Ch 1 OpenStax Homework

A  $205

B  $125

C  $175

D  $80

E  $30

A  a tire repair kit and extra air filters for the lawn mower

B  the new pair of shoes he had to buy because he accidentally ran over a pair with his mower

C  a trip to the lawn mower repair shop to get his machines blade sharpened

D  the gas can he had to buy so his mower wouldn’t run out of gas while he mowed Mr. Johnson’s five-yard pasture

E  the $10 tip Mrs. Pierre gave him for doing such a fine job of mowing her yard

A  Retained earnings

B  Working capital

C  Profit

D  Net sales

E  A dividend

A  determined by the money left over after all expenses are paid

B  higher for less developed countries like Angola, Bangladesh, and Ceylon than it is for the U.S.

C  measured by subtracting the supply of goods and services from the demand for goods and services

D  the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time

E  measured by the output of goods and services people can buy with the money they have

A  it has a positive balance of trade

B  it attracts risk-aversive entrepreneurs

C  it has higher wages than the U.S.

D  it has a negative balance of trade

E  its citizens cannot afford to buy much

A  determined by the money left over after all expenses are paid

B  measured by subtracting the supply of goods and services from the demand for goods and services

C  higher for less developed countries like Angola, Bangladesh, and Ceylon than it is for the U.S.

D  the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time

E  measured by the output of goods and services people can buy with the money they have

A  Malaysia

B  Nigeria

C  the United States

D  Bolivia

E  Guatemala

A  standard of living

B  consumer productivity

C  quality of life

D  total consumption rate

E  input per person

A  A good costs more to market than a service

B  A service is tangible, and a good is intangible.

C  The development costs for a service is higher than for a product.

D  A good is tangible, and a service is intangible.

E  A good costs more to produce than a service.

A  wedding dress

B  white linen table clothes

C  silk flower bouquets

D  book on wedding etiquette

E  the advice of a wedding planner

A  movie theater

B  hair salon

C  hotel

D  accounting firm

E  bicycle manufacturer

A  a mattress manufacturer

B  a pecan grower

C  a wheat farmer

D  a used book store

E  a law office

A  the life guarding class you took last summer

B  the airplane flight you took to attend a funeral

C  the driving lessons you took

D  the birthday candles you purchased to go on your sister’s birthday cake

E  the physical examination you received from your doctor

A  the grill on which you cook steak

B  the license tags you purchased for your car

C  the pleasure you derive from seeing a good play

D  the hamburger you bought for lunch

E  the gallon of milk you purchased at the convenience store

A  Ford Motor Company

B  All of the answers are correct.

C  Wal-Mart

D  Jack & Jill, a specialty clothing store for young children

E  Lawson & Tyler law offices

A  True

B  False

A  False

B  True

A  False

B  True

A  True

B  False

A  True

B  False