Assignment 1 Example | Topics and Well Written Essays - 750 words - 3

1 - Assignment Example It is the very essence and nature of human geography that informs us that the greater the distance a product or service must travel, the less likely the trip will be made. Demand must be sufficient enough to justify the time, effort, and expense. If demand for a product or service is relatively low, and there is not access to those products or services nearby, then it is likely that demand will not be met. If, however, there is a surplus of goods or materials in area that causes demand to easily be met, suppliers will look for viable transport routes to make their goods available to other markets where demand exists (Hesse 75). Finally, before we get this particular case study, it is important to understand that, no matter what the demand for a good or service may be, adequate transferability must exist. If a product is in high demand in a rural area of the world, for example, suppliers must still consider the feasibility and logistics of transporting goods there. There is the human safety to consider, plus the expense to do. If the expense involve in getting a good or service to such an area causes the demand to then weaken, it will likely be determined that the effort is simply not worth it (Zolnik 338). The issue here is whether or not sand and gravel operators in Sault Ste. Marie should begin to use their trucks to deliver their products to Southern Ontario, where prices might be higher. On the surface, businesses would always seem to desire to sell their product for the highest price possible. Spatial interaction, however, teaches us differently. Large trucks, for example, are expensive to maintain. The fuel alone makes traveling long distances cost prohibitive in many circumstances. In order for the gravel operators in Sault Ste. Marie to justify the trip down south, they must be able to account for these extra

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Sample Questions Essay Price is below the minimum of average variable cost. b. Fixed costs exceed variable costs. c. Average fixed costs are rising. d. Marginal cost is above average variable cost. 4 In the long run, a profit-maximizing firm will choose to exit a market when a. Fixed costs exceed sunk costs. b. Average fixed cost is rising. c. Revenue from production is less than total costs. d. marginal cost exceeds marginal revenue at the current level of production. 5 When firms have an incentive to exit a competitive market, their exit will a. Drive down market prices. b. Drive down profits of existing firms in the market. . Decrease the quantity of goods supplied in the market. d. All of the above are correct. 6 In a perfectly competitive market, the process of entry or exit ends when a. Firms are operating with excess capacity. b. Firms are making zero economic profit. c. Firms experience decreasing marginal revenue. d. Price is equal to marginal cost. 7 Equilibrium quantities in markets characterized by oligopoly is a. Lower than in monopoly markets and higher than in perfectly competitive markets. b. Lower than in monopoly markets and lower than in perfectly competitive markets. Higher than in monopoly markets and higher than in perfectly competitive markets. d. Higher than in monopoly markets and lower than in perfectly competitive markets. 8 In economics the central problem is: a. b. c. d. e. Allocation. Consumption. Scarcity. Money. Production. c. 9 Indicate below what is NOT a factor of production. a. Land. b. A bank loan. c. Labor. d. Capital. 10 Macroeconomics deals with: a. The behavior of firms. b. Economic aggregates. c. The activities of individual units. d. The behavior of the electronics industry. 11 Microeconomics is not concerned with the behavior of: a. Aggregate demand. . Consumers. c. Industries. d. Firms. 12 The study of inflation is part of: a. Normative economics. b. Macroeconomics. c. Microeconomics. d. Descriptive economics. 13 Aggregate supplies is the total amount: a. Produced by the government. b. Of products produced by a given industry. c. Of labor supplied by all households. d. Of goods and services produced in an economy. 14 The total demand for goods and services in an economy is known as: a. National demand. b. Economy-wide demand. c. Gross national product. d. Aggregate demand. 15 If marginal benefit is greater than marginal cost, a rational choice involves: a. More of the activity. b. Less of the activity. c. No more of the activity. d. More or less, depending on the benefits of other activities. 16 A student chooses to study because the marginal benefit is greater than the ________ cost. a. average b. total c. marginal d. expected 17 Periods of less than full employment correspond to: a. b. c. d. Points outside the production possibility curve. Points inside the production possibility curve. Points on the production possibility curve. Either points inside or outside the production possibility curve. 18 The circular flow of goods and incomes shows the relationship between: a. Income and money. b. Wages and salaries. c. Goods and services. d. Firms and households. 19 In a free market system, the amount of goods and services that any one household gets depends upon its: a. Income. b. Wage and interest income. c. Wealth. d. Income and wealth. 20 In a planned or command economy, all the economic decisions are taken by the: a. Consumers. b. Workers. c. Government. d. Voters. Answers for Multiple Choice Questions 1 (c) 2 (a) 3 (a) 6 (b) 7 (d) 8 (c) 11(a) 12(b) 13(d) 16(c) 17(b) 18(d) 4 (c) 9 (b) 14(d) 19(d) 5 (c) 10 (b) 15(a) 20(c) Chapter-2 PRINCIPLES OF MANAGERIAL ECONOMICS Multiple Choice Questions 1 The word that comes from the Greek word for â€Å"one who manages a household is a. Market. b. Consumer. c. Producer. d. Economy. 2 Economics deals primarily with the concept of a. Scarcity. b. Poverty. c. Change. d. Power. 3 Which of the following is NOT included in the decisions that every society must make? a. what goods will be produced b. who will produce goods c. what determines consumer preferences d. who will consume the goods 4 In a market economy, characterized by Capitalism, there is full interference by the State in the economic activities of consumers and producers. a)True (b) False 5 In a market system of economy, there is no harmony between individual interests and interests of the community. (a)True (b) False 6 Efficiency is the relation between returns and cost. (a)True (b) False 7 The subject matter of macro –economic includes the theory of income and employment at an individual level. (a)True (b) False 8 Rational decision results in†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦for the employees. a. Division of work. b. Centralization. c. Discipline. d. Motivation 9 A Theory Y approach is more suitable where a job offers: a. a high degree of intrinsic satisfaction. b. The ability to exercise initiative. c. An element of problem solving. d. All of the above. 10 Breech identifies four main elements of management. They are planning, control, coordination and: a. The division of work. b. Centralization. c. Discipline. d. Motivation. 11 Many well-known business economists participate in public debates. (a)True (b) False 12 Marginal Utility is the utility derived from the additional unit of a commodity consumed. (a)True (b) False 13 Compared to the static model, the fishing effort in a dynamic model is likely to be a. Larger. b. Smaller. c. Similar. . Larger or smaller. 14 Land, labor, and money are the three categories of economic resources. (a)True (b) False 15 Which of the following is not an interest rate derivative used for interest rate management? Interest rate guarantee a. Floor b. Swap c. Cap d. All of the above are interest rate derivatives 16 An agreement which guarantees an investor a minimum return on a principal amount is called a: a. Cap b. Executive stock option c. Stock option d. Floor 17 Which of the factors listed below is not a reason for decision making in organizations being a complex process? a. Modern information systems enable people to evaluate a range of possible outcomes b. Factors in the current context of the organization affect the decision c. Several stakeholders will have an interest in the decision d. People have to make decisions in a historical context 18 The overall process of decision making in, for example, staff selection includes which of these stages? a. Deciding which candidate to appoint b. Identifying the need for a new member of staff c. Agreeing the job specification d. All of the above 19 A manager who is helping a customer return some shoes they purchased last week is dealing with what type of decision? . Uncertainty b. Non-programmed decision c. Bounded rationality d. Programmed decision 20 Decision making situations can be categorized along a scale which ranges from: a. Uncertainty to certainty to risk b. Certainty to uncertainty to risk c. Certainty to risk to uncertainty d. Certainty to risk to uncertainty to ambiguity Answers for Multiple Choic e Questions 1 (d) 2 (a) 3 (c) 6 (a) 7 (b) 8 (d) 11(a) 12(a) 13(a) 16(d) 17(a) 18(d) 4 (b) 9 (d) 14(b) 19(d) 5 (b) 10 (d) 15(d) 20(d) Chapter-3 CONCEPT OF DEMAND Multiple Choice Questions 1 The quantity demanded of Pepsi has decreased. The best explanation for this is that: a. The price of Pepsi increased. b. Pepsi consumers had an increase in income. c. Pepsis advertising is not as effective as in the past. d. The price of Coca Cola has increased. 2 Demand curves are derived while holding constant: a. Income, tastes, and the price of other goods. b. Tastes and the price of other goods. c. Income and tastes. d. Income, tastes, and the price of the good. 3 When the decrease in the price of one good causes the demand for another good to decrease, the goods are: a. Normal b. Inferior c. Substitutes d. Complements 4 Suppose the demand for good Z goes up when the price of good Y goes down. We can say that goods Z and Y are: a. Substitutes. b. Complements. c. Unrelated goods. d. Perfect substitutes. 5 If the demand for coffee decreases as income decreases, coffee is: a. An inferior good. b. A normal good. c. A complementary good. d. A substitute good. 6 Which of the following will NOT cause a shift in the demand curve for compact discs? a. A change in the price of pre-recorded cassette tapes. b. A change in income. c. A change in the price of compact discs. d. A change in wealth. When excess demand occurs in an unregulated market, there is a tendency for: a. Quantity supplied to decrease. b. Quantity demanded to increase. c. Price to rise. d. Price to fall. 8 Market equilibrium exists when _____________ at the prevailing price. a. b. c. d. quantity demanded is less than quantity supplied quantity supplied is greater than quantity demanded quantity demanded equals quantity supplied qu antity demanded is greater than quantity supplied 9 A movement along the demand curve to the left may be caused by: a. A decrease in supply. b. A rise in the price of inputs. c. A fall in the number of substitute goods. d. A rise in income. 10 The quantity demanded of a product rises whenever (a) The product’s price falls. (b) Incomes increase. (c) Population increases. (d) The prices of substitute goods rise. (e) Consumer tastes and preferences change. 11 The equilibrium quantity must fall when (a) There is a decrease in demand. (b) There is a decrease in supply. (c) There is an increase in price. (d) There is an increase in demand and supply. (e) There is a decrease in demand and supply 12 The demand curve will shift to the left for most consumer goods when (a) Incomes decrease. b) The prices of substitutes fall. (c) The prices of complements increase (d) All of the above. 13 Producer goods, also called intermediate goods, in economics, goods manufactured and used in further manufacturing, processing, or resale. (a)True (b) False 14 Consumer goods are alternately called final goods, and the second term makes more sense in understanding the concept. (a)True (b) False 15 GDP stands for a. Gross Domestic Product b. Gross Deistic Product c. Gross dynamic product d. All of these 16 GNP stands for a. Gross national product b. Gross natural product c. Both (a)and (b) d. None of these 17 When the demand for a product is tied to the purchase of some parent product, its demand is called induced or derived. (a)True (b) False 18 An industry is the aggregate of firms (a)True (b) False 19 The law of demand implies that: a. As prices fall, quantity demanded increases. b. As prices rise, quantity demanded increases. c. As prices fall, demand increases. d. As prices rise, demand decreases. 20 When the market operates without interference, price increases will distribute what is available to those who are willing and able to pay the most. This process is known as: a. Price rationing. . Price fixing. c. Quantity adjustment. d. Quantity setting Answers for Self Assessment Questions 1 (a) 2 (d) 3 (c) 6 (c) 7 (c) 8 (c) 11(d) 12(d) 13(a) 16(a) 17(a) 18(a) 4 (b) 9 (a) 14(a) 19(a) 5 (b) 10 (a) 15(a) 20(a) Chapter-4 DETERMINATION OF DEMAND 1 The demand for a product or a service depends on a host of factors. (a)True (b) False 2 Demand curves may also be shifted by cha nges in expectations. (a)True (b) False 3 Quantity demand is a specific quantity that buyers are willing and able to buy at a specific demand price. (a)True (b) False 4 If the price of a complement increases, all else equal, a. Quantity demanded will increase. b. Quantity supplied will increase. c. Demand will increase. d. Demand will decrease. 5 Which of the following would lead to an INCREASE in the demand for golf balls? a. An decrease in the price of golf balls. b. An increase in the price of golf clubs. c. A decrease in the cost of producing golf balls. d. An increase in average household income when golf balls are a normal good. 6 If input prices increase, all else equal, a. Quantity supplied will decrease. b. Supply will increase. c. Supply will decrease. d. Demand will decrease. 7 Which of the following would decrease the supply of wheat? . A decrease in the price of pesticides. b. An increase in the demand for wheat. c. A rise in the price of wheat. d. An increase in the price of corn. 8 When Sonoma Vineyards increases the price of its Chardonnay from $15 per bottle to $20 per bottle, the result is a decrease in†¦ a. The quantity of this wine demanded. b. The quantity of this wine supplied. c. The demand for this wine. d. The supply of this wine. 9 Which of the following will cause a change in quantity supplied? a. Technological change. b. A change in input prices. c. A change in the market price of the good. d. A change in the number of firms in the market. 0 In which of the following cases will the effect on equilibrium output be indeterminate (i. e. , depend on the magnitudes of the shifts in supply and demand)? a. Demand decreases and supply decreases. b. Demand remains constant and supply increases. c. Demand decreases and supply increases. d. Demand increases and supply increases. 11 An increase in the number of firms selling pizza will cause, ceteris paribus, (a) an increase in supply. (b) an increase in demand. (c) a decrease in quantity demanded. (d) a decrease in the quantity supplied. 12 A change in demand is a change in the ENTIRE demand relation. a)True (b) False 13 The demand for a given product will rise if: a. Incomes rise for a normal good or fall for an inferior good b. The price of a complement falls c. The price of a substitute rises d. All of these 14 Two explanations for the law of demand are (a) Price and quantity effects. (b) Substitution and income effects. (c) Opportunity cost and substitution effects. (d) Substitutes and inferior goods. (e) None of the above. 15 An increase in demand, ceteris paribus, will usually cause (a) A decrease in quantity demanded. (b) an increase in quantity supplied. (c) an increase in supply. d) a higher quantity and a lower price. 16. The quantity demanded of a product rises whenever (a) the product’s price falls. (b) incomes increase. (c) population increases. (d) the prices of substitute goods rise 17 The demand curve is downward-sloping because at a higher price for a good (ceteris paribus) (a) people buy fewer substitutes. (b) people buy more complements. (c) people search for substitutes. (d) income rises. (e) substitutes become complements. 18 The supply curve is upward-sloping be cause at higher prices for a good (a) consumers search out more substitutes. (b) consumer income increases. c) demand is lower. (d) None of the above. 19 If the factors held constant along a supply or demand curve change, (a) the equilibrium may change. (b) the demand and supply equilibrium may be disrupted. (c) the supply or demand curve may shift. (d) All of the above. 20 If the price of crackers goes up when the price of cheese goes down, crackers and cheese are (a) inferior goods. (b) substitutes. (c) both substitutes and complements. (d) complements Answers for Self Assessment Questions 1 (a) 2 (a) 3 (a) 6 (c) 7 (d) 8 (a) 11(a) 12(a) 13(d) 16(a) 17(c) 18(d) 4 (d) 9 (c) 14(b) 19(a) 5 (d) 10 (c) 15(b) 20(d) Chapter-5 PRICE ELASTICITY OF DEMAND 1 If the price elasticity of demand for a good is . 75, the demand for the good can be described as: a. normal b. elastic c. inferior d. inelastic. 2. When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. In this range of prices, demand for this product is: a. elastic b. inelastic c. cross-elastic. d. unitary elastic. 3. If the price elasticity of demand for a product is equal to 0. 5, then a 10 percent decrease in price will: a. increase quantity demanded by 5 percent. b. increase quantity demanded by 0. percent. c. decrease quantity demanded by 5 percent. d. decrease quantity demanded by 0. 5 percent. 4 If an increase in the supply of a product results in a decrease in the price, but no change in the actual quantity of the product exchanged, then: a. the price elasticity of supply is zero. b. the price elasticity of supply is infinite. c. the price elasticity of demand is unitary. d. the price elasticit y of demand is zero. 5. If 100 units of product K are sold at a unit price of $10 and 75 units of product K are sold at a unit price of $15, one can conclude that in this price range: a. emand for product K is elastic. b. demand for product K is inelastic. c. demand for product K has shifted to the right. d. consumers are sensitive to price changes of product K. 6 Total revenue falls as the price of a good increases if price ela sticity of demand is: a. elastic. b. inelastic c. unitary elastic d. perfectly elastic. 7 The demand for Cheerios cereal is more price-elastic than the demand for cereals as a whole. This is best explained by the fact that: a. Cheerios are a luxury. b. cereals are a necessity. c. there are more substitutes for Cheerios than for cereals as a whole. d. onsumption of cereals as a whole is greater than consumption of Cheerios. 8 What is the most likely effect of the development of television, videocassette players, and rental movies on the movie theater industry ? a. b. c. d. decreased costs of producing movies increased demand for movie theater tickets movie theater tickets become an inferior good increased price elasticity of demand for movie theater tickets 9 The price elasticity of demand will increase with the length of the period to which the demand curve pertains because: a. consumers incomes will increase. b. the demand curve will shift outward. . all prices will increase over time. d. consumers will be better able to find substitutes. 10. A state government wants to increase the taxes on cigarettes to increase tax revenue. (a)True (b) False 11 This tax would only be effective in raising new tax revenues if the price elasticity of demand is: a. unity b. elastic c. inelastic d. perfectly elastic. 12. Sony is considering a 10 percent price reduction on its color television sets. If the demand for sets in this price range is inelastic: A) revenues from color sets will remain constant. B) revenues derived from color sets will decrease. C) revenues derived from color sets will increase. D) the number of television sets sold will decrease 13 Elasticity of demand for a commodity with respect to change in its price. (a)True (b) False 14 An elasticity alternative in which infinitesimally small changes in price cause infinitely large changes in quantity. (a)True (b) False 15 Three factors that affect the numerical value of the price elasticity of demand are the a. b. c. d. availability of substitutes time period of analysis proportion of budget All of these 16 The price elasticity of demand is one of four common elasticity’s used in the analysis of the market. a)True (b) False 17 Cross elasticity of demand is: a. negative for complementary goods b. unitary for inferior goods. c. negative for substitute goods d. positive for inferior goods. 18. A positive cross elasticity of demand coefficient indicates that: a. a product is an inferior good. b. a product is a normal good. c. two products are substitute goods. d. t wo products are complementary goods. 19 A market without legal prices is in equilibrium when: a. quantity demanded equals price. b. the demand curve remains constant. c. quantity demanded equals quantity supplied. d. uantity demanded is greater than quantity supplied. 20 A relatively small change, say 1% on an INR 100,000 house, can make a BIG difference in the buyer’s decision to buy. (a)True (b) False Answers for Self Assessment Questions 1 (d) 2 (a) 3 (a) 4 (d) 5 (a) 6 (a) 7 (c) 8 (d) 9 (d) 10 (a) 11(d) 12(c) 13(a) 14(a) 15(d) 16(a) 17(a) 18(c) 19(c) 20(a) Chapter-6 TYPES OF ELASTICITIES OF DEMAND 1 If it is observed that, in a particular market, price has risen and quantity exchanged has increased, it is likely that: a. supply has increased. b. supply has decreased. c. demand has increased. d. emand has decreased. 2 The quantity of a good demanded rises from 1000 to 1500 units when the price falls from $1. 50 to $1. 00 per unit. The price elasticity of demand for this pro duct is approximately: a. 1. 0 b. 16 c. 2. 5 d. 4. 0 3 If the elasticity of demand for a commodity is estimated to be 1. 5, then a decrease in price from $2. 10 to $1. 90 would be expected to increase daily sales by: a. 50% b. 1. 5% c. 5% d. 15% 4 A long-run demand curve, as compared to a short-run demand curve for the same commodity, is generally: a. more elastic b. less elastic c. of the same elasticity d. none of the above. The price elasticity of demand is 5. 0 if a 10 percent increase in the price results in a a. 2%decrease in quantity demanded. b. 5%decrease in quantity demanded. c. 10% decrease in quantity demanded d. 50% decrease in quantity demanded. 6 Demand for a good will likely be more elastic, a. The higher the level of income. b. The larger the proportion of monthly income spent on it. c. The fewer the good substitutes available. d. The higher the price of complementary goods. 7 Demand will be more elastic, a. The higher the income. b. The lower the price. c. The shor ter the passage of time after a permanent price increase. . The more substitutes available for the good. 8 The price elasticity of demand measures the sensitivity of demand to price changes. (a)True (b) False 9 If a good has no close substitutes and is regarded as a necessity by many consumers, then demand for the good will be quite elastic. (a)True (b) False 10 Cross elasticity of demand is the ratio of the percentage change in demand for a good to the percentage change in price for another. (a)True (b) False 11 A 50 percent increase in price that results in a 90 percent decrease in the quantity demanded indicates that demand is elastic in this price range. a)True (b)False 12 Demands for most goods tend to become more elastic with the passage of time. (a)True (b) False 13 If two goods are substitutes, then an increase in the price of one good will leads to an increase in the demand for the other good. (a)True (b) False 14 If two goods are complements, then a decrease in the price o f one good will results in a decrease in the demand of the other good. (a)True (b) False 15 The price elasticity of demand is the same as the slope of the demand curve. (a)True (b) False 16 If demand is price elastic, then: a. a rise in price will raise total revenue. b. a fall in price will raise total revenue. . a fall in price will lower the quantity demanded. d. a rise in price wont have any effect on total revenues. 17 Complementary goods have: a. The same elasticity’s of demand. b. very low price elasticity of demand. c. negative cross price elasticity of demand with respect to each other. d. positive income elasticity of demand. 18 The price elasticity of demand generally tends to be: a. smaller in the long run than in the short run. b. smaller in the short run than in the long run. c. larger in the short run than in the long run. d. unrelated to the length of time. 19 If the price elasticity of supply of doodads is 0. 0 and the price increases by 3 percent, then the q uantity supplied of doodads will rise by a. 0. 60 percent. b. 0. 20 percent c. 1. 8 percent d. 18 percent. 20 If the cross-price elasticity between two commodities is 1. 5, a. The two goods are luxury goods. b. The two goods are complements. c. The two goods are substitutes. d. The two goods are normal goods. Answers for Self Assessment Questions 1 (c) 2 (a) 3 (d) 6 (b) 7 (d) 8 (a) 11(a) 12(a) 13(a) 16(b) 17(c) 18(b) 4 (a) 9 (b) 14(b) 19(c) 5 (d) 10 (a) 15(b) 20(c) Chapter-7 SUPPLY ANALYSIS 1 The cost of factor inputs like land, labor, and capital has a major influence on supply. a)True (b) False 2 Which of the following factors will make the demand for a product more elastic? (Assume the product has a straight-line, downward sloping demand. ) a. The product has no close substitutes. b. A very small proportion of income is spent on the good. c. A long time period has elapsed since the product’s price changed. d. A lower price 3 For a given normal supply curve, the amount of a tax paid by the buyer will be larger a. the more elastic the demand. b. the more inelastic the demand. c. the income elasticity is equal to zero d. when the price is high. With a perfectly elastic demand and a normal supply (upward-slopping) a. consumers will bear the entire tax burden. b. consumers will not bear any tax burden. c. consumers and producer will split the tax burden in half. d. producers will not bear any tax burden. 5 Which of the following leads to the producers paying all of a tax? a. The supply is perfectly elastic. b. The supply is perfectly inelastic. c. The demand is unit elastic. d. The demand is perfectly inelastic. 6 The incidence (split) of sales tax is determined by the a. level of government which imposes the tax. b. federal government in all cases. c. greed of the seller. d. rice elasticity of supply and demand. 7 The market supply curve is the horizontal sum of the individual supply curve. (a)True (b) False 8 Supply determinants are five ceteris paribus factors that are held constant when a supply curve is constructed. (a)True (b) False 9 Supply is the willingness and ability of producers to make a specific quantity of output available to consumers at a particular price over a given period of time. (a)True (b) False 10 Individuals supply factors of production to firms. (a)True (b) False 11 The supply curve for tomatoes is not thus more elastic in the short run than in the momentary period. (a)True (b)False 2 Macroeconomic studies are based on empirical evidence. (a)True (b)False 13 Demand curve slopes upwards from left to right. (a) True (b)False 14 In the market, anyone who agrees to pay the requisite price of a product would be excluded from their consumption. (a) True (b)False 15 Aglets are the metal or plastic tips on shoelaces that make it easier to lace your shoes. The demand for aglets is probably a. perfectly elastic. b. inelastic. c. elastic but not perfectly elastic. d. unit elastic. 16 The cross elasticity of demand mea sures the responsiveness of the quantity demanded of a particular good to changes in the prices of a. Its complements but not its substitutes. b. its substitutes but not its complements. c. its substitutes and its complements d. neither its substitutes nor its complements. 17 If goods are complements, definitely their a. income elasticity’s are negative b. income elasticity’s are positive. c. cross elasticity’s are positive. d. cross elasticity’s are negative. 18 If a rise in the price of good 1 decreases the quantity of good 2 demanded, a. the cross elasticity of demand is negative b. good 1 is an inferior good. c. good 2 is an inferior good d. the cross elasticity of demand is positive. 9 The price elasticity of demand generally tends to be: a. smaller in the long run than in the short run. b. smaller in the short run than in the long run. c. larger in the short run than in the long run. d. unrelated to the length of time. 20 The demand for your services becomes more elastic. (a)True (b)False Answers for Self Assessment Questions 1 (a) 2 (c) 3 (b) 6 (d) 7 (a) 8 (a) 11(b) 12(a) 13(b) 16(c) 17(d) 18(a) 4 (b) 9 (a) 14(b) 19(b) 5 (b) 10 (a) 15(b) 20(a) Chapter-8 PRODUCTION DECISION 1 Which of the following functions is not a core function of an organisation? a. The product/service development function b. The operations function c. The accounting and finance function d. The marketing (including sales) function 2 Most operations produce a mixture of both products and services. Which of the following businesses is closest to producing â€Å"pure† services? a. IT company b. A Restaurant c. Counsellor/therapist d. Steel company 3 Operations can be classified according to their volume and variety of production as well as the degree of variation and visibility. Which of the following operations would be classified as high volume, low variety? a. A family doctor b. A carpenter c. A front office bank d. A fast food restaurant 4 Which of the following activities is not a direct responsibility of operations management? a. Designing the operation’s products, services and processes b. Planning and controlling the operation c. Developing an operations strategy for the operation d. Determining the exact mix of products and services that customers will want 5 Operations can be classified according to the degree of variation in demand and visibility of the operation as well as their volume and variety of production. Which of the following operations would be classified as high variation and high visibility? a. A front office bank b. A family doctor c. A fast food restaurant d. A carpenter 6 The production function incorporates the technically efficient method of †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. a. production. b. process c. function d. All of these 7 A fixed input is one whose quantity cannot be varied during the time under consideration. (a)True (b)False 8 Economists find it convenient to distinguish between the †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. and the long run. a. short run b. large run c. big run d. None of these 9 The law of variable proportions states that as the quantity of one factor is increased, keeping the other factors fixed, the marginal product of that factor will eventually decline. a)True (b)False 10 MRP stands for a. Marginal Revenue Product b. Marginal Revenue process c. Both (a) and (b) d. None of these 11 The book value of old equipment is not a relevant cost in a decision. (a)True (b)False 12. One of the dangers of allocating common fixed costs to a product line is that such allocations can make the line appear less profitable than it really is. (a)True (b)False 13. A differential cost is a variable cost. (a)True (b)False 14. All future costs are relevant in decision making. (a)True (b)False 15. Variable costs are always relevant costs. (a)True (b)False 6 Only the variable costs identified with a product are relevant in a decision concerning whether to eliminate the product. (a)True (b)False 17 Managers should pay little attention to bottleneck operations because they have limited capacity for producing output. (a)True (b)False 18 A cost that does not affect a decision is called an a. opportunity cost b. incremental cost c. avoidable cost d. irrelevant cost 19. Costs that change between alternatives are called a. fixed costs. b. opportunity costs. c. crelevant costs. d. sunk costs. 20. A cost incurred in the past that cannot be changed by any future action is a(n) a. pportunity cost b. sunk cost c. relevant cost d. avoidable cost Answers for Self Assessment Questions 1 (c) 2 ( c) 3 (d) 6 (a) 7 (a) 8 (a) 11(a) 12(a) 13(b) 16(b) 17(b) 18(d) 4 (d) 9 (a) 14(b) 19(c) 5 (b) 10 (a) 15(b) 20(b) Chapter-9 ISOQUANT AND PRODUCTION FUNCTION 1 Economists typically assume that the owners of firms wish to a. produce efficiently. b. maximize sales revenues. c. maximize profits. d. All of these. 2 Efficient production occurs if a firm a. cannot produce its current level of output with fewer inputs. b. given the quantity of inputs, cannot produce more output. c. maximizes profit. d. All of the above. Limited liability is a benefit to a. sole proprietorships. b. partnerships. c. corporations. d. all of the above. 4 Which of the following statements best describes a production function? a. the maximum profit generated from given levels of inputs b. the maximum level of output generated from given levels of inputs c. all levels of output that can be generated from given levels of inputs d. all levels of inputs that could produce a given level of output 5 With respect to produ ction, the short run is best defined as a time period a. lasting about six months. b. lasting about two years. c. in which all inputs are fixed. d. n which at least one input is fixed. 6 In the long run, all factors of production are a. variable. b. fixed. c. materials. d. rented. 7 The short-run production functions for Albert’s Pretzels. The marginal productivity of labor equals the average productivity of labor a. for all levels of labor. b. at none of the levels of labor. c. only for the first worker. d. only for the fifth worker. 8 the short-run production function for Albert’s Pretzels. The law of diminishing marginal productivity a. appears with the second worker. b. has not yet appeared for any of the levels of labor. c. first appears with the fifth worker. d. s refuted by this evidence. 9 If the average productivity of labor equals the marginal productivity of labor, then a. the average productivity of labor is at a maximum. b. the marginal productivity of lab or is at a maximum. c. Both A and B above. d. Neither A nor B above. 10 Average productivity will fall as long as a. marginal productivity is falling. b. it exceeds marginal productivity. c. it is less than marginal productivity. d. the number of workers is increasing. 11 Factors of production are a) inputs and outputs. b) outputs only c) inputs only d) the minimum set of inputs that can produce a certain fixed quantity of output. 2 The set of all pairs (z1, z2) of inputs that yield the output y is the y-is quant. (a)True (b)False 13 L-shaped isoquants imply that production requires that the inputs are perfect substitutes. a. are imperfect substitutes. b. cannot be used together. c. must be used together in a certain proportion. d. None of these 14 Isoquants that are downward-sloping straight lines imply that the inputs a. are perfect substitutes. b. are imperfect substitutes. c. cannot be used together. d. must be used together in a certain proportion. 15 Isoquants that are downwar d-sloping straight lines exhibit a. n increasing marginal rate of technical substitution. b. a decreasing marginal rate of technical substitution. c. a constant marginal rate of technical substitution. d. a marginal rate of technical substitution that cannot be determined. 16 The profit maximization firm will choose the least cost combination of factors to produce at any given level of output. (a)True (b) False 17 The production function is useful in deciding on the additional value of employing a variable input in the production process. (a)True (b) False 18 The additional use of an input factor should be stopped when its marginal revenue productivity just equals its price. a)True (b) False 19 The least cost combination of-factors or producer’s equilibrium is now explained with the help of †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. curves and iso costs. a. iso product b. iso process c. Both(a) and (b) d. None of these 20 MRTS stands for†¦Ã¢â‚¬ ¦.. a. Marginal rate of technical stru cture b. Marginal rate of technical substitution c. Both(a) and (b) d. None of these Answers for Self Assessment Questions 1 (d) 2 (d) 3 (c) 6 (a) 7 (c) 8 (a) 11(c) 12(a) 13(c) 16(a) 17(a) 18(a) 4 (b) 9 (a) 14(a) 19(a) 5 (d) 10 (b) 15(c) 20(b) Chapter-10 THEORY OF COST 1 The cost of capital is critically important in finance. a)True (b)False An implicit cost is a. the cost of giving up an alternative b. the cost of a chosen alternative c. calculated by subtracting the monetary cost. d. none of the above 3 The historical cost of an asset refers to the actual cost incurred at the time the asset was acquired. (a)True (b) False 4 An Explicit cost is a business expense accounted cost that can be easily identified such as wage, rent and materials. (a)True (b) False 5 Private is the cost that has to be paid by an individual who is directly involved in the production or consumption of a particular good. a)True (b) False 6 Social cost or external cost is not the cost burden carried by indivi duals who are not directly involved in the production or consumption of that particular good (a)True (b) False 7 Average cost is the sum total of Average variable it and average fixed cost. (a)True (b) False 8 Cost-output relationship facilitates many managerial relationships such as: a. Formulating the standards of operations. b. Formulating the rational policy on plant size. c. Formulating a policy of profit prediction. d. All of these 9 Cost in the short-run can be classified into†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦and variable cost. a. fixed cost b. sset c. both (a) and (b) d. None of these 10 Total fixed costs remained fixed irrespective of increase or decrease in production of activity. (a)True (b) False 11 Marginal costs is the change in total cost resulting from unit change in†¦Ã¢â‚¬ ¦.. a. output b. input c. both(a) and (b) d. None of these 12 The †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. implies that the cost of production continues to be low till the firm reaches the optimum scale (Marginal cost = Av erage cost). a. V-shape b. Q-shape c. U-shape d. All of these 13 Scale economies and returns to scale generally produce a U-shaped long-run average cost curve, such as the one displayed to the right. a) True (b) False 14 __________ is concerned with the branch of economics relating the behavior of principals and their agents. a. Financial management b. Profit maximization c. Agency theory d. Social responsibility 15 A concept that implies that the firm should consider issues such as protecting the consumer, paying fair wages, maintaining fair hiring practices, supporting education, and considering environmental issues. a. Financial management b. Profit maximization c. Agency theory d. Social responsibility 16 Which of the following is not normally a responsibility of the treasurer of the modern corporation but rather the controller? . Budgets and forecasts b. Asset management c. Investment management d. Financing management 17 The __________ decision involves determining the appropr iate make-up of the righthand side of the balance sheet. a. asset management b. financing c. investment d. capital budgeting 18 A long-run is also expressed as a series of short-runs. (a)True (b)False 19 Which of the following are used in calculating opportunity costs? a. monetary costs b. the cost of time c. preference d. all of the above 20 An explicit cost is a. the cost of giving up an alternative b. the cost of a chosen alternative c. alculated by subtracting the monetary cost of an alternative by the time invested d. none of the above Answers for Self Assessment Questions 1 (a) 2 (a) 3 (a) 6 (b) 7 (a) 8 (d) 11(a) 12(c) 13(a) 16(a) 17(b) 18(a) 4 (a) 9 (a) 14(c) 19(d) 5 (a) 10 (a) 15(d) 20(b) Chapter-11 MARKET STRUCTURE, AND PRICING 1 Which of the following cannot be classed as a market structure? a. Oligopoly. b. Perfect competition. c. Communism. d. Monopolistic competition. 2 Income and population are two variables that can be used in ______ segmentation: a. psychographic b. demographic c. lifestyle d. behavioural 3 Strong exchange rates can: a. help stimate consumer purchasing power. b. help predict change in lifestyle across Europe. c. predict the evolution of sales for particular brands. d. drive imports to become cheaper. 4 BERI stands for: a. Business Economic Risk Index. b. Business Economic Rating International. c. Business Education Rating Indicator. d. Business Environment Risk Index. 5 The size and liquidity requirements are based on the minimum invest ability requirements for the MSCI Global Standard Indices. (a) True (b) False 6 Oligopoly is a market structure in which a small number of firms account for the whole industry’s output. (a) True (b) False The number of firms and product differentiation are extremely crucial in determining the nature of competition in a market. (a) True (b) False 8 type of market structure represented by the constant returns to scale (CRS) technology includes a. Monopolistic competition b. Oligopoly c. Duo poly d. Perfect competition 9 In industries in which there are scale economies, the variety of goods that a country can produce is constrained by a. the fixed cost b. the size of the labor force c. the marginal cost d. the size of the market 10 A monopoly firm engaged in international trade but enjoying a protected home market will a. quate marginal costs with foreign marginal revenues. b. equate marginal costs with marginal revenues in both domestic and foreign markets c. equate average costs in local and foreign markets d. none of the above 11 Minimum efficient scale of production in relation to the overall industry output and market requirement sometimes play a major role in shaping the market structure. (a)True (b) False 12 Price and output decisions of firms that want to maximize profits always depend on costs. (a) True (b) False 13 Which of the following is NOT a financial objective of pricing? a. Corporate growth. b. Return on investment. c. Profit maximization. d. None of these 14 Which of the following is NOT a marketing objective? a. Cash flow. b. Positioning. c. Volume sales. d. None of these 15 Setting a price below that of the competition is called: a. Skimming. b. Penetration pricing. c. Competitive pricing. d. None of these 16 Which of the following is NOT a reason for cutting prices? a. Capacity utilisation. b. Increasing profit margins. c. Market defence. d. None of these 17 Which of the following is NOT a reason for increasing prices? a. Cost pressures. b. Price comparison. c. Curbing demand. d. None of these 18 The costs that depend on output in the short run are: a. both total variable costs and total costs. b. total costs only. c. total fixed cost only. d. total variable costs only 19 A firm will shut down in the short run if: a. fixed costs exceed revenues. b. total costs exceed revenues. c. it is suffering a loss. d. variable costs exceed revenues. 20 In the long run, every cost is variable cost. In this period, all costs ever incurred by the firm must be recovered. (a)True (b) False Answers for Self Assessment Questions 1 (c) 2 (b) 3 (d) 6 (a) 7 (a) 8 (d) 11(a) 12(a) 13(a) 16(b) 17(b) 18(a) (d) 9 (d) 14(a) 19(d) 5 (a) 10 (b) 15(b) 20(a) Chapter-12 PERFECT COMPETITION 1. A perfectly competitive firm will maximize profit at the quantity at which the firms marginal revenue equals a. price b. average revenue c. total cost d. marginal cost 2 Which of the following is not a valid option for a perfectly competitive firm? a. Increasing its output. b. Decreasing its output. c. Increasing its price. d. Increasing its resources. 3 In the long run, a perfectly competitive firm will achieve all but which of the following: a. Economic profit b. Allocative Efficiency c. Productive Efficiency d. Normal profit 4 If the price a firm receives for its product is equal to the marginal cost of producing that product, the firm is: a. Always earning an economic profit b. Always productively efficient. c. Always allocatively efficient. d. Always experiencing an economic loss. 5 A firm that is producing at the lowest possible average cost is always: a. Earning an economic profit. b. Productively efficient. c. Dominating the other firms in the market. d. Not producing enough output. 6 Which of the following is the best example of a perfectly competitive market? a. diamonds b. athletic shoes c. soft drinks d. arming 7 Perfect competition is an industry with a. a few firms producing identical goods. b. many firms producing goods that differ somewhat. c. a few firms producing goods that differ somewhat in quality. d. many firms producing identical goods. 8 In a perfectly competitive industry, there are a. many buyers and many sellers. b. many sellers, but there might be only one or two bu yers. c. many buyers, but there might be only one or two sellers. d. one firm that sets the price for the others to follow. 9 In perfect competition, the product of a single firm a. is sold to different customers at different prices. b. as many perfect complements produced by other firms. c. has many perfect substitutes produced by other firms. d. is sold under many differing brand names. 10 In perfect competition, restrictions on entry into an industry a. do not exist. b. apply to labor but not to capital. c. apply to both capital and labor. d. apply to capital but not to labor. 11 Price for a firm under monopolistic competition is ______. a. equal to marginal revenue b. greater than marginal revenue c. less than marginal revenue d. greater than total revenue 12 In the long run, monopolistically competitive firms tend to experience ______. a. high economic profits b. ero economic profits c. negative economic profits d. substantial economic losses 13 Marginal revenue for a monopolis t is ______ a. equal to price b. greater than price c. less than price d. equal to average revenue 14 Perfect competitions describes a market structure whose assumptions are extremely strong and highly unlikely to exist in most real-time and real-world markets. (a)True (b) False 15 Monopolistic competition is a market structure characterized by a large number of relatively small firms. (a)True (b) False 16 A monopolist can sell more of his output only at a lower price and can reduce the sale at a high price. a)True (b) False 17 A monopoly is a market structure in which there is not only one producer/seller for a product. (a)True (b) False 18 A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. (a)True (b) False 19 A perfectly competitive firm faces †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. production alternatives based on a comparison of price, average total cost, and average variable cost. a. four short-run b. three short-run c. five short-run d. All of these 20 A perfectly competitive firm’s marginal cost curve that lies above the †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. of the average variable cost curve is its supply curve. . minimum b. maximum c. both(a) and (b) d. None of these Answers for Self Assessment Questions 1 (d) 2 (c) 3 (a) 6 (d) 7 (d) 8 (a) 11(a) 12(b) 13(a) 16(b) 17(b) 18(a) 4 (c) 9 (c) 14(a) 19(b) 5 (b) 10 (a) 15(a) 20(a) Chapter-13 OLIGOPOLY AND PRICING STRATEGIES 1 A price- and quantity-fixing agreement is known as: a. game theory. b. price leadership. c. collusion. d. price concentration. 2 A group of firms that gets together to make price and output decisions is called: a. a cartel. b. price leadership. c. an oligopoly. d. a concentrated industry 3 Products produced by oligopolistic ? rms are: a. Homogeneous. b. Heterogeneous. . Differentiated. d. Heterogeneous or differentiated. 3 Oligopoly is the only market structure characterized by: a. Interdependence in pricing and output decisions. b. Differentiated products. c. Barriers to entry. d. Pro? t-maximizing behavior. 4 Oligopoly is characterized by all of the following except: a. A few large ? rms. b. Differentiated product. c. Difficult entry into the industry. d. Price competition 5 A major threat to longer term profits exists when barriers to entry into an industry are high. (a)True (b) False 6 Under kinked demand theory the prices of oligopolists are predicted to be rather rigid or sticky. a)True (b) False 7 In contestable markets, large oligopolistic firms end up behaving like: a. a monopoly. b. monopolistically competitive firms. c. a cartel. d. perfectly competitive firms 8 Which of the following types of oligopoly competition would you expect to result in the highest market output, other things equal? a. b. c. d. Stackelberg. Bertrand. Cornet. Collusion 9 The demand curve has a kink at the price which is equal to full cost price. (a) True (b) False 10. An pro? t maximizing, oligopolistic firms produces at an ou tput level where: a. P = ATC. b. MR = MC. c. MR = ATC. d. AVC gt; MR. e. P = MR 11 Cartels are most likely to arise in which of the following market structures? a. Perfect competition. b. Monopolistic Competition. c. Oligopoly. d. Monopoly. 12 A cartel is a formal collusive organization of the oligopoly firms in an industry. (a) True (b) False 13 Needs such as training the group, setting standards and maintaining discipline, and appointing sub-leaders may be called: a. team functions. b. work functions. c. individual functions. d. task functions. 14 The Hall and flitch model of the kinked demand curve is based on an empirical survey of a sample of 38 well managed arms in England. a) True (b) False 15 The model uses the analytical tools of reaction functions of the duopolists derived on the basis of is not profit curves. (a) True (b) False 16 The important models of non-collusive oligopoly are: (a) Cournot model, (b) Kinked Oligopoly demand curve models. (a) True (b) False 17 Which of the following is not an operations strategy? a. response b. low-cost lea dership c. differentiation d. technology 18 Which of the following is not one of the leadership styles identified in House’s pathgoal theory? a. Participative. b. Employee-centered. c. Directive. d. Achievement-oriented. 9 The petroleum industry is an example of a. monopolistic competition. b. pure oligopoly. c. duopoly. d. differentiated oligopoly. 20 The kinked demand curve model assumes that a. firms match price increases, but not price cuts. b. demand is more elastic for price cuts than for price increases. c. changes in marginal cost can never lead to changes in market price. d. None of the above is correct. Answers for Self Assessment Questions 1 (c) 2 (a) 3 (d) 6 (b) 7 (a) 8 (b) 11(b) 12(c) 13(a) 16(a) 17(d) 18(b) 4 (a) 9 (b) 14(a) 19(b) 5 (d) 10 (a) 15(b) 20(d) Chapter-14 PROFIT ANALYSIS 1. A variable cost is a cost that a. varies per unit at every level of activity b. occurs at various times during the year c. varies in total in proportion to changes in the level of activity d. may not be incurred, depending on managements discretion 2. A cost which remains constant per unit at various levels of activity is a a. variable cost b. fixed cost c. mixed cost d. manufacturing cost 3. A fixed cost is a cost which a. varies in total with changes in the level of activity b. remains constant per unit with changes in the level of activity c. varies inversely in total with changes in the level of activity d. emains constant in total with changes in the level of activity 4. Cost behavior analysis is a study of how a firms costs a. relate to competitors costs b. relate to general price level changes c. respond to changes in activity levels within the company d. respond to changes in the gross national product 5. Cost behavior analysis applies to a. retailers b. wholesalers c. manufa cturers d. all entities 6. The relevant range of activity refers to the a. geographical areas where the company plans to operate b. activity level where all costs are curvilinear c. levels of activity over which the company expects to operate d. evel of activity where all costs are constant 7. Which of the following is not a plausible explanation of why variable costs often behave in a curvilinear fashion? a. Labor specialization b. Overtime wages c. Total variable costs are constant within the relevant range d. Availability of quantity discounts 8. Firms operating constantly at 100% capacity a. are common b. are the exception rather than the rule c. have no fixed costs d. have no variable costs 9. Which one of the following is a name for the range over which a company expects to operate? a. Mixed range b. Fixed range c. Variable range d. Relevant range 10 The graph of variable costs that behave in a curvilinear fashion will a. approximate a straight line within the relevant range b. be sharply kinked on both sides of the relevant range c. be downward sloping d. be a stair-step pattern 11. A mixed cost contains a. a variable cost element and a fixed cost element b. both selling and administrative costs c. both retailing and manufacturing costs d. both operating and non-operating costs 12. The variable costing method is also known as the direct costing method indirect costing approach absorption costing method period costing approach 13. The costing approach that charges all manufacturing costs to the product is referred to as a. variable costing b. contribution margin costing c. direct costing d. absorption costing 14. Variable costing is acceptable for a. financial statement purposes b. profit tax purposes c. internal use by management only d. profit tax purposes and for internal use by management 15. CVP analysis does not consider a. level of activity b. fixed cost per unit c. variable cost per unit d. sales mix 16. Which of the following is not an underlying assumption of CVP analysis? a. Changes in activity are the only factors that affect costs b. Cost classifications are reasonably accurate c. Beginning inventory is larger than ending inventory d. Sales mix is constant 17. Which of the following would not be an acceptable way to express contribution margin? a. Sales minus variable costs b. Sales minus unit costs a. b. c. d. c. d. Unit selling price minus unit variable costs Contribution margin per unit divided by unit selling price a. b. c. d. 18. The level of activity at which total revenues equal total costs is the variable point fixed point semi-variable point break-even point 19. The break-even point is where a. otal sales equals total variable costs b. contribution margin equals total fixed costs c. total variable costs equal total fixed costs d. total sales equals total fixed costs 20. Gross profit also includes rent that arises from the entrepreneur’s own land used in his production of output. a. True b. False Answers for Self Assessment Questions 1. (c) 2. (a) 3. (d) 4. (c) 7. (c) 8. (b) 9. (d) 10. (a) 11. (a) 14. (c) 15. (b) 16. (b) 17. (b) 18. (d) 5. (d) 12. (a) 19. (b) 6. (c) 13. (d) 20. (a) Chapter-15 1. There are †¦Ã¢â‚¬ ¦. methods which can be used to appraise any investment project: (a) 1 (b) 2 (c) 3 (d) 4 2. National income is the total of the value of the goods and the services which are produced in an economy. (a) True (b) False 3. Which two of the following are likely to raise the equilibrium value of National Income? (a) Rise in savings. (b) Rise in imports. (c) Rise in government spending. (d) Rise in exports. 4. Which two of the following are excluded when measuring National Income? (a) Value added in the output method. (b) Value of intermediate inputs in the output method. (c) Consumer spending in the expenditure method. (d) Transfer payments in the income method. 5. The return on an investment comes in the form of a stream of earnings in the future. (a) True (b) False 6. Cost-benefit analysis is a process for evaluating the merits of a particular project or course of action in a systematic and rigorous way. (a) True ` (b) False 7. ‘Real’ investment is not (a) the amount that shareholders are willing to provide for shares in a company (b) the cost of development of a new product (c) expenditure on public relations, staff training or research and development (d) expenditure on non-current assets such as plant, machinery, land and buildings 8. Which of the following statements about IRR and NPV is not correct? (a) NPV always gives the correct investment decision. (b) IRR gives an unreliable answer with non-conventional projects. (c) IRR can accommodate changes in the cost of capital. (d) IRR is a useful relative measure if comparing projects of differing sizes. 9. Gross Domestic Product (GDP) is the total market value of all final goods and services currently produced within the domestic territory of a country in a year. (a) True (b) False 10. Which of the following will not be a relevant factor when using the payback method of capital investment appraisal? a) The timing of the first cash inflow (b) The total cash flows generated by the asset (c) The cash flows generated by the asset up to the payback period (d) The cost of the asset 11. Why the payback method is often considered inferior to discounted cash flow in capital investment appraisal? (a) I is more difficult to calculate (b) It does not calculate how long it will take to recoup the money invested (c) It does not take account of the time value of money (d) It only takes into account the future income of a project 12. Gross National Product is the total market value of all final goods and services produced in a year. (a) True (b) False 13. In 2005†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. was the least significant liability of U. S. nonfinancial businesses in terms of total value. (a) bonds and mortgages (b) bank loans (c) inventories (d) trade debt 14. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. are examples of financial intermediaries. (a) Commercial banks (b) Insurance companies (c) Investment companies (d) All of the above 15. Financial assets †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. a) directly contribute to the countrys productive capacity (b) indirectly contribute to the countrys productive capacity (c) contribute to the countrys productive capacity both directly and indirectly (d) do not contribute to the countrys productive capacity either directly or indirectly 16. The means by which individuals hold their claims on real assets in a welldevelopedeconomy are (a) investment assets. (b) depository assets. (c) derivative assets (d) financia l assets 17. Capital budgeting is the process of evaluating and selecting long-term investments that are consistent with the goal of the firm. a) True (b) False 18. Although derivatives can be used as speculative instruments, businesses most often use them to (a) attract customers. (b) appease stockholders. (c) offset debt. (d) hedge 19. The investment in fixed assets increases the fixed cost of the firm which must be recovered from the benefit of the same project. (a)True (b) False 20. National Income is defined as the sum total of all the goods and services produced in a country, in a particular period of time. (a) True (b) False Answer 1. (c) 2. (a) 3. (c) 4. (b) 5. (a) 6. (a) 7. (a) 8. (c) 9. (a) 10. (b) 11. (c) 12. (a) 13. (b) 14. (d) 15. b) 16. (d) 17. (a) 18. (d) 19. (a) 20. (a) Chapter-16 1. In period of inflation, phantom or paper profits may be reports as a result of using the: (a) FIFO costing assumption (b) Perpetual inventory method (c) LIDO costing assumption (d) Perio dic inventory method 2. Inflation is: (a) an increase in the overall price level. (b) an increase in the overall level of economic activity. (c) a decrease in the overall level of economic activity. (d) a decrease in the overall price level. 3. Aggregate supply is the total amount: (a) produced by the government. (b) of goods and services produced in an economy. c) of labour supplied by all households. (d) of products produced by a given industry. 4. The value of a dollar does not stay constant when there is inflation. (a) True (b) False 5. The inflation rate in India was recorded at 7. 23% in†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ (a) April of 2009 (b) April of 2010 (c) April of 2011 (d) April of 2012 6. The function of money that helps assess the opportunity cost of an activity is moneys use as a (a) medium of exchange. (b) store of value. (c) unit of account. (d) store of debt. 7. An official measure of money in the United States is M1, which consists of the sum of (a) currency plus travelers checks. b) currency plus checkable deposits. (c) currency plus travelers checks plus checkable deposits. (d) currency plus travelers checks plus time deposits. 8. Implies no trade-off between unemployment and inflation. (a) GDP deflator (b) Shoe leather’ costs (c) Long-run Phillips curve (d) ‘Menu’ costs 9. The inflation rate is used to calculate the real interest rate, as well as real increases in wages. (a) True (b) False 10†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ the quantity of money in the United States. (a) The State Department controls (b) The Department of Treasury controls (c) The Federal Reserve System controls (d) Commercial banks control 11. There are broadly †¦.. ways of controlling inflation in an economy. (a) 2 (b) 3 (c) 4 (d) 5 12. The balance of payments of a country is said to be in equilibrium when the demand for foreign exchange in exactly equivalent to the supply of it. (a) True (b) False 13. A general decline in prices is often caused by a reduction in the supply of†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. (a) money or debit (b) money or credit (c) money (d) None of these 14. The opportunity cost of holding money is the (a) inflation rate minus the nominal interest rate. (b) nominal interest rate. (c) real interest rate. (d) unemployment rate. 15. If the Fed is worried about inflation and wants to raise the interest rate, it (a) increases the demand for money. (b) increases the supply of money. (c) decreases the demand for money. (d) decreases the supply of money. 16. The circular flow of goods and incomes shows the relationship between: (a) income and money. (b) goods and services. (c) firms and households. (d) wages and salaries. 17. Fiscal measures to control inflation include taxation, government expenditure and public borrowings. (a) True (b) False 18. Hyperinflation (a) occurs in the United States during each business cycle. b) occurs only in theory, never in reality. (c) has never occurred in the United States. (d) happens in all countries at some time during their business cycle. 19. Hyperinflation refers to a situation where the prices rise at an alarming high rate. (a) True (b) False 20. The inflation rate is used to calculate the real interest rate, as well as real increases in wages. (a)True (b) False Answer 1. (b) 2. (a) 3. (b) 4. (a) 11. (a) 12. (a) 13. (b) 14. (c) 5. (d) 6. (c) 15. (d) 16. (c) 7. (c) 8. (c) 17. (a) 18. (c) 9. (a) 10. (c) 19. (a) 20. (a)

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  Ã‚  Ã‚  Ã‚  Ã‚  Obesity is a disease that affects nearly one-third of the adult American population, or approximately 60 million Americans. The number of overweight and obese Americans has continued to increase since 1960, a trend that shows no sign of subsidence. Today, 64.5 percent, or about 127 million adult Americans are categorized as being overweight or obese. Each year, obesity causes at least 300,000 excess deaths in the U.S., and healthcare costs of American adults with obesity amount to approximately $100 billion. Obesity is characterized by increased body weight and is caused by the excessive accumulation of fat. By taking in more calories than are burned on a daily basis, the excess is then stored in your body as fat. Doctors and scientists generally agree that men with more than 25 percent of body fat and women with more than 30 percent of body fat are considered to be overweight. However, it is difficult to measure body fat precisely. The body mass index (BMI) has b ecome the most common method used in medical standard today. Among several factors such as diet and exercise, there are five main causes that contribute to the growing number of obese people in America: environmental factors, psychological factors, genetic or hereditary factors, underlying physical factors, and medication factors.   Ã‚  Ã‚  Ã‚  Ã‚  Our environment plays a huge part in many cases of obesity. Environmental factors include lifestyle behaviors such as what and how much a person eats and how active they ten...

Amish Clash of Cultures Essay

The Amish in America – Clash of cultures Amish look like they stepped out of the rural 19th Century. Some 200,000 Amish people live in above 20 US states and in the Canadian region of Ontario and also in different parts of the world like Australia. The Amish are the most traditional and religious Old Order groups, people ride horses and buggies rather than cars and have no telephones or electricity in their homes. Amish believe that the community is at the heart of their life and faith, and that the way to salvation is to live as a loving community apart from the world. Witness is a 1985 American thriller film directed by Peter Weir and starring Harrison Ford and Kelly McGillis. The screenplay by William Kelley, Pamela Wallace, and Earl W. Wallace focuses on a detective protecting a young Amish boy who becomes the target of a ruthless killer after he witnesses a murder in Philadelphia. The film is mainly about clashing of two ideologies. These ideologies are those of the Amish, and of the modern English as the Amish ideals are in direct contrast to the American consumerist ideas. The two worlds come together when Book drives Rachel to her father in Eli’s house. There are many scenes that highlight the clash of cultures starting with the first scene in which Samuel and Rachel are in their stock black Amish clothes, at the train station. They stand out since they aren’t wearing bright clothing like everyone else. Costume is an important film technique, as it shows the contrast between Amish and the English. The costume is also clear in the scene in where Book is wearing Amish clothes, which are Rachel’s dead husbands clothes, and Book says, â€Å"How do I look? † and Rachel responds by saying â€Å"You look plain†. This is seen as a compliment, and her accepting him, also him accepting the way of the Amish. A key scene where book gives back the gun to Rachel after taking it from her shows the clash of the cultures and book trying to fit in with the Amish. This scene is important since book is trying to accept the Amish culture. It is further shown in the diner scene, where Samuel and Rachel are wearing their plain clothes, and doing grace in the city. Sam and Rachel stare at book as he eats his food without saying grace furthermore he is the man so he should say it. Book is not used to these morals so this shows the culture clash between them. The scene ends by Rachel saying grace then eating their food. Another key scene is the scene in which Eli, Rachel, Samuel and also Book are sitting on the dinner table in Amish land, Book picks up his cup of coffee takes a sip and says â€Å"honey that’s great coffee† they all gaze at him and he then says â€Å"it’s a joke.. on television†. He realizes that they don’t watch TV and there you can see the culture clash. The scenes where the car is in the farm shows the culture clash between the English and the Amish since they don’t use cars or any technology. Also the part when Rachel is dancing with Book in the barn since she is not allowed to dance with strangers or use the technology. A major scene is the tourist scene in this Book witness’s one of the Amish people getting picked on by the tourists in which he gets ice-cream put all over his face. Eli who is sitting beside Book in a different buggy then the other Amish says â€Å"this is not our way† Book replies â€Å"but it is my way†. Book gets out and beats up the tourist. This scene demonstrates the clash of cultures. The biggest issue that highlights the clash of cultures is the relationship between Rachel Lapp and John Book. They are very different people. Rachel refuses to accept the violence that now surrounds her because of the murder and Book, and she blames Book, saying â€Å"I just don’t like my son spending all this time with a man who carries a gun and goes around whacking people†. Their relationship develops through the movie, and she is torn between her feelings for Book, who is dangerous, and different to what she is used to, and her responsibility to the Amish rules, her family and the church.

Examination of Clinical Psychology

Examination of Clinical Psychology Kristina England PSY/480 Tara Thompson University of Phoenix Clinical psychology focuses on the â€Å"assessment, treatment, and understanding of psychological and behavioral problems and disorders; in fact, clinical psychology focuses its efforts on the ways in which the human psyche interacts with physical, emotional, and social aspects of health and dysfunction† (Plante, 2011, P. 5). This paper will examine the field of clinical psychology.This paper will provide a brief overview of the history and evolving nature of clinical psychology, explain the role of research and statistics in clinical psychology, and last discuss the differences between clinical psychology and other mental health professions, including social work, psychiatry, and social psychology. Throughout the course of history, there have been many events that have laid the foundation for the development of clinical psychology; each era holding a different view and providing n ew perspective and insight as explanation.The ancient Greeks believed the Gods â€Å"were the cause of both health and illness and that the mind and body were closely interconnected† (Plante, 2011, P. 46). Moving into the Middle Ages followed the same concept of the relationship between health, illness, body, and mind; however, it was spiritual beings such as demons, sin, and witches that caused disease and insanity. The Renaissance brought new discoveries, beliefs, and insight to the table; decreasing the beliefs that the cause of disease and insanity were the result of supernatural beings or religious views.Discoveries in medicine provided information in biomedical reductionism. It was suggested that â€Å"disease and mental illness could be understood through scientific observation and experimentation rather than beliefs about the mind and soul† (Plante, 2011, P. 46). Moving forward to Freud’s time, Sigmund Freud along with his colleagues brought the notion o f the connection between the mind and body to resurface; as Freud demonstrated the â€Å"connection between unconscious conflicts and emotional influences capable of bringing forth disease† (Brown, 1940).Freud’s views of the connection between the mind and body gave an opening for the beliefs of the Greeks to reemerge; allowing a more holistic view of health to be considered as an acceptable answer regarding emotional life, and one’s health, illness, and behavior. Psychology was first established when Wilhelm Wundt developed the first psychology laboratory at the University of Leipzig, Germany in 1879 and published the first classic psychology text in 1890 titled Principles of Psychology. The American Psychological Association (APA) was established in 1892 with G.Stanley Hall as its president and led into the creation of clinical psychology. Clinical psychology was formed not as a result of agreement of the APA, but rather in spite of it as many clinicians felt lack of support and concern for the clinical aspect of psychology. As a result more focus began to take place in clinical psychology and in 1896 the first psychological clinic was opened at the University of Pennsylvania by Lightner Witmer and a future for the need and purpose of clinical psychology.The evolving nature of clinical psychology holds much in store as advancements in technology and communication fields continue to rise. There are many events that have contributed to the ever-changing and evolving nature of clinical psychology; one event in particular that significantly impacted clinical psychology is the changes made by the APA. The changes made in the publications and the revisions of the DSM, particularly regarding the ethical standards (Plante, 2011). The field of clinical psychology will continue to change with new methods and cost efficient ways reaching to expand and redefine quality mental health care.Research and statistics are a fundamental part of clinical psy chology and are, in essence, the very foundation of which it is built. Research is used to help answer questions regarding diagnosis, treatment, and human behavior as well as when investigating research questions; particularly in cases involving new, rare, or unusual phenomenon. Generally, the primary goal of research in clinical psychology is to â€Å"acquire knowledge about human behavior and use this knowledge to help improve the lives of others. Clinical psychologists use the scientific method in conducting their research activities† (Plante, 2011, P. 06); the scientific method is a way to ask and answer questions through making observations and performing experiments. The steps to the scientific method include asking a question, doing background research, constructing a hypothesis, perform an experiment to test hypothesis, analyze data, and draw a conclusion, and finally communicate the results (â€Å"Science Buddies,†Ã‚  2002). Statistics in clinical psychology a re applied to research and is used to determine whether the findings are valid and reliable so that they can be modified to accommodate, or remain the same.The differences between clinical psychology and other mental health professions can include length of education and training, point of focus, and location, or setting, of the work environment. Social workers typically hold a bachelor’s degree in social science, such as psychology or sociology, and subsequently enter a two-year graduate program to attain a master’s degree in social work; followed by two years supervised clinical experience to become licensed as a Clinical Social Worker (Plante, 2011, P. 25). Unlike with psychology, social work holds less emphasis on training in research.Psychiatrists are â€Å"physicians who earn a medical degree (MD) and complete residency training in psychiatry† (Plante, 2011, P. 24). Generally, psychiatrists receive a bachelor’s degree in premedical related fields su ch as biology or chemistry; followed by four years of medical school to obtain a MD degree. Prior to residency, a one year clinical internship is completed; however, unlike a clinical psychology internship, medical internships focus on medical training, and the residency is more so aimed to psychotherapy.Social psychology is â€Å"the scientific study of how people think about, influence, and relate to one another; studying how individuals are affected by social interactions with groups and relationships† (Kinderman, 2009). Unlike clinical psychologists, social psychologists do not treat individuals suffering from mental or emotional issues; but rather observe how individuals influence one another’s behavior and attitude both individually and in group settings. According to the APA, clinical psychology â€Å"attempts to use the principles of sychology to better understand, predict, and alleviate intellectual, emotional, biological, psychological, social, and behaviora l aspects of human functioning† (APA, 2009a, as cited in, Plante, 2011, P. 5). This paper has examined the field of clinical psychology. This paper has discussed the history and evolving nature of clinical psychology, explained the role of research and statistics in clinical psychology, and last discussed the differences between clinical psychology and other mental health professions, including social work, psychiatry, and social psychology.References Brown, J. F. (1940). Freud’s contribution to psychology, American Journal of Orthopsychiatry, 10(4), 866-868. Doi: 10. 1111/j. 1939-0025. 1940. tb05757. x Kinderman, P. (2009). The future of psychology: a view from outside. Counseling Psychology Review, 24(1), 16-21. Plante, T. G. (2011). Contemporary clinical psychology. Hoboken, NJ: John Wiley & Sons. Science Buddies. (2002). Retrieved from http://www. sciencebuddies. org/science-fair-projects/project_scientific_method. shtml

Slavery from 1607-1775 essays

Slavery from 1607-1775 essays Between the years of 1607-1775, slavery in the southern colonies underwent tremendous growth. Clearly, there were three main factors which influenced its rapid increase in prevalence in these agricultural colonies. The original reason for the institution of slavery was primarily based upon economic reasons. White plantation owners needed a replacement for the indentured servants, who were rapidly becoming quite inconvenient. Closely tied to the economic reasons were the social motives of white plantation owners for African slaves. African slaves were already somewhat weathered in their homeland. Once in the New World, the social ties of the blacks actually aided in their population growth. Lastly, geographic reasons, such as the triangle trade, and simple cross-Atlantic voyage made African slavery a viable option. In 1619, the first slaves made the torturous journey across the Atlantic from their homes on the coast of Africa to an unknown land; Jamestown, Virginia. This infamous year marked the start of three centuries of inhumane slave trading, on a three-part route known as the triangular trade. The primary reason for the importation of African slaves was due to the growing disadvantages of white indentured servants from Britain. For around fifty years, the slave population remained relatively insignificant in the British colonies. Drastic change occurred following Bacons Rebellion in 1676. This rebellion, led by Nathaniel Bacon, was comprised of a group of one thousand Virginians who rebelled against their governor, William Berkeley. Although eventually suppressed, this uprising caused great physical damage to Virginia. Far worse, however, was the psychological damage it left with the plantation owners in the colony. Due to Bacons Rebellion, wealthy plantation owners began to sea rch for a new group of workers who could do the same job without the revolts. In the ensuing decade, rising wages in Englan...

A New World Not So Far Away Essays - Boston Theater District

A New World Not So Far Away Essays - Boston Theater District A New World Not So Far Away A New World Not So Far Away There are a lot of differences between the American and Chinese culture and values. Aspects such as philosophy, family values, time management, individuality, and religion are just some modern examples of the many differences between these two major industrial countries. However, one does not have to come from China to experience just how different and influential these cultures are. Throughout most of my childhood, I have been predominantly exposed to nothing but the Chinese culture. When my parents first immigrated to the United States from Canton, China, they rented a small apartment located right in the heart of Chinatown. Chinatown was my home, the place where I met all my friends, and the place where Id thought Id never leave. I spoke only Cantonese, both to my friends and to my parents. I was pretty much secluded from the outside world because I never left Chinatown, for I felt this was my home. However, my parents felt differently. They wanted me to adapt the American culture. By being more Americanized, they felt that life would be better and that my sister and I would be more accepted. For that reason, my family and I made the big move to the Sunset District ten years ago. A big move my parents hoped would be a quick assimilation into the mainstream the American culture- an assimilation that would ultimately change my values and my perceptions of my cultural background. When I moved from Chinatown to the Sunset District, I was completely amazed at how different it was compared to Chinatown. There was considerably less traffic and noise on the streets than in Chinatown. I remember, I would have to push my way to get through streets when I was in Chinatown. Another difference that I noticed was that all the children on my block were Caucasian, whereas in Chinatown I associated with predominantly Asian.. My home in Chinatown was an old Victorian apartment with a ceiling that was at least 15 feet high. I used to string my toy plane from the ceiling and let it fly circles propelled by a mini-fan attached to the back of the plane. It was a thrill to see the plane fly enormous circles. An old radiator located in the living room heated the apartment every winter. On cold winter nights, our family would gather inside that one warm room, since it was the only heated room, and just sit there with our blankets doing our daily chores and studies. My new home is quite modern, has central heating, and a much lower ceiling. This place was definitely different. How would I fit in? When I arrived at my new home, I was quickly plunged into the process of assimilation. My parents enrolled me into St. Annes, a Catholic school that consisted mostly of Caucasian. Although I am a quick learner, it was especially hard for me because I had to learn English. I did whatever I could to blend in. I bought cafeteria food and ate American lunches like bologna sandwiches and peanut butter and jelly. Most of my friends were Caucasian, and I joined clubs associated with Caucasians. I tried hard to fit in so that I would be accepted. I did whatever my friends did. I begged my parents to buy me trendy clothing and designer labels. The haircut I had was also very similar to that of my friends. I spoke like them and adopted their ways. I wanted no longer to be Asian. I hated that part of me. I just wanted to be American. I hoped that by doing everything they did and following their ways, I would be accepted despite the fact that I wasnt white. It was not until fifth grade that I began to grow more aware of my changed behavior. A new student, Bradford Chin, was enrolled into my class. Bradford reminded me of myself when I first came- conservative, traditional, and very studious. Not knowing any better, I felt somewhat embarrassed around him. I believed that his appearance would be a reminder to everyone of the person I was before. Because of this I ignored and avoided him as often as I could. One day, I was eating lunch with my friends and I glanced over

Learn How to Say I Love You in Japanese

Learn How to Say I Love You in Japanese One of the most popular phrases in any language is probably I love you. There are many ways to say, I love you, in Japanese, but the expression has slightly different cultural meanings than it does in Western nations like the U.S.   In Kansai-ben, a regional dialect spoken in south-central Japan, the phrase suki  yanen is used for I love you. This colloquial phrase has become so popular that its even used as the name of an instant noodle soup. Saying I Love You In Japanese, the word love is ai, which is written like this: æ„›. The verb to love is aisuru (愛㠁™ã‚‹). A literal translation of the phrase I love you in Japanese would be aishite imasu. Written out, it would look like this: 愛㠁â€"㠁 ¦Ã£ â€žÃ£  ¾Ã£ â„¢. In conversation, youre more likely to use the gender-neutral word aishiteru (愛㠁â€"㠁 ¦Ã£â€šâ€¹). If you wanted to express your affection for a man, you would say, aishiteru yo (愛㠁â€"㠁 ¦Ã£â€šâ€¹Ã£â€šË†). If you wanted to say the same thing to a woman, youd say, aishiteru wa (愛㠁â€"㠁 ¦Ã£â€šâ€¹Ã£â€š ). Yo and wa at the end of a sentence are sentence-ending particles.   Love Versus Like However, the Japanese dont say, I love you, as often as people in the West do, mainly because of cultural differences. Instead, love is expressed by manners or gestures. When the Japanese do put their feelings into words, theyre more likely to use the phrase suki desu (Ã¥ ¥ ½Ã£  Ã£  §Ã£ â„¢), which literally means to like. The gender-neutral phrase suki da (Ã¥ ¥ ½Ã£  Ã£   ), the masculine suki dayo (Ã¥ ¥ ½Ã£  Ã£   Ã£â€šË†), or feminine suki yo (Ã¥ ¥ ½Ã£  Ã£â€šË†) are more colloquial expressions.  If you like somebody or something very much, the word dai (literally, big) can be added as the prefix, and you can say daisuki  desu (Ã¥ ¤ §Ã¥ ¥ ½Ã£  Ã£  §Ã£ â„¢). Variations on I Love You in Japanese There are many variations on this phrase, including regional dialects or hogen. If you were in the south-central part of Japan surrounding the city of Osaka, for example, youd probably be speaking in Kansai-ben, the regional dialect. In Kansai-ben, you would use the phrase suki yanen (written as Ã¥ ¥ ½Ã£  Ã£â€šâ€žÃ£  ­Ã£â€šâ€œ) to say, I love you, in Japanese. This colloquial phrase has become so popular in Japan that its even used as the name of an instant noodle soup. Another word to describe love is koi (æ â€¹). The primary difference between using the word koi instead of ai is that the former is typically used to express romantic love for one person, while the latter is a more general form of love. However, the differences can be subtle, and there are many more ways to say I love you in Japanese if you want to be particularly eloquent.

Reflective Report Reassessment Essay Example | Topics and Well Written Essays - 1500 words

Reflective Report Reassessment - Essay Example I found it difficult dedicating reasonable amount of time doing the module because I was engaged in other additional activities. They tended to take much of my time leaving very little to read the module. Secondly, I failed because I was working on the project that also had a definite period and requirements. I was unable to balance the project by doing it and at the same time reading the module and doing the reflective report. Thirdly, examination contributed to my failure in the module because I was preparing for it. Examination is one of the core activities that a student is expected to do while in school and I gave it a priority at the expense of the module. It contributed to my failure. One of The three things I could have done better is time management through developing a timetable for all my activities. Secondly, I could have read the module by dedicating time and sobering up. Thirdly, I could have consulted the tutor. This is so because it could have eased my understanding of the module to stop the failure I encountered. Tutors play a vital role in helping students overcome their reading difficulties and weaknesses. It is my wish and of any student in the school to have a proper understanding of the module as well as to graduate within the time frame of the course. However, many fail to achieve the dream because of unpreparedness and failing of examinations. One of the ways of overcoming all these is by developing a better way of understanding the module or subject. Understanding the subject enables a student to familiarize himself or herself with the concepts as well as the contents. Hence, it becomes easy for one when tackling examination or talking about the subject since facts are in the finger. International relation is one of the subjects in political science that keeps on changing every day hence the need to update oneself with latest information. One of the learning activities I plan to embark on

High Fashion Styling Research Paper Example | Topics and Well Written Essays - 4250 words

High Fashion Styling - Research Paper Example The essay "High Fashion Styling" discusses How to Become an A class Stylist. Aspiring stylists should be ready to face obstacles in firmly establishing careers. Specifically, this paper delves on the aspects of becoming an excellent stylist in high fashion. High Fashion is otherwise known as haute couture which is French for high sewing. It is also synonymous with high style which encompasses the most current when it comes to design. This kind of style is most often purported for exclusive clienteles. It also normally refers to rare and exclusive apparels. More importantly, the design is inimitable because of its price. Haute couture products are distinctive since they are financially difficult to access. Hence, the stylist should utilize high-quality fabrics. He must also design apparels with utmost taste, substantial amount of time, and meticulous expertise. Stylists were not so popular years ago. There was a time when they were quite ignored in the society. They were only known in the confines of the small fashion industries. The avenues of their recognition were only behind magazines and photo shoots. Charles Frederick Worth is known as the father of haute couture. He revolutionized the conventional styles and earned a mark in France’s fashion market. The term high fashion has been known to be first used in 1804. At this era, women’s dresses shifted to high-waisted designs which did not require the customary corset. Essentially, high fashion stemmed from Paris. This movement spawned other stylists. across time and cultures. As a Career â€Å"There are no hard and fast rules to beginning your styling career† (McAssey, & Buckley, p.17). The truth is, some of the most famous stylists did not actually have any formal training. On the other hand, there are also those who have spent many years in different colleges, internships, and academies. The point is one should look into all of the aspects that can help in advancing his status in the fa shion world. Though what you know is usually important in doing well, who you know matters greatly. Since the bigger part of the profession thrives on freelance, it is quite vital to have connections. Concerning compensation, the average alters depending on the kind of market. For example, in large scale promotions, stylists get paid from $400 up to $800 in one day (Lawson, 2012). Certainly, this kind of reward is an inspiration to many hopefuls. Experts’ salaries may get higher with appropriate certifications. The Association of Image Consultants Seminar is one of the organizations that guarantee a stylist’s proficiency. During shoots and productions, stylists function at their highest. They need to supervise every aspect concerning accessories, collection of garbs, and executing last-minute changes. They also need to take into deliberation the effect of lighting, cosmetics, and the model’s features. One of the stylist’s reputable jobs is to be in charge of dealing with sudden mishaps such as ripped clothes and unmatched sizes. Hence, this profession requires ingenuity and resourcefulness among many others. As compared to other fields, this kind of occupation entails keenness to details. Though it largely sounds glitzy, a wide array of events can make you get harried and crazily occupied. For example, it has to be made sure that the schedules of the clothes being bought or tailored are in exact order. It has also to be made certain that the apparels borrowed are in meticulously good shape before returning. In this career, a

Trade Domestic Research Paper Example | Topics and Well Written Essays - 2000 words

Trade Domestic - Research Paper Example s, examining them within their current context, and extrapolating them with respect to additional literature and the means through which these themes have an impact upon economics and trade, a cursory overview and analysis of these articles will be provided. This summary review will serve as a means of providing the reader with an effective baseline of knowledge that they can then leverage to understand and engage the themes which will be discussed at further length within the preceding pages. The first article, entitled â€Å"Access to Protection: Domestic Institutions and Trade Policy in Democracies†, provides a baseline of understanding with respect to promoting the realization that protection of certain aspects of the economy is a role in which individuals, states, and institutions are intrinsically interested in accomplishing. The underlying rationale that can of course be given for this is with respect to the fact that freely competing within the open market, with any particular economic good, represents a situation in which the undercutting power of competition could easily see profit margins decreased or if that operate entirely. As such, the authors place a great deal of emphasis with regards to understanding the role in which parties in governance, districts within an electorate, the nature of the vote, and other such institutions impact upon protection. Further, the ultimate hypothesis, which is eventually proven, has to do with the fact that once these factors are ultimately controlled for, they are no longer exhibited as having a profound impact with respect to trade policy. Beyond merely coming to a further realization with respect to the impact of protection of economic goods or services, and an analysis of the intervening macro economic theory that helps to define these, the article is also able to give a fairly accurate baseline with relation to the precursors of protection and â€Å"protectionism†. Understanding these precursors is of course a

Is it worth investing in a pension (UK context) Dissertation

Is it worth investing in a pension (UK context) - Dissertation Example (Nader, 1991). As such, the overall importance of investing into pensions is critical from the point of view of maintaining a certain level of life style. It also ensures that the individuals have the sufficient funds apart from the State related benefits to maintain a very decent life style. (Lluberas, 2007). This is also evident from the fact that the overall pension funding gap is increasing rapidly every year and individuals require up to ?10,000 every year to fill that pension gap and the overall gap will be over ?300 billion per year.1 Trends also suggest that as the population ages, the overall ratio of people working to support the State Pension will decrease from 3.32 in 2001 to 2.44 in 2060. This decline in the overall number suggests that more and more people will be on the State Pension and as such the overall benefits may continue to decline due to the increasing pressure on the government to pay off State Pension to such large number of people every year. (Bonoli & Shin kawa, 2005) It is however, important to note that the different studies have suggested that the pension funds in which individuals invest for their pensions may not be performing well. Though most of the pension funds in UK achieved positive returns in 2010 however, considering the long term nature of such investments, it may be relatively arbitrary to conclude that the pension funds can provide sufficient and desired returns to ensure that the investors (individuals) will have sufficient pensions to live a comfortable retirement life. (Blake,2000) The choice of this topic has been mostly based on the assumptions that as the number of people grow and rely more on the State Pension, their overall standards of living may decline sharply when they are in the retirement age. Such sharp decline in the standards of living therefore requires that the people must consider investing into the Pensions from the days when they are earning higher amounts every year. (Cohen, 1981). A gradual cont ribution of the certain sum of money every year can help individuals to become more self sufficient in their retirement age. However, given the fact that the overall performance of the pension funds has not been up to the mark in recent times, a natural question arises as to whether it is rational to invest into pension funds? Could they provide the desired returns to the individuals when they are in retirement so that they can live a more comfortable life? Considering the above situation, the logical question also arises as to whether it is good to invest into pension funds? Can pension funds provide the desired level of returns over the period of time to ensure that they meet the objectives of the pension holders? The basic aim of this paper therefore is to explore and analyze the question of whether it is good to invest in pensions with special reference to UK market. This research project will also attempt to explore the question of whether the tax saving benefits can help the p ension industry, are there any factors which provide the incentive to save for the pensions considering the factors such as job mobility, with the stretching of the pension age by the government, what effect this could have on the overall planning for the retirement life of the

Teamwork. Organization Structure and Design, and Organisation Culture Essay

Teamwork. Organization Structure and Design, and Organisation Culture - Essay Example 3). Employees have a lot of impact on the tendency of an organization to be innovative and competitive (Bakker and Schaufeli, 2009, p. 147) which imparts need for the leaders to keep the employees motivated. Different organizations have different strategies of developing teamwork and also have different organization structures and designs, and organizational cultures. Factors that control these elements include but are not limited to the nature and scope of business, and the socioeconomic and political conditions prevalent in the areas where the business is established. There is no hard and fast rule which can be applied to all organizations. While there are numerous theories of teamwork, organization structure and design, and organizational culture, yet they have to be customized to suit the individualistic needs of different organizations. This paper draws a comparison and contrast between the teamwork, organization structure and design, and organizational culture of two organizati ons; Biogenia and Sleepeasy. Comparison of approaches to teamwork and teamworking Teamwork is the work accomplished by interdependent employees in a group to achieve a goal of mutual concern (Parker and Wall, 1998). Teamwork encourages employees to collaborate with one another (Salas and Gelfand, 2012) and allows employees to be more included in the decision-making process (Mat and Razak, n.d., p. 218). Teamwork is essential to the success of both non-profit and profit-oriented organizations (Rapur and Rapur, n.d.). â€Å"As â€Å"no man is an island,† the positive effects of productive teamwork can energize an entire organization, just as the negative effects of a lack of teamwork can cripple an organization† (Slechta, n.d.). Biogenia places a lot of emphasis on the development of teamwork among the employees. This is achieved by interchanging their roles which is an essential component of teamwork (Griffin, Patterson, and West, 2001, p. 537; Tannenbaum et al, 1996). This has a two-way effect on the employees that increases their tendency to be better team members. Firstly, every employee gets an opportunity to work in a different position for some time during which, the employee gains exposure to the job responsibilities associated with that position so that whenever required, other employees can be invited to do certain tasks that are different from the tasks they normally do in their respective positions. This provides Biogenia to incorporate multi-tasking in its employees which in the long run is in the best interest of Biogenia as well as its employees as they would be equipped with diverse experiences. â€Å"Moving to multi-skilled teams will alter the range and style of working† (Acas, n.d.). Secondly, when an employee gets to work in some other position for some time, it enables that employee to gain an insight into the potential issues and challenges encountered by the employee who regularly serves in that position. This not only increases the employees’ knowledge of the challenges faced by all departments of the organization, but also increases their tendency to cooperate with employees from other departments in the hour of need as they know that the cause is genuine as they personally had had an opportunity to experience the issues while they served in other departments for some time. â€Å"To perform the task better, individuals depend on knowledge from other units or departments†