Ch 1 OpenStax Homework

A  $175

B  $30

C  $80

D  $205

E  $125

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

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

C  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

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

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

A  Profit

B  Net sales

C  Working capital

D  A dividend

E  Retained earnings

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

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

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 a positive balance of trade

B  it has higher wages than the U.S.

C  it has a negative balance of trade

D  it attracts risk-aversive entrepreneurs

E  its citizens cannot afford to buy much

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

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  determined by the money left over after all expenses are paid

A  Malaysia

B  Bolivia

C  the United States

D  Guatemala

E  Nigeria

A  consumer productivity

B  standard of living

C  input per person

D  quality of life

E  total consumption rate

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

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

C  A good costs more to market than a service

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

E  A good costs more to produce than a service.

A  the advice of a wedding planner

B  silk flower bouquets

C  white linen table clothes

D  wedding dress

E  book on wedding etiquette

A  bicycle manufacturer

B  accounting firm

C  hotel

D  movie theater

E  hair salon

A  a used book store

B  a law office

C  a pecan grower

D  a mattress manufacturer

E  a wheat farmer

A  the driving lessons you took

B  the airplane flight you took to attend a funeral

C  the physical examination you received from your doctor

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

E  the life guarding class you took last summer

A  the pleasure you derive from seeing a good play

B  the gallon of milk you purchased at the convenience store

C  the license tags you purchased for your car

D  the grill on which you cook steak

E  the hamburger you bought for lunch

A  All of the answers are correct.

B  Lawson & Tyler law offices

C  Wal-Mart

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

E  Ford Motor Company

A  False

B  True

A  False

B  True

A  True

B  False

A  False

B  True

A  False

B  True