Ch 1 OpenStax Homework

A  $205

B  $30

C  $125

D  $175

E  $80

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

B  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

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

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

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

A  A dividend

B  Net sales

C  Working capital

D  Profit

E  Retained earnings

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

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

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

A  it attracts risk-aversive entrepreneurs

B  it has a positive balance of trade

C  it has a negative balance of trade

D  its citizens cannot afford to buy much

E  it has higher wages than the U.S.

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

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

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

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

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

A  the United States

B  Malaysia

C  Bolivia

D  Guatemala

E  Nigeria

A  standard of living

B  quality of life

C  input per person

D  consumer productivity

E  total consumption rate

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  silk flower bouquets

E  white linen table clothes

A  hair salon

B  bicycle manufacturer

C  hotel

D  movie theater

E  accounting firm

A  a mattress manufacturer

B  a used book store

C  a law office

D  a pecan grower

E  a wheat farmer

A  the driving lessons you took

B  the physical examination you received from your doctor

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

D  the airplane flight you took to attend a funeral

E  the life guarding class you took last summer

A  the grill on which you cook steak

B  the pleasure you derive from seeing a good play

C  the gallon of milk you purchased at the convenience store

D  the hamburger you bought for lunch

E  the license tags you purchased for your car

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

B  Wal-Mart

C  Lawson & Tyler law offices

D  All of the answers are correct.

E  Ford Motor Company

A  True

B  False

A  False

B  True

A  True

B  False

A  False

B  True

A  True

B  False