Ch 1 OpenStax Homework

A  $125

B  $80

C  $30

D  $205

E  $175

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

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

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  Net sales

C  A dividend

D  Working capital

E  Retained earnings

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

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

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

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 higher wages than the U.S.

B  its citizens cannot afford to buy much

C  it has a positive balance of trade

D  it attracts risk-aversive entrepreneurs

E  it has a negative balance of trade

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

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

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

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

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

A  Guatemala

B  Malaysia

C  the United States

D  Bolivia

E  Nigeria

A  quality of life

B  input per person

C  total consumption rate

D  standard of living

E  consumer productivity

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

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

C  A good costs more to produce than a service.

D  A good costs more to market than a service

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

A  wedding dress

B  book on wedding etiquette

C  the advice of a wedding planner

D  white linen table clothes

E  silk flower bouquets

A  bicycle manufacturer

B  hair salon

C  hotel

D  accounting firm

E  movie theater

A  a wheat farmer

B  a used book store

C  a pecan grower

D  a law office

E  a mattress manufacturer

A  the life guarding class you took last summer

B  the physical examination you received from your doctor

C  the driving lessons you took

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

E  the airplane flight you took to attend a funeral

A  the license tags you purchased for your car

B  the gallon of milk you purchased at the convenience store

C  the hamburger you bought for lunch

D  the grill on which you cook steak

E  the pleasure you derive from seeing a good play

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

B  Lawson & Tyler law offices

C  Wal-Mart

D  All of the answers are correct.

E  Ford Motor Company

A  True

B  False

A  False

B  True

A  True

B  False

A  True

B  False

A  True

B  False