BUS 475 Final Exam - SET 5 / 100% correct answers / A+

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1) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals:

Income Statement Balance Sheet

Dr. Cr. Dr. Cr.

Totals $58,000 $48,000 $34,000 $44,000

Closing entries are necessary for __________.

A. temporary accounts only

B. permanent accounts only

C. permanent or real accounts only

D. both permanent and temporary accounts

2) As Plant Controller, you are trying to determine which costs over which you have the most control on a day to day basis. Your goal …show more content…

should be counted only to the extent that they are more expensive at college than elsewhere

C. should be counted in full, regardless of the costs of eating and sleeping elsewhere

D. usually exceed the opportunity cost of going to college

19) A tax on an imported good is called a __________.

A. trade tax

B. tariff

C. quota

D. supply ta

20) Without trade, __________.

A. interdependence is more extensive than it would be with trade

B. a country's production possibilities frontier is also its consumption possibilities frontier

C. a country is better off because it will have to learn to be self-sufficient without trade

D. a country can still benefit from international specialization

21) Which of the following statements about GDP is correct?

A. GDP increases if the total population increases.

B. Money continuously flows from households to government and then back to households, and GDP measures this flow of money.

C. GDP measures two things at once: the total income of everyone in the economy and the unemployment rate.

D. GDP is to a nation’s economy as household income is to a household.

22) The political business cycle refers to __________.

A. the potential for a central bank to increase the money supply and therefore real GDP to help the incumbent get re-elected

B. changes in output created by the monetary rule the Fed must