occurred to his active brain, but he
elucidated nothing more than the very simple facts with which he had
already been made acquainted, and when he left the Foreign Office
it was with no very hopeful feeling of being able to lay his hand on
the culprit. It is true that there had occurred to him the glimmering of
a possibility as to who might have been responsible for the
disclosure. The despatches had been in the possession of a third
party, in the possession of Captain Marven, the King's Messenger,
for seven or eight hours; and Inspector Kenly had no particular
reason for believing that official locks and seals were more inviolable
than any other locks and seals if submitted to the gentle
manipulation of an expert. But he had met Captain Marven in the
course of his official life, and what he had seen of him led him to
credit the reputation for perfect probity and honour which the King's
Messenger held in the eyes of the world.
"I should have liked an easier job," grumbled Inspector Kenly to
himself. "Another failure to find out anything coming on top of my
failure to get the slightest clue to the mystery of the Flurscheim affair
will make the Chief think that I am getting past my work. However,
it's no use worrying because I'm not possessed of the gift of
divination. What is, was to be," with which philosophic reflection he
stepped aboard a 'bus bound Citywards, and, while engaged there in
his investigations, the Great Man, having finished preparing his list of
answers for the day's sitting of Parliament, carried off the Permanent
Secretary to lunch with him. They enjoyed their meal none the less
because they had unloaded the cause of their vexation upon the
broad shoulders of Detective Inspector Kenly.
CHAPTER X
A NEW VIEW OF THE FLURSCHEIM ROBBERY