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Full Download PDF of Test Bank For Managerial Economics Theory Applications and Cases 8th Edition W Bruce Allen All Chapter
Full Download PDF of Test Bank For Managerial Economics Theory Applications and Cases 8th Edition W Bruce Allen All Chapter
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a. included in both accounting costs and economic costs.
b. included in accounting costs but not in economic costs.
c. included in economic costs but not in accounting costs.
d. not included in either accounting costs or economic costs.
e. ignored because it is impossible to place a value on it.
ANS: C DIF: Easy REF: 5 TOP: Profit
MSC: Factual
10. Which of the following would a manager NOT use to create market inefficiencies?
a. Establishing a brand name.
b. Sophisticated pricing strategies.
c. Diversification efforts.
d. Output decisions.
e. Building market entry barriers.
ANS: A DIF: Moderate REF: 6 TOP: Profit
MSC: Factual
11. Managers may make decisions that are not consistent with the goals of stockholders. This is referred to
as the problem.
a. principal–agent
b. economic disincentive
c. incentive–compromise
d. efficiency–inefficiency
e. equilibrium
ANS: A DIF: Easy REF: 7
TOP: Managerial Interests and the Principal–Agent Problem MSC: Factual
12. Managers may choose to pursue goals other than maximization of a firm’s value. This is referred to as
the problem.
a. slacker–shirking
b. neuropathy
c. generation X
d. principal–agent
e. none of the above
ANS: D DIF: Easy REF: 7
TOP: Managerial Interests and the Principal–Agent Problem MSC: Factual
14. As a result of historically high gasoline prices in 2008, traffic volume in the United States (measured in
terms of billions of miles driven per month) declined significantly. These changes were caused by a
of gasoline and .
a. surplus; a decrease in the quantity demanded of gasoline
b. surplus; a decrease in the demand for gasoline
c. shortage; a decrease in the quantity demanded of gasoline
d. shortage; a decrease in the demand for gasoline
e. shortage; an increase in the demand for gasoline
ANS: C DIF: Moderate REF: 7 TOP: Demand and Supply
MSC: Applied
15. The market supply curve shows the quantity of a good or service that , holding other possible
influences constant.
a. households would sell at various prices
b. households would buy at various outputs
c. firms would sell at various prices
d. firms would buy at various prices
e. households would buy at various prices
ANS: C DIF: Easy REF: 13 TOP: Demand and Supply
MSC: Factual
16. The market demand curve shows the quantity of a good or service that:
a. households would sell at various prices.
b. households would buy at various outputs.
c. firms would sell at various prices.
d. firms would buy at various prices.
e. households would buy at various prices.
ANS: E DIF: Easy REF: 13 TOP: Demand and Supply
MSC: Factual
17. The price of computers has fallen, while the quantity purchased has remained constant. This implies that
the demand for computers has:
a. decreased, while the supply of computers has increased.
b. increased.
c. decreased, while the supply of computers has decreased.
d. increased, while the supply of computers has increased.
e. become more volatile.
ANS: A DIF: Easy REF: 13 TOP: Demand and Supply
MSC: Applied
18. J. D. Power, the big management consulting firm, extols the reliability of Dell computers; this causes
the:
a. demand for Dell computers to increase.
b. supply of Dell computers to increase.
c. quantity supplied of Dell computers to increase.
d. quantity supplied of Dell computers to decrease.
e. demand and supply of Dell computers to remain unchanged.
ANS: A DIF: Easy REF: 13 TOP: Demand and Supply
MSC: Applied
19. ConAgra has introduced a lean mixture of cereal and ground beef that is indistinguishable from ground
beef but has about the same amount of fat as chicken. As a result, the:
a. demand for chicken increases.
b. demand for ground beef decreases.
c. demand for chicken decreases.
d. demand for cereal decreases.
e. supply of chicken increases.
ANS: C DIF: Easy REF: 13 TOP: Demand and Supply
MSC: Applied
20. In the following figure, there will be an excess supply at any price:
a. above Pb.
b. below Pb.
c. other than Pb.
d. below Pa.
e. above Pc.
ANS: A DIF: Easy REF: 15 TOP: Equilibrium Price
MSC: Applied
21. In the accompanying figure, the equilibrium price and quantity are:
a. Pa and Qa.
b. Pb and Qb.
c. Pc and Qc.
d. Pa and Qc.
e. Pc and Qa.
ANS: B DIF: Easy REF: 15 TOP: Equilibrium Price
MSC: Applied
22. In the following figure, there will be an excess demand at any price:
a. below Pa.
b. below Pb.
c. other than Pb.
d. above Pb.
e. above Pc.
ANS: B DIF: Easy REF: 15 TOP: Equilibrium Price
MSC: Applied
23. California imposes strict new regulations on the blending of gasoline that increase production costs. As
a result, the:
a. demand for gasoline will increase.
b. demand for gasoline will decrease.
c. supply of gasoline will increase.
d. supply of gasoline will decrease.
e. demand for and supply of gasoline will not change.
ANS: D DIF: Easy REF: 17 TOP: Demand and Supply
MSC: Applied
24. Which of the following would be likely to reduce the demand for residential housing?
a. High prices for residential housing units.
b. High mortgage interest rates.
c. High prices for lumber and other construction materials.
d. Low unemployment rates.
e. Low prices for residential housing units.
ANS: B DIF: Moderate REF: 17 TOP: Demand and Supply
MSC: Applied
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