Premium Essay

Chp 2 Questions

In: Business and Management

Submitted By belias
Words 1251
Pages 6
CHAPTER 2 -PRACTICE
1) The production possibilities frontier
A) is the boundary between attainable and unattainable levels of production.
B) illustrates why there need not be any scarcity in the world.
C) shows how production increases as prices rise.
D) shows prices at which production is possible and impossible.
E) is the boundary between what we want to consume and what we want to produce. 2) A situation in which resources are either unused or misallocated or both is represented in a production possibilities frontier diagram by
A) a point on or inside the production possibilities frontier.
B) a point outside the production possibilities frontier.
C) a point above or to the right of the production possibilities frontier.
D) a point inside the production possibilities frontier.
E) any point on either the horizontal or the vertical axis.

3) A medical clinic has 10 workers. Each worker can produce a maximum of either 2 units of medical services or 5 units of secretarial services a day. The production possibilities frontier of this firm would show
A) constant opportunity cost.
B) infinite opportunity cost.
C) decreasing opportunity cost.
D) increasing opportunity cost.
E) zero opportunity cost.

4) A medical clinic has 10 workers. Each worker can produce a maximum of either 2 units of medical services or 5 units of secretarial services a day. One day, the firm decides it would like to produce 16 units of medical services and 5 units of secretarial services. This output level is
A) costless.
B) attainable and efficient.
C) efficient.
D) inefficient.
E) unattainable.

5) If opportunity costs are increasing, then the production possibilities frontier
A) will be linear and have a negative slope.
B) will be bowed out and have a negative slope.
C) reflects the fact that available resources are equally useful in all production

Similar Documents

Free Essay

Intermediate Accounting Chapter 1 Ppt

...INTERMEDIATE ACCOUNTING I (ACC 221) 21 Aug 2013 - 15 Oct 2013 TEACHER: Dr. Joseph L. Ilk, CPA, CMA, CVA, CPCM TELEPHONE: Office: (703) 805-4473 Home: (540) 582-6008 E-mail: jilk@nvcc.edu If you e-mail me, please put “ACC 221" and either "E40W" or "E80W" ” in the subject line. If you do not I will not recognize the e-mail and will delete the file. The student needs to put their First and Last Name in the e-mail so I know who it came from. OFFICE HOURS: Mon-Fri 8:00 p.m. - 9:00 p.m.I check my e-mail (jilk@nvcc.edu) every day. NOVA IT Helpdesk: (703) 426-4141 CONNECT HELPDESK: (800) 331-5094 PRE-REQUISITES: ACC 212 - Principles of Accounting II I. THE COURSE: ACC 221, intermediate accounting covers accounting principles and theory, including a review of the accounting cycle and accounting for current assets, current liabilities, and investments. Introduces various accounting approaches and demonstrates the effect of these approaches on the financial statement users II. SCOPE: The study will cover but not be limited to the following areas: Theoretical structure of financial accounting Time value of money Review of the accounting process Cash and receivables Balance sheet Inventories Income statement Plant, property, and equipment Cash flow statement Investments Income measurement and profitability analysis III. Course Learning Objectives: * Comprehend the environment and theoretical...

Words: 2091 - Pages: 9

Free Essay

Haha

...survey-Provide information regarding Lesson Plan, Assessment and Quizzes-Tutorial Activity: * Discuss about 4 process of management that have been practised as a student in their daily life or during an event that they involved. * Share the process by a short and simple presentation. * Answer past year exams question on Ch1 (Quiz 10 minutes)-Students need to draw mind map for Chp 1 on white board and do short review -Blended Learning: Share how a company involved in POLC for an event for the organization | 7/12/14-13/12/14 | Week 2 | Chapter 2 (Planning)-Students need to draw mind map for Chp 2 on white board and do short review -Tutorial Activity: * Answer past year exams question on Ch2(Quiz 10 minutes) * If planning is important, why do some managers choose not do it? Submit a short presentation about planning barriers and the benefit of the planning.-Blended Learning:Students are request to share their planning that they have prepare to study in UiTM | 14/12/14-20/12/14 | Week 3 | Chapter 3 (The Nature Of Decision Making)-Students need to draw mind map for Chp 3on white board and do short review -Tutorial Activity: * Answer past year exams question on Ch3 (Quiz 10 minutes) * Form a group of 4 persons. Students need to discuss their expereince in making decisons . * Eg: To choose study at UiTM or other colleges, choose to purchase mobile phone or computers. * Analyze whether the decison made is according to desicion making process or...

Words: 1251 - Pages: 6

Premium Essay

Kevin

...account) to record the purchase of $985 of supplies. The year-end physical count of office supplies inventory only showed $705 of unused supplies on hand. Per the Dec. 31/06 trial balance the Office Supplies account balance is $1,880. DecDec. 31. 31 | Office Supplies Expense | | 1,175 | | | Office Supplies (asset) | | | 1,175 | | $895 + 985 = 1,880 – 705 = 1,175 | | | | c) The Prepaid Insurance account showed an opening balance on January 1st, 2006 of $400 representing the 4 months remaining on a 1-year insurance policy which originally cost $1,200. At the expiration of this policy on April 30, 2006, the owner paid $2,880 for another 2 years of coverage. The owner debited Prepaid Insurance for $2,880 to record the purchase of this renewal policy. Dec. 31 | Insurance Expense | | 1,360 | | | Prepaid Insurance | | | 1,360 | | | | | | | $2,880/24 = $120/month | | | | | $400 + $2,880 = $3,280 – 1,920 = $1,360 (16 months left x $120 = $1,920) |...

Words: 4207 - Pages: 17

Premium Essay

Professor

...McCoy College of Business Administration TEXAS STATE UNIVERSITY Department of Marketing Consumer Behavior: MKT 3350 |Instructor |Kathryn Davis, Ph.D |Phone: 512-245-4378 | | |Office: McCoy 417 |Email: ksd27@txstate.edu | |Office hours |MWF: 8:00 AM – 9:00 AM and Wed: 1:00 PM – 3:00 PM and by appointment as needed | |Course Description |Students examine the psychological and sociological factors that influence consumption and decision-making. During the | | |course, students learn the practical implications of consumer attitudes and behavior for marketing activities. This | | |course is part of Texas State’s Service-Learning Initiative. | |Course Materials |Consumer Behavior: Building Marketing Strategy, 12/e (note: 11/e is also accepted) | | |Hawkins, Mothersbaugh, Best | | |ISBN 13: 978-0-07-353004-8 ...

Words: 2772 - Pages: 12

Premium Essay

Why Do I Need to Add a More Descriptive Title?

...the dichotomy between the various schools of thought, tools of analysis and research orientations. As Corporate Strategy and Strategic Management is concerned with complex decisions and management processes, throughout the course you will be required to draw on the concepts, skills and techniques previously covered in other courses within the Business and Management and related degree programmes. Course Objectives 1. To develop an understanding of the theoretical frameworks presented in the area of Strategic Management. 2. To develop the ability to analyse strategic issues within organisations. 3. To understand the strategy formulation process, and its problems. 4. To understand the problems of managing strategic change in organisations. Assessment and Examinations The final examination at the end of the Spring term will consist of a written three-hour paper, from which candidates will be required to answer three questions from a selection. This exam will be worth 80 per cent of the course assessment. There will...

Words: 1376 - Pages: 6

Premium Essay

Life

...ACCTG 404: Managerial Accounting sections 001, 002, 003 Spring 2012 Instructor: Benjamin Lansford, Ph.D. Office: 325 Business Building E-mail: lansford@psu.edu Office Hours: Fridays 1:30 pm – 4:30 pm, and by appointment TA: Chase Livengood Office: 305A Business Building E-mail: ctl5040@psu.edu Office Hours: Wednesdays 12:15 pm – 3:15 pm I. Course Objectives This course emphasizes the use of accounting information for internal purposes, as opposed to the external disclosure focus of the financial accounting courses. We cover the vocabulary and mechanics of cost accounting and the design of management accounting systems for planning and controlling operations, and for motivating personnel. The course integrates accounting with ideas from data analysis, decision analysis, finance, microeconomics, and operations management. The themes stressed throughout the course are: the notion that information is costly; the circumstances that necessitate cost allocation, and the idea that different costs and different allocation schemes apply for different purposes; and the fundamentals of incentive and compensation plans. Among the topics covered are cost behavior, cost-volume analysis, relevant costs, and the use of cost information for decision-making. II. Course Materials Required Text: “Cost Accounting: A Managerial Emphasis” by Horngren, Datar, and Rajan, 14th...

Words: 1933 - Pages: 8

Premium Essay

Aas Sss Sss Cccs Sss

...UNIT OUTLINE Read this document to learn essential details about your unit. It will also help you to get started with your studies. BMA604 Consumer Decision Making Semester 2, 2015 THIS UNIT IS BEING OFFERED IN: HOBART & BY DISTANCE Taught by: Professor Aron O’Cass (Unit Coordinator) CRICOS Provider Code: 00586B BMA604, Consumer Decision Making 2 Contents Contact Details ........................................................................................................................................ 2 Unit Description ...................................................................................................................................... 3 Prior Knowledge &/or Skills OR Pre-Requisite Unit(s) ............................................................................ 3 Enrolment in the Unit ............................................................................................................................. 3 When does the unit commence? ............................................................................................................ 3 University of Tasmania Graduate Quality Statement ............................................................................. 3 Intended Learning Outcomes for BMA604 ............................................................................................. 4 Learning Expectations and Teaching Strategies/Approach ..........................................................

Words: 6677 - Pages: 27

Premium Essay

Business Law

...INTRODUCTION TO BUSINESS LAW Introduction What is a contract and what constitutes a valid contract (chp 5) Quest.1: The employment of workers (chp 13) a. Refer to the definition-explain the relationship of the employee & employer and then the relationship of an employer/worker. b. Explain the difference between an employee and worker-each category has different rights. Refer to the text and also look at the website below. c. The employer offers a salary in exchange for the performance of duties and this is meant to be legally binding. d. Explain that there are expressed terms in a contract-these are terms that are actually stated. Give examples: such as holidays, notice period, hours of work e. Explain what are implied terms-duties of employer & employee (pg 426) f. Breach by either party & the employment contract, there is recourse in the employment tribunal. e.g if an employer unfairly dismisses the employee, there are remedies such as re-instatement, re-engagement and compensation. (PG 437-438) g. Explain if there is a breach with reference to a worker, there is limited recourse. http://www.thompsons.law.co.uk/ltext/l1520004.htm Quest.2: Supplier/ Customer (chp 10: pg 294) a. Refer to the definition-explain the relationship between the supplier & customer in the sale of goods-money in exchange for equipment. b. Explain that there are expressed terms in this type of contract-these are terms that are...

Words: 1183 - Pages: 5

Free Essay

Deis

...UNIT OUTLINE Read this document to learn essential details about your unit. It will also help you to get started with your studies. BMA604 Consumer Decision Making Semester 2, 2015 THIS UNIT IS BEING OFFERED IN: HOBART & BY DISTANCE Taught by: Professor Aron O’Cass (Unit Coordinator) CRICOS Provider Code: 00586B BMA604, Consumer Decision Making 2 Contents Contact Details ........................................................................................................................................ 2 Unit Description ...................................................................................................................................... 3 Prior Knowledge &/or Skills OR Pre-Requisite Unit(s) ............................................................................ 3 Enrolment in the Unit ............................................................................................................................. 3 When does the unit commence? ............................................................................................................ 3 University of Tasmania Graduate Quality Statement ............................................................................. 3 Intended Learning Outcomes for BMA604 ............................................................................................. 4 Learning Expectations and Teaching Strategies/Approach ........................................................

Words: 6673 - Pages: 27

Premium Essay

System Analysis and Design

...1. Using the information provided in the scenario described below, create an event table using the following template: Event | Trigger | Source | Use Case | Response | Destination | | | | | | | 2. A firm caters lunch for its employees. The firm provides a menu that currently has ten food items (which also includes desserts). The menu is maintained by Jill, the coordinator of the social club in the firm. At the beginning of every month, the menu is printed and distributed to employees in the firm. When an employee wants to order a lunch, the employee ticks off the food items he or she wants on the menu and sends it to Jill. Jill records information about the lunch order i.e. the employee who placed the order, which food items were ordered and the requested date. Lunch orders have to be submitted at least one day in advance. Occasionally, employees might submit a change to their lunch order. Every evening, Jill looks through the lunch orders for the next day and sends purchase orders to suppliers for the food items requested in those lunch orders. A food item on the menu is supplied by one supplier. An employee pays for a lunch when it is delivered to the employee. The payment is recorded and a receipt is given to the employee. At the end of each month, a report that shows the total number of orders for each food item is produced and sent to JillLUNCHES Conceptual Data Model 3. 3. Develop a use case diagram for the following scenario. ...

Words: 967 - Pages: 4

Premium Essay

How Facebook Affects One Academic Performance

...Treasure Island by Robert Louis Stevenson Literature Study Guide © Kent Duryée Table of Contents PART ONE Overview for Parents…………………………………………………………….Page 1 I. Main Characters II. Points for Discussion: • Vocabulary • The Spanish Main • The Age of Reason • Victorian Industrialism • The bildungsroman • Women in Victorian Europe and America Answer Key for “Setting the Stage” and “As You Read” questions…………Page 3 Questions For Discussion……………………………………………………….Page 6 END OF ANSWER KEY PART TWO Study Guide for Students………………………………………………………..Page 7 • History and Setting • The Triangle Trade • Geography • European Colonialism Questions: Setting the Stage…………………………………………………..Page 7 Questions: As You Read……………………………………………………….Page 8 Questions: After Your Reading………………………………………………..Page 9 Vocabulary Exercises………………………………………………………….Page 10 END OF STUDENT ACTIVITIES PART THREE Parents’ Footnotes – Plot Synopsis…………………………………………..Page 12 Answers to Vocabulary Exercises………………………………………….…Page 13 References / Internet Resources……………………………………………..Page 14 1 Literature Study Guide: Treasure Island by Robert Louis Stevenson Part One: For the Parent/Teacher Recommended Ages/Grade Level: Ages 12 and up or Grades 7 and up. Edition used: Children’s Classics, Random House Value Publishing, 1998 Ed. Part One: Overview for Parents: ______________________________________________________ Treasure Island is an adventure novel set in England during the 1700’s. This is one of the classic adventure tales;...

Words: 6721 - Pages: 27

Premium Essay

Psy 1010

...PRINCE GEORGE'S COMMUNITY COLLEGE Welcome to Psychology 1010 Fall 2015 (Tu/Th, ________ – ______ p.m. / Marlboro Hall – Rm. #1104) (August 25 – December 3) INSTRUCTOR: Dr. Janet E. Barber Psychological & Sociological Sciences and Human Svcs. OFFICE/HOURS: Marlboro Hall –M1104/2057 (Tu/Th, 3:25p - 4:25p) The best way to contact the professor is by email. By appointment: Online Office hours via Bb IM: Thursdays 6:00 pm - 7:00 pm PHONE NUMBERS: Professor: (301) 322-0900 x 4143 Social Sciences Office/Phone No.: Marlboro Hall #2054 (301) 546-0525 EMAIL ADDRESS: BarberAJ@pgcc.edu (24 hour response time) The best way to contact the professor is by email. Note: All credit students (with the exception of Howard Community College students enrolled at Laurel College Center) are required to use Owl Mail for all college communication. Students, please be sure to place PSY1010-LD14, 16 or 17 in the subject line so that your email will not be overlooked, confused with another class section, or mistakenly deleted. Thank you. Monday – Friday your emails and phone messages will be returned within 24 hours. Your weekend...

Words: 5920 - Pages: 24

Premium Essay

Hmfin 525 & Opim 530 Assignment 1

...mistakes, and correcting your mistakes. The exercises given below are from the textbook. Although they will not be graded (you are not required to submit them), you are strongly advised to do these exercises. 1) Chp. 3, Ex 1. Copying a module from one workbook to another. 2) Chp. 3, Ex 3. Using the Immediate window. Assignment Questions – To Be Graded 1) Based on (Chp. 3 Ex. 4) Insert a module into the given workbook and type the following code in the Code window. Return to Sheet1 and add a button and assign the EnterUserNameSlowly macro to this button. Run the program by clicking the button you have added. a) Explain what the code is doing in a particular cell of Sheet1. What would you do to slow down the typing of the username a bit more? b) Remove the “Dim datWaitTime as Date” line from the code. Try to run the program again. Now remove the “Option Explicit” line, and try to run the program again. Now add them both back to the code. Explain what “Option Explicit” does. c) Using the Object Browser find the help Excel Help entry for Wait. Using the information provided there, change the code so that, 5 seconds after the name has been typed in cell A3, a message box pops up with the message “Username entered.” (Hint: you can copy and paste a code from Excel Help.) 2) Recording and modifying macros. a) You are given closing prices for some of the stocks trading at the NASDAQ and NYSE stock exchanges, as well as the stock exchange composite indices. Record a macro where you...

Words: 356 - Pages: 2

Premium Essay

Assisted Suicide

...in ending their own life. “Physician-assisted suicide (PAS), is slightly different than euthanasia; in using PAS, the patient is provided the means for terminating his or her life, but the patient, not the doctor, ends the life in question” (Mosser, 2010, Chp. 2.3, para. 31). However, not all assisted suicides may involve a doctor. In the United States, Oregon was the first state to pass an assisted-suicide law. Washington is a state that has as recently as 2008 adopted an act that allows residents that have less than six months to live to request a legal dose of medication. Eleven states, including Alabama, Idaho and North Carolina ‘have no enactments which criminalize aiding, abetting, assisting, or counseling suicide” (“Assisted Suicide,” 2010, para. 1-7). Several other states such as Alaska, California and Florida “criminalize aiding, abetting, and/or assisting suicide” (“Assisted Suicide,” 2010, para. 8). I am a Georgian and our law states that any involvement in an assisted suicide is a felony. The main conflict of assisted suicide is grounded in religion. Our text describes a view that states ending life prematurely is rejecting a gift from God and also shows a “rejection of God’s plan for that person” (Mosser, 2010, Chp. 2.3, para. 32). What if neither the patient nor the doctor is a believer of God? Should they be held to another set of rules? On the other hand, some believe legalizing assisted suicide would...

Words: 2279 - Pages: 10

Free Essay

Going Green

...The notion of campuses that are energy-efficient and ecologically friendly, and that provide a healthy, productive, comfortable environment for students and staff has been around for some time. But for many educators, green schools have remained more good intention than proven approach, a huge risk that few school leaders could--or would--take. According to Kristen Heinen, assistant director of the Collaborative for High Performance Schools (CHPS), the idea of green building was unknown to most educators. However, public awareness and interest have grown significantly due to education campaigns on specific environmental problems such as climate change, children's health, water quality, and electronic waste. These issues hit home for parents, students, teachers, and administrators who spend a significant amount of time in school buildings that contribute to these problems. Over the past year, CHPS has seen a steady increase in school districts that incorporate green building practices due to a greater awareness of buildings' impact on children's health and the environment, and also because green schools have proven to be financially beneficial to districts. This article discusses the benefits of green schools and their impact on students' health and the environment. GOING GREEN: AT first glance, the most striking aspect of Inderkum High School in northwest Sacramento, may be the glass. Windows sheathe most of the school, culminating in a towering, curving reflective wall...

Words: 1496 - Pages: 6