Business & Law Questions- Economics QuestionsQ1. Peanut butter and jelly are complementary goods that are often eaten together. If the price of peanut butter increases nationally, what is likely to happen to the market demand for jelly?a. It will fallb. It will not be affectedc. It will increaseQ2. As the result of increased regulations over the last decade requiring stricter accounting measures by corporations in the U.S., more accountants have been hired. This has increased the starting salary of accountants. What is likely to have happened to the number of college students who want to major in a accounting?a. Stay the sameb. Risec. FallQ3. What will happen if terrorists destroy a major oil pipeline in an important oil producing nation?a. The supply will increase, shifting the supply curve to the leftb. The supply will increase, shifting the supply curve to the rightc. The supply will decrease, shifting the supply curve to the leftd. The supply will decrease, shifting the supply curve to the rightQ4. Charlie Miller runs a gas station.This morning’s newspaper reports another conflict in the Middle East that may cause oil prices to rise substantially. Charlie raises his price of regular to $4.39 and discovers that his business has fallen to almost nothing. What does this indicate?a. There is excess demand at this price and room for Charlie to raise his priceb. There is excess demand at this price and Charlie should lower his pricec. There is excess supply at this price and room for Charlie to rise his priced. There is excess supply at this price and Charlie should lower his priceQ5. One summer, severe cold in Florida killed off much of the citrus crop while economic recovery in the Asian markets increased the demand for oranges. As the result of these factors, what will happen to the market price of oranges?a. Can’t be determinedb. Stay the samc. Go downd. Go upQ6. A regional trucking company and has done well against the competition by writing contracts with customers which lock in prices for three years.What will the likely effect be on its profitability if favorable political events in Iraq sharply increase the world supply of crude oil?a. No effect because his trucks use diesel rather than crude oilb. Profits will fallc. Profits will increased. Profits will increase in the short run, but fall in the long runQ7. Patti Levine owns a seafood restaurant that serves only fresh fish. Her two biggest selling items are Maine lobster, where the catch is rigidly controlled by fishing quotas, and salmon, which comes from inland salmon farms. If Patti prices her dishes based upon the market price of her fish, what would be the result of a sudden decrease in the demand for seafood of all types?a. The price of lobster and salmon would go up by the same percentage b. The price of salmon would go up by a higher percentage than the price of lobsterc. The price of lobster and salmon would go down by the same percentaged. The price of lobster would go down by a higher percentage than the price of salmon- Economics Questions 2Q1. A child care service has been charging $125 for pre-school children and customer demand exceeds capacity. According to the law of demand, what can it do to reduce the number of parents who want to enroll their children?a. Raise the priceb. Keep the price the samec. Lower the priced. Do nothingQ2. If the demand curve for bananas slopes downward to the right, which of the following is true (Choose the best answer.)a. If the price of bananas goes up, more bananas will be soldb. If the price of bananas goes down, more bananas will be soldc. If the price of bananas goes down, fewer bananas will be soldd. The quantity of bananas sold does not depend on its priceQ3. Alex is selling her pottery and is trying to figure out the price that maximizes profit. She has chosen a price where she can easily sell out her inventory. Is this the profit maximizing price?a. Yes, because her revenue will be high if she sells all her inventoryb. No, she should choose a high price where she only sells half her inventoryc. Not necessarily, profits are maximized where marginal revenue equals marginal cost and it is not clear if that is the case at the price she has chosend. There is no way to make profits selling potteryQ4. If a company is trying to increase its revenues, which of the following will work?a. Raising their pricesb. Lowering their pricesc. It depends on the elasticity of demandQ5. Bronx Deli-Style Mustard generally sells 100 cases during the month of June in Minneapolis. This June, however, hot dog makers are in a price war which has driven down the price of hot dogs by half. What will happen to sales of Bronx Deli-Style mustard this month?a. Sales will fall because the price of a substitute good has been cutb. Sales will fall because consumers now expect bargains in all productsc. Sales will stay the same because no one consumes hot dogs and mustard together d. Sales will increase, hot dogs and mustard are complementary goodsQ6. If consumer income goes up by 6% and sales of Kiwi fruit go up by 4%, Kiwi fruit isa. Normal good b. Superior good c. Inferior good d. Premium item Q7. Please tell whether the following products and services are likely to be price elastic or price inelastic for price changes in the range of 10% (questions 7 through 10). Fast food around a large university a. elastic b. inelasticQ8. Cranberries around Thanksgiving timea. elastic b. inelasticQ9. airplane trips in a remote city served by one airlinea. elastic b. inelasticQ10. a car washa. elastic b. inelasticQ11. Harold Varness opened the first coffee shop in his town in 2000 and found that he had an inelastic demand curve and hardly ever has a free table. As a result, he raised the price of a regular coffee from $1 to $2.50. If the number of cups sold per day remains about the same, what is the chance of his attracting competition from another coffee shop? a. Likely b. Unlikely c. His prices will not affect potential competition- Business Law Questions 2Q1. A confidentiality agreements included in an employment contract isa. An agreement that the employer will not disclose facts about the employeeb. An agreement that the employer will not disclose the nature of inventions discovered by an employee. c. An agreement that the employee will not disclose facts about the companyd. None of the aboveQ2. The concept of agency is not a concern for an employee, only for the employera. This is true because the concept of agency has nothing to do with employeesb. This is not true because the employer has no legal responsibilities for actions of the agentc. This is not true because the concept of agency refers to independent contractors, not employees. d. This is not true because the employee can be sued by the employer if the employee was negligent in performing his/her dutiesQ3. The Fair Play rules apply toa. Equal Employment Opportunity Commission interpretations of discrimination laws b. Department of Labor interpretations of the Fair Labor Standards Actc. Application of the Civil Rights Actd. Interpretation of the American with Disabilities ActQ4. Hostile environment harassment is an example ofa. quid pro quo harassmentb. acts covered in the Civil Rights Act of 1964 c. acts covered by the Fair Labor Standards Actd. None of the aboveQ5. The Occupational Safety and Health Act of 1970 isa. the primary federal legislation covering workplace health and safety issues b. the source of workplace rules and all employees must comply with regulations c. requires employers with a certain number of employees to maintain injury and illness recordsd. All of the aboveQ6. The Civil Rights Act of 1964, along with several other equal employment opportunity laws, states that it is illegal for an employer to discriminate based on color, race, national origin, religion, sex, age, disability when making the following employment decisions:a. hiring and firingb. compensation and promotionsc. training programsd. all of the aboveQ7. The agency responsible for enforcing federal laws that make it illegal for an employer to discriminate against a job application or current employee is the:a. Internal Revenue Serviceb. Equal Employment Opportunity Commissionc. Office of Federal Contract Complianced. Department of Labor
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