Ch 1 OpenStax Homework

A  $30

B  $80

C  $175

D  $205

E  $125

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

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

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

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

E  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

A  Profit

B  Retained earnings

C  Net sales

D  A dividend

E  Working capital

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

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

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

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

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

A  its citizens cannot afford to buy much

B  it has a negative balance of trade

C  it has a positive balance of trade

D  it has higher wages than the U.S.

E  it attracts risk-aversive entrepreneurs

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

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

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

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

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

A  Nigeria

B  Malaysia

C  the United States

D  Bolivia

E  Guatemala

A  quality of life

B  total consumption rate

C  input per person

D  standard of living

E  consumer productivity

A  A good costs more to market than a service

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

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

D  A good costs more to produce than a service.

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

A  silk flower bouquets

B  the advice of a wedding planner

C  book on wedding etiquette

D  wedding dress

E  white linen table clothes

A  movie theater

B  hotel

C  hair salon

D  bicycle manufacturer

E  accounting firm

A  a wheat farmer

B  a mattress manufacturer

C  a used book store

D  a law office

E  a pecan grower

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

B  the life guarding class you took last summer

C  the airplane flight you took to attend a funeral

D  the physical examination you received from your doctor

E  the driving lessons you took

A  the gallon of milk you purchased at the convenience store

B  the pleasure you derive from seeing a good play

C  the hamburger you bought for lunch

D  the license tags you purchased for your car

E  the grill on which you cook steak

A  Ford Motor Company

B  Lawson & Tyler law offices

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

D  Wal-Mart

E  All of the answers are correct.

A  False

B  True

A  True

B  False

A  False

B  True

A  False

B  True

A  False

B  True