Accounting

A market economy benefits from market power
a. under no circumstances.
b. if the majority of the population are entrepreneurs.
c. if firms with market power do research and development with the profits earned.
d. if market power gets so bad the government creates public enterprises.
13) Economic efficiency requires that a natural monopoly’s price be
a. equal to the lowest price the firm can charge and still make a normal profit.
b. equal to average variable cost (AVC) where the AVC curve intersects the demand
curve.
c. equal to average total cost (ATC) where the ATC curve intersects the demand curve.
d. equal to marginal cost (MC) where the MC curve intersects the demand curve.

14) If a firm faces a downward-sloping demand curve
a. it will always make a profit.
b. it can control both price and quantity sold.
c. it must reduce its price to sell more output.
d. the demand for its product must be inelastic.
15) A monopolistically competitive firm will
a. have some control over its price because its product is differentiated.
b. always produce at the minimum efficient scale of production.
c. charge the same price as its competitors do.
d. produce an output level that is productively and allocatively efficient.

Don't use plagiarized sources. Get Your Custom Essay on
Accounting
Just from $13/Page
Order Essay

Suppose in 2006 you purchased a house built in 2000. Which of the following would be included in gross domestic product for 2006?
a. The value of the house in 2006 minus depreciation
b. The value of the house in 2000
c. The value of the services of the real estate agent
d. The value of the house in 2006
Scenario 11-1
CANOES-R-US makes canoes. It buys the shell of the canoe from another firm for $300 and uses its labor and intermediate goods to make the canoe. It sells the finished canoe to a retail canoe store for $800. The retail canoe store then sells the canoe to a consumer for $1,200.
20) Refer to Scenario 11-1. The value of each canoe in gross domestic product equals
a. $400.
b. $800.
c. $1,200.
d. $500.
21) Suppose Bob works for Mary as a proofreader. Mary and Bob fall deeply in love, marry and have eight children. Bob stops working for Mary in order to care for the children. What will be the effect on GDP?
a. GDP will not change.
b. GDP will decrease.
c. GDP will increase.
d. GDP may increase or may decrease depending on inflation.

22) Disposable personal income equals personal income
a. minus government transfer payments plus personal tax payments.
b. plus government transfer payments.
c. minus personal tax payments plus government transfer payments.
d. minus personal tax payments.
23) The Bureau of Labor Statistics would categorize a retiree who is not working as ________.
a. a discouraged worker
b. unemployed
c. employed
d. out of the labor force

The Quizlet
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Us

Exemplary Academic Writing Service

At TheQuizlet.com, you are guaranteed of quality service from our professional writers. We maintain consistent communication with customers after placing an order to avoid missing anything that may compromise the quality of delivered work.

Top Writers

Our hiring process is rigorous to maintain the desired quality that has become the core of our business. We expose potential writers to an uncompromising selection process that enables TheQuizlet to pick the best out of the rest. TheQuizlet boasts of a competent team of writers, editors, and professors who work towards accomplishing your goals.

Plagiarism-Free Papers

TheQuizlet has an in-house plagiarism software that lowers the probability of delivering plagiarized papers to our clients. Referencing is guided by the format specified by a customer when placing an order. Our writers are conversant with all referencing formats that include APA, MLA, Chicago, Harvard, and Vancouver among others.

24/7 Customer Support

We understand the importance of effective communication and as such, TheQuizlet has a dedicated customer support department that responds to all client needs. You can easily contact our team through a chat window at the bottom left corner. Additionally, clients can reach us through support’s email or a telephone number available on our contact page. Feel free to contact us at any time and our team of experts will solve all your problems.

Swift Delivery and 100% Money-back Guarantee

When placing an order, ensure that you specify the correct deadline to help our writers work around the provided timeline. At TheQuizlet, we deliver our tasks before the projected deadline to give time for the customer to proofread the work before submission. In the event we cannot deliver a paper on time, we initiate contact with the client to renegotiate a new deadline.

Unlimited and Free Revisions

We urge all our customers to request for a revision whenever they identify a need to amend the paper. Since we understand your concerns, TheQuizlet.com does not charge for revisions. Nonetheless, we encourage customers to be genuine when requesting for revisions.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

TheQuizlet is a one-stop shop for all your writing needs. We tackle each customer’s needs differently to improve the quality of outcomes and meet your expectations.

Essays

Academic Help Service

TheQuizlet is committed to delivering quality work on time to ensure our clients get the value for their money.

Admissions

Admission Essays and Professional Writing

Admission essays are personal, as opposed to other papers. For this reason, our team will request for any information that will enable them to deliver quality work, which allows you to convince the admissions board on why you should be granted the application.

Reviews

Editing and Proofreading

Our team comprises of qualified researchers, writers, and editors who go through the different papers before delivering them to our clients. Whether your paper is being written from scratch or you want it to be edited, you can trust TheQuizlet for all your needs.

Reviews

Revision Support

After receiving the final draft, you can request for a revision to incorporate various changes that are aligned with your expectations. All our papers are written in line with the latest writing standards.