Sample Questions

Chapter-1 MANAGERIAL ECONOMICS Multiple Choice Questions 1 Which of the following is a characteristic of a perfectly competitive market? a. Firms are price setters. b. There are few sellers in the market. c. Firms can exit and enter the market freely. d. All of these 2 If a perfectly competitive firm currently produces where price is greater than marginal cost it a. will increase its profits by producing more. b. will increase its profits by producing less. c. is making positive economic profits. d. is making negative economic profits. 3 When a perfectly competitive firm makes a decision to shut down, it is most likely that a.Price is below the minimum of average variable cost. b. Fixed costs exceed variable costs. c. Average fixed costs are rising. d. Marginal cost is above average variable cost. 4 In the long run, a profit-maximizing firm will choose to exit a market when a. Fixed costs exceed sunk costs. b. Average fixed cost is rising. c. Revenue from production is less than tota l costs. d. marginal cost exceeds marginal revenue at the current level of production. 5 When firms have an incentive to exit a competitive market, their exit will a. Drive down market prices. b. Drive down profits of existing firms in the market. . Decrease the quantity of goods supplied in the market. d. All of the above are correct. 6 In a perfectly competitive market, the process of entry or exit ends when a. Firms are operating with excess capacity. b. Firms are making zero economic profit. c. Firms experience decreasing marginal revenue. d. Price is equal to marginal cost. 7 Equilibrium quantities in markets characterized by oligopoly is a. Lower than in monopoly markets and higher than in perfectly competitive markets. b. Lower than in monopoly markets and lower than in perfectly competitive markets.Higher than in monopoly markets and higher than in perfectly competitive markets. d. Higher than in monopoly markets and lower than in perfectly competitive markets. 8 In economic s the central problem is: a. b. c. d. e. Allocation. Consumption. Scarcity. Money. Production. c. 9 Indicate below what is NOT a factor of production. a. Land. b. A bank loan. c. Labor. d. Capital. 10 Macroeconomics deals with: a. The behavior of firms. b. Economic aggregates. c. The activities of individual units. d. The behavior of the electronics industry. 11 Microeconomics is not concerned with the behavior of: a. Aggregate demand. . Consumers. c. Industries. d. Firms. 12 The study of inflation is part of: a. Normative economics. b. Macroeconomics. c. Microeconomics. d. Descriptive economics. 13 Aggregate supplies is the total amount: a. Produced by the government. b. Of products produced by a given industry. c. Of labor supplied by all households. d. Of goods and services produced in an economy. 14 The total demand for goods and services in an economy is known as: a. National demand. b. Economy-wide demand. c. Gross national product. d. Aggregate demand. 15 If marginal benefit is greater than marginal cost, a rational choice involves: a.More of the activity. b. Less of the activity. c. No more of the activity. d. More or less, depending on the benefits of other activities. 16 A student chooses to study because the marginal benefit is greater than the ________ cost. a. average b. total c. marginal d. expected 17 Periods of less than full employment correspond to: a. b. c. d. Points outside the production possibility curve. Points inside the production possibility curve. Points on the production possibility curve. Either points inside or outside the production possibility curve. 18 The circular flow of goods and incomes shows the relationship between: a.Income and money. b. Wages and salaries. c. Goods and services. d. Firms and households. 19 In a free market system, the amount of goods and services that any one household gets depends upon its: a. Income. b. Wage and interest income. c. Wealth. d. Income and wealth. 20 In a planned or command economy, all the economic decisions are taken by the: a. Consumers. b. Workers. c. Government. d. Voters. Answers for Multiple Choice Questions 1 (c) 2 (a) 3 (a) 6 (b) 7 (d) 8 (c) 11(a) 12(b) 13(d) 16(c) 17(b) 18(d) 4 (c) 9 (b) 14(d) 19(d) 5 (c) 10 (b) 15(a) 20(c) Chapter-2 PRINCIPLES OF MANAGERIAL ECONOMICSMultiple Choice Questions 1 The word that comes from the Greek word for â€Å"one who manages a household is a. Market. b. Consumer. c. Producer. d. Economy. 2 Economics deals primarily with the concept of a. Scarcity. b. Poverty. c. Change. d. Power. 3 Which of the following is NOT included in the decisions that every society must make? a. what goods will be produced b. who will produce goods c. what determines consumer preferences d. who will consume the goods 4 In a market economy, characterized by Capitalism, there is full interference by the State in the economic activities of consumers and producers. a)True (b) False 5 In a market system of economy, there is no harmony between individu al interests and interests of the community. (a)True (b) False 6 Efficiency is the relation between returns and cost. (a)True (b) False 7 The subject matter of macro –economic includes the theory of income and employment at an individual level. (a)True (b) False 8 Rational decision results in†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦for the employees. a. Division of work. b. Centralization. c. Discipline. d. Motivation 9 A Theory Y approach is more suitable where a job offers: a. a high degree of intrinsic satisfaction. b.The ability to exercise initiative. c. An element of problem solving. d. All of the above. 10 Breech identifies four main elements of management. They are planning, control, coordination and: a. The division of work. b. Centralization. c. Discipline. d. Motivation. 11 Many well-known business economists participate in public debates. (a)True (b) False 12 Marginal Utility is the utility derived from the additional unit of a commodity consumed. (a)True (b) False 13 Compared to the static model, the fishing effort in a dynamic model is likely to be a. Larger. b. Smaller. c. Similar. . Larger or smaller. 14 Land, labor, and money are the three categories of economic resources. (a)True (b) False 15 Which of the following is not an interest rate derivative used for interest rate management? Interest rate guarantee a. Floor b. Swap c. Cap d. All of the above are interest rate derivatives 16 An agreement which guarantees an investor a minimum return on a principal amount is called a: a. Cap b. Executive stock option c. Stock option d. Floor 17 Which of the factors listed below is not a reason for decision making in organizations being a complex process? a.Modern information systems enable people to evaluate a range of possible outcomes b. Factors in the current context of the organization affect the decision c. Several stakeholders will have an interest in the decision d. People have to make decisions in a historical context 18 The overall process of decisi on making in, for example, staff selection includes which of these stages? a. Deciding which candidate to appoint b. Identifying the need for a new member of staff c. Agreeing the job specification d. All of the above 19 A manager who is helping a customer return some shoes they purchased last week is dealing with what type of decision? . Uncertainty b. Non-programmed decision c. Bounded rationality d. Programmed decision 20 Decision making situations can be categorized along a scale which ranges from: a. Uncertainty to certainty to risk b. Certainty to uncertainty to risk c. Certainty to risk to uncertainty d. Certainty to risk to uncertainty to ambiguity Answers for Multiple Choice Questions 1 (d) 2 (a) 3 (c) 6 (a) 7 (b) 8 (d) 11(a) 12(a) 13(a) 16(d) 17(a) 18(d) 4 (b) 9 (d) 14(b) 19(d) 5 (b) 10 (d) 15(d) 20(d) Chapter-3 CONCEPT OF DEMAND Multiple Choice Questions 1 The quantity demanded of Pepsi has decreased.The best explanation for this is that: a. The price of Pepsi increased. b. Pepsi consumers had an increase in income. c. Pepsi's advertising is not as effective as in the past. d. The price of Coca Cola has increased. 2 Demand curves are derived while holding constant: a. Income, tastes, and the price of other goods. b. Tastes and the price of other goods. c. Income and tastes. d. Income, tastes, and the price of the good. 3 When the decrease in the price of one good causes the demand for another good to decrease, the goods are: a. Normal b. Inferior c. Substitutes d.Complements 4 Suppose the demand for good Z goes up when the price of good Y goes down. We can say that goods Z and Y are: a. Substitutes. b. Complements. c. Unrelated goods. d. Perfect substitutes. 5 If the demand for coffee decreases as income decreases, coffee is: a. An inferior good. b. A normal good. c. A complementary good. d. A substitute good. 6 Which of the following will NOT cause a shift in the demand curve for compact discs? a. A change in the price of pre-recorded cassette tape s. b. A change in income. c. A change in the price of compact discs. d. A change in wealth. When excess demand occurs in an unregulated market, there is a tendency for: a. Quantity supplied to decrease. b. Quantity demanded to increase. c. Price to rise. d. Price to fall. 8 Market equilibrium exists when _____________ at the prevailing price. a. b. c. d. quantity demanded is less than quantity supplied quantity supplied is greater than quantity demanded quantity demanded equals quantity supplied quantity demanded is greater than quantity supplied 9 A movement along the demand curve to the left may be caused by: a. A decrease in supply. b. A rise in the price of inputs. c.A fall in the number of substitute goods. d. A rise in income. 10 The quantity demanded of a product rises whenever (a) The product’s price falls. (b) Incomes increase. (c) Population increases. (d) The prices of substitute goods rise. (e) Consumer tastes and preferences change. 11 The equilibrium quantity mu st fall when (a) There is a decrease in demand. (b) There is a decrease in supply. (c) There is an increase in price. (d) There is an increase in demand and supply. (e) There is a decrease in demand and supply 12 The demand curve will shift to the left for most consumer goods when (a) Incomes decrease. b) The prices of substitutes fall. (c) The prices of complements increase (d) All of the above. 13 Producer goods, also called intermediate goods, in economics, goods manufactured and used in further manufacturing, processing, or resale. (a)True (b) False 14 Consumer goods are alternately called final goods, and the second term makes more sense in understanding the concept. (a)True (b) False 15 GDP stands for a. Gross Domestic Product b. Gross Deistic Product c. Gross dynamic product d. All of these 16 GNP stands for a. Gross national product b. Gross natural product c. Both (a)and (b) d.None of these 17 When the demand for a product is tied to the purchase of some parent product, its demand is called induced or derived. (a)True (b) False 18 An industry is the aggregate of firms (a)True (b) False 19 The ‘law of demand' implies that: a. As prices fall, quantity demanded increases. b. As prices rise, quantity demanded increases. c. As prices fall, demand increases. d. As prices rise, demand decreases. 20 When the market operates without interference, price increases will distribute what is available to those who are willing and able to pay the most. This process is known as: a. Price rationing. . Price fixing. c. Quantity adjustment. d. Quantity setting Answers for Self Assessment Questions 1 (a) 2 (d) 3 (c) 6 (c) 7 (c) 8 (c) 11(d) 12(d) 13(a) 16(a) 17(a) 18(a) 4 (b) 9 (a) 14(a) 19(a) 5 (b) 10 (a) 15(a) 20(a) Chapter-4 DETERMINATION OF DEMAND 1 The demand for a product or a service depends on a host of factors. (a)True (b) False 2 Demand curves may also be shifted by changes in expectations. (a)True (b) False 3 Quantity demand is a specific quantity that buy ers are willing and able to buy at a specific demand price. (a)True (b) False 4 If the price of a complement increases, all else equal, a.Quantity demanded will increase. b. Quantity supplied will increase. c. Demand will increase. d. Demand will decrease. 5 Which of the following would lead to an INCREASE in the demand for golf balls? a. An decrease in the price of golf balls. b. An increase in the price of golf clubs. c. A decrease in the cost of producing golf balls. d. An increase in average household income when golf balls are a normal good. 6 If input prices increase, all else equal, a. Quantity supplied will decrease. b. Supply will increase. c. Supply will decrease. d. Demand will decrease. 7 Which of the following would decrease the supply of wheat? . A decrease in the price of pesticides. b. An increase in the demand for wheat. c. A rise in the price of wheat. d. An increase in the price of corn. 8 When Sonoma Vineyards increases the price of its Chardonnay from $15 per bo ttle to $20 per bottle, the result is a decrease in†¦ a. The quantity of this wine demanded. b. The quantity of this wine supplied. c. The demand for this wine. d. The supply of this wine. 9 Which of the following will cause a change in quantity supplied? a. Technological change. b. A change in input prices. c. A change in the market price of the good. d. A change in the number of firms in the market. 0 In which of the following cases will the effect on equilibrium output be indeterminate (i. e. , depend on the magnitudes of the shifts in supply and demand)? a. Demand decreases and supply decreases. b. Demand remains constant and supply increases. c. Demand decreases and supply increases. d. Demand increases and supply increases. 11 An increase in the number of firms selling pizza will cause, ceteris paribus, (a) an increase in supply. (b) an increase in demand. (c) a decrease in quantity demanded. (d) a decrease in the quantity supplied. 12 A change in demand is a change in th e ENTIRE demand relation. a)True (b) False 13 The demand for a given product will rise if: a. Incomes rise for a normal good or fall for an inferior good b. The price of a complement falls c. The price of a substitute rises d. All of these 14 Two explanations for the law of demand are (a) Price and quantity effects. (b) Substitution and income effects. (c) Opportunity cost and substitution effects. (d) Substitutes and inferior goods. (e) None of the above. 15 An increase in demand, ceteris paribus, will usually cause (a) A decrease in quantity demanded. (b) an increase in quantity supplied. (c) an increase in supply. d) a higher quantity and a lower price. 16. The quantity demanded of a product rises whenever (a) the product’s price falls. (b) incomes increase. (c) population increases. (d) the prices of substitute goods rise 17 The demand curve is downward-sloping because at a higher price for a good (ceteris paribus) (a) people buy fewer substitutes. (b) people buy more com plements. (c) people search for substitutes. (d) income rises. (e) substitutes become complements. 18 The supply curve is upward-sloping because at higher prices for a good (a) consumers search out more substitutes. (b) consumer income increases. c) demand is lower. (d) None of the above. 19 If the factors held constant along a supply or demand curve change, (a) the equilibrium may change. (b) the demand and supply equilibrium may be disrupted. (c) the supply or demand curve may shift. (d) All of the above. 20 If the price of crackers goes up when the price of cheese goes down, crackers and cheese are (a) inferior goods. (b) substitutes. (c) both substitutes and complements. (d) complements Answers for Self Assessment Questions 1 (a) 2 (a) 3 (a) 6 (c) 7 (d) 8 (a) 11(a) 12(a) 13(d) 16(a) 17(c) 18(d) 4 (d) 9 (c) 14(b) 19(a) 5 (d) 10 (c) 15(b) 20(d)Chapter-5 PRICE ELASTICITY OF DEMAND 1 If the price elasticity of demand for a good is . 75, the demand for the good can be described as: a . normal b. elastic c. inferior d. inelastic. 2. When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. In this range of prices, demand for this product is: a. elastic b. inelastic c. cross-elastic. d. unitary elastic. 3. If the price elasticity of demand for a product is equal to 0. 5, then a 10 percent decrease in price will: a. increase quantity demanded by 5 percent. b. increase quantity demanded by 0. percent. c. decrease quantity demanded by 5 percent. d. decrease quantity demanded by 0. 5 percent. 4 If an increase in the supply of a product results in a decrease in the price, but no change in the actual quantity of the product exchanged, then: a. the price elasticity of supply is zero. b. the price elasticity of supply is infinite. c. the price elasticity of demand is unitary. d. the price elasticity of demand is zero. 5. If 100 units of product K are sold at a unit price of $10 and 75 units of product K are sold at a unit price of $1 5, one can conclude that in this price range: a. emand for product K is elastic. b. demand for product K is inelastic. c. demand for product K has shifted to the right. d. consumers are sensitive to price changes of product K. 6 Total revenue falls as the price of a good increases if price ela sticity of demand is: a. elastic. b. inelastic c. unitary elastic d. perfectly elastic. 7 The demand for Cheerios cereal is more price-elastic than the demand for cereals as a whole. This is best explained by the fact that: a. Cheerios are a luxury. b. cereals are a necessity. c. there are more substitutes for Cheerios than for cereals as a whole. d. onsumption of cereals as a whole is greater than consumption of Cheerios. 8 What is the most likely effect of the development of television, videocassette players, and rental movies on the movie theater industry? a. b. c. d. decreased costs of producing movies increased demand for movie theater tickets movie theater tickets become an inferior good increased price elasticity of demand for movie theater tickets 9 The price elasticity of demand will increase with the length of the period to which the demand curve pertains because: a. consumers' incomes will increase. b. the demand curve will shift outward. . all prices will increase over time. d. consumers will be better able to find substitutes. 10. A state government wants to increase the taxes on cigarettes to increase tax revenue. (a)True (b) False 11 This tax would only be effective in raising new tax revenues if the price elasticity of demand is: a. unity b. elastic c. inelastic d. perfectly elastic. 12. Sony is considering a 10 percent price reduction on its color television sets. If the demand for sets in this price range is inelastic: A) revenues from color sets will remain constant. B) revenues derived from color sets will decrease.C) revenues derived from color sets will increase. D) the number of television sets sold will decrease 13 Elasticity of demand for a commo dity with respect to change in its price. (a)True (b) False 14 An elasticity alternative in which infinitesimally small changes in price cause infinitely large changes in quantity. (a)True (b) False 15 Three factors that affect the numerical value of the price elasticity of demand are the a. b. c. d. availability of substitutes time period of analysis proportion of budget All of these 16 The price elasticity of demand is one of four common elasticity’s used in the analysis of the market. a)True (b) False 17 Cross elasticity of demand is: a. negative for complementary goods b. unitary for inferior goods. c. negative for substitute goods d. positive for inferior goods. 18. A positive cross elasticity of demand coefficient indicates that: a. a product is an inferior good. b. a product is a normal good. c. two products are substitute goods. d. two products are complementary goods. 19 A market without legal prices is in equilibrium when: a. quantity demanded equals price. b. the d emand curve remains constant. c. quantity demanded equals quantity supplied. d. uantity demanded is greater than quantity supplied. 20 A relatively small change, say 1% on an INR 100,000 house, can make a BIG difference in the buyer’s decision to buy. (a)True (b) False Answers for Self Assessment Questions 1 (d) 2 (a) 3 (a) 4 (d) 5 (a) 6 (a) 7 (c) 8 (d) 9 (d) 10 (a) 11(d) 12(c) 13(a) 14(a) 15(d) 16(a) 17(a) 18(c) 19(c) 20(a) Chapter-6 TYPES OF ELASTICITIES OF DEMAND 1 If it is observed that, in a particular market, price has risen and quantity exchanged has increased, it is likely that: a. supply has increased. b. supply has decreased. c. demand has increased. d. emand has decreased. 2 The quantity of a good demanded rises from 1000 to 1500 units when the price falls from $1. 50 to $1. 00 per unit. The price elasticity of demand for this product is approximately: a. 1. 0 b. 16 c. 2. 5 d. 4. 0 3 If the elasticity of demand for a commodity is estimated to be 1. 5, then a decrea se in price from $2. 10 to $1. 90 would be expected to increase daily sales by: a. 50% b. 1. 5% c. 5% d. 15% 4 A long-run demand curve, as compared to a short-run demand curve for the same commodity, is generally: a. more elastic b. less elastic c. of the same elasticity d. none of the above. The price elasticity of demand is 5. 0 if a 10 percent increase in the price results in a a. 2%decrease in quantity demanded. b. 5%decrease in quantity demanded. c. 10% decrease in quantity demanded d. 50% decrease in quantity demanded. 6 Demand for a good will likely be more elastic, a. The higher the level of income. b. The larger the proportion of monthly income spent on it. c. The fewer the good substitutes available. d. The higher the price of complementary goods. 7 Demand will be more elastic, a. The higher the income. b. The lower the price. c. The shorter the passage of time after a permanent price increase. . The more substitutes available for the good. 8 The price elasticity of demand measures the sensitivity of demand to price changes. (a)True (b) False 9 If a good has no close substitutes and is regarded as a necessity by many consumers, then demand for the good will be quite elastic. (a)True (b) False 10 Cross elasticity of demand is the ratio of the percentage change in demand for a good to the percentage change in price for another. (a)True (b) False 11 A 50 percent increase in price that results in a 90 percent decrease in the quantity demanded indicates that demand is elastic in this price range. a)True (b)False 12 Demands for most goods tend to become more elastic with the passage of time. (a)True (b) False 13 If two goods are substitutes, then an increase in the price of one good will leads to an increase in the demand for the other good. (a)True (b) False 14 If two goods are complements, then a decrease in the price of one good will results in a decrease in the demand of the other good. (a)True (b) False 15 The price elasticity of demand is the same as the slope of the demand curve. (a)True (b) False 16 If demand is price elastic, then: a. a rise in price will raise total revenue. b. a fall in price will raise total revenue. . a fall in price will lower the quantity demanded. d. a rise in price won't have any effect on total revenues. 17 Complementary goods have: a. The same elasticity’s of demand. b. very low price elasticity of demand. c. negative cross price elasticity of demand with respect to each other. d. positive income elasticity of demand. 18 The price elasticity of demand generally tends to be: a. smaller in the long run than in the short run. b. smaller in the short run than in the long run. c. larger in the short run than in the long run. d. unrelated to the length of time. 19 If the price elasticity of supply of doodads is 0. 0 and the price increases by 3 percent, then the quantity supplied of doodads will rise by a. 0. 60 percent. b. 0. 20 percent c. 1. 8 percent d. 18 percent. 20 If the cross-price elastic ity between two commodities is 1. 5, a. The two goods are luxury goods. b. The two goods are complements. c. The two goods are substitutes. d. The two goods are normal goods. Answers for Self Assessment Questions 1 (c) 2 (a) 3 (d) 6 (b) 7 (d) 8 (a) 11(a) 12(a) 13(a) 16(b) 17(c) 18(b) 4 (a) 9 (b) 14(b) 19(c) 5 (d) 10 (a) 15(b) 20(c) Chapter-7 SUPPLY ANALYSIS 1 The cost of factor inputs like land, labor, and capital has a major influence on supply. a)True (b) False 2 Which of the following factors will make the demand for a product more elastic? (Assume the product has a straight-line, downward sloping demand. ) a. The product has no close substitutes. b. A very small proportion of income is spent on the good. c. A long time period has elapsed since the product’s price changed. d. A lower price 3 For a given normal supply curve, the amount of a tax paid by the buyer will be larger a. the more elastic the demand. b. the more inelastic the demand. c. the income elasticity is equa l to zero d. when the price is high. With a perfectly elastic demand and a normal supply (upward-slopping) a. consumers will bear the entire tax burden. b. consumers will not bear any tax burden. c. consumers and producer will split the tax burden in half. d. producers will not bear any tax burden. 5 Which of the following leads to the producers paying all of a tax? a. The supply is perfectly elastic. b. The supply is perfectly inelastic. c. The demand is unit elastic. d. The demand is perfectly inelastic. 6 The incidence (split) of sales tax is determined by the a. level of government which imposes the tax. b. federal government in all cases. c. greed of the seller. d. rice elasticity of supply and demand. 7 The market supply curve is the horizontal sum of the individual supply curve. (a)True (b) False 8 Supply determinants are five ceteris paribus factors that are held constant when a supply curve is constructed. (a)True (b) False 9 Supply is the willingness and ability of produce rs to make a specific quantity of output available to consumers at a particular price over a given period of time. (a)True (b) False 10 Individuals supply factors of production to firms. (a)True (b) False 11 The supply curve for tomatoes is not thus more elastic in the short run than in the momentary period. (a)True (b)False 2 Macroeconomic studies are based on empirical evidence. (a)True (b)False 13 Demand curve slopes upwards from left to right. (a) True (b)False 14 In the market, anyone who agrees to pay the requisite price of a product would be excluded from their consumption. (a) True (b)False 15 Aglets are the metal or plastic tips on shoelaces that make it easier to lace your shoes. The demand for aglets is probably a. perfectly elastic. b. inelastic. c. elastic but not perfectly elastic. d. unit elastic. 16 The cross elasticity of demand measures the responsiveness of the quantity demanded of a particular good to changes in the prices of a.Its complements but not its substit utes. b. its substitutes but not its complements. c. its substitutes and its complements d. neither its substitutes nor its complements. 17 If goods are complements, definitely their a. income elasticity’s are negative b. income elasticity’s are positive. c. cross elasticity’s are positive. d. cross elasticity’s are negative. 18 If a rise in the price of good 1 decreases the quantity of good 2 demanded, a. the cross elasticity of demand is negative b. good 1 is an inferior good. c. good 2 is an inferior good d. the cross elasticity of demand is positive. 9 The price elasticity of demand generally tends to be: a. smaller in the long run than in the short run. b. smaller in the short run than in the long run. c. larger in the short run than in the long run. d. unrelated to the length of time. 20 The demand for your services becomes more elastic. (a)True (b)False Answers for Self Assessment Questions 1 (a) 2 (c) 3 (b) 6 (d) 7 (a) 8 (a) 11(b) 12(a) 13(b) 16(c ) 17(d) 18(a) 4 (b) 9 (a) 14(b) 19(b) 5 (b) 10 (a) 15(b) 20(a) Chapter-8 PRODUCTION DECISION 1 Which of the following functions is not a core function of an organisation? a. The product/service development function b.The operations function c. The accounting and finance function d. The marketing (including sales) function 2 Most operations produce a mixture of both products and services. Which of the following businesses is closest to producing â€Å"pure† services? a. IT company b. A Restaurant c. Counsellor/therapist d. Steel company 3 Operations can be classified according to their volume and variety of production as well as the degree of variation and visibility. Which of the following operations would be classified as high volume, low variety? a. A family doctor b. A carpenter c. A front office bank d.A fast food restaurant 4 Which of the following activities is not a direct responsibility of operations management? a. Designing the operation’s products, services a nd processes b. Planning and controlling the operation c. Developing an operations strategy for the operation d. Determining the exact mix of products and services that customers will want 5 Operations can be classified according to the degree of variation in demand and visibility of the operation as well as their volume and variety of production. Which of the following operations would be classified as high variation and high visibility? a. A front office bank b.A family doctor c. A fast food restaurant d. A carpenter 6 The production function incorporates the technically efficient method of †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. a. production. b. process c. function d. All of these 7 A fixed input is one whose quantity cannot be varied during the time under consideration. (a)True (b)False 8 Economists find it convenient to distinguish between the †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. and the long run. a. short run b. large run c. big run d. None of these 9 The law of variable proportions states th at as the quantity of one factor is increased, keeping the other factors fixed, the marginal product of that factor will eventually decline. a)True (b)False 10 MRP stands for a. Marginal Revenue Product b. Marginal Revenue process c. Both (a) and (b) d. None of these 11 The book value of old equipment is not a relevant cost in a decision. (a)True (b)False 12. One of the dangers of allocating common fixed costs to a product line is that such allocations can make the line appear less profitable than it really is. (a)True (b)False 13. A differential cost is a variable cost. (a)True (b)False 14. All future costs are relevant in decision making. (a)True (b)False 15. Variable costs are always relevant costs. (a)True (b)False 6 Only the variable costs identified with a product are relevant in a decision concerning whether to eliminate the product. (a)True (b)False 17 Managers should pay little attention to bottleneck operations because they have limited capacity for producing output. (a)Tr ue (b)False 18 A cost that does not affect a decision is called an a. opportunity cost b. incremental cost c. avoidable cost d. irrelevant cost 19. Costs that change between alternatives are called a. fixed costs. b. opportunity costs. c. crelevant costs. d. sunk costs. 20. A cost incurred in the past that cannot be changed by any future action is a(n) a. pportunity cost b. sunk cost c. relevant cost d. avoidable cost Answers for Self Assessment Questions 1 (c) 2 (c) 3 (d) 6 (a) 7 (a) 8 (a) 11(a) 12(a) 13(b) 16(b) 17(b) 18(d) 4 (d) 9 (a) 14(b) 19(c) 5 (b) 10 (a) 15(b) 20(b) Chapter-9 ISOQUANT AND PRODUCTION FUNCTION 1 Economists typically assume that the owners of firms wish to a. produce efficiently. b. maximize sales revenues. c. maximize profits. d. All of these. 2 Efficient production occurs if a firm a. cannot produce its current level of output with fewer inputs. b. given the quantity of inputs, cannot produce more output. c. maximizes profit. d. All of the above. Limited liab ility is a benefit to a. sole proprietorships. b. partnerships. c. corporations. d. all of the above. 4 Which of the following statements best describes a production function? a. the maximum profit generated from given levels of inputs b. the maximum level of output generated from given levels of inputs c. all levels of output that can be generated from given levels of inputs d. all levels of inputs that could produce a given level of output 5 With respect to production, the short run is best defined as a time period a. lasting about six months. b. lasting about two years. c. in which all inputs are fixed. d. n which at least one input is fixed. 6 In the long run, all factors of production are a. variable. b. fixed. c. materials. d. rented. 7 The short-run production functions for Albert’s Pretzels. The marginal productivity of labor equals the average productivity of labor a. for all levels of labor. b. at none of the levels of labor. c. only for the first worker. d. only fo r the fifth worker. 8 the short-run production function for Albert’s Pretzels. The law of diminishing marginal productivity a. appears with the second worker. b. has not yet appeared for any of the levels of labor. c. first appears with the fifth worker. d. s refuted by this evidence. 9 If the average productivity of labor equals the marginal productivity of labor, then a. the average productivity of labor is at a maximum. b. the marginal productivity of labor is at a maximum. c. Both A and B above. d. Neither A nor B above. 10 Average productivity will fall as long as a. marginal productivity is falling. b. it exceeds marginal productivity. c. it is less than marginal productivity. d. the number of workers is increasing. 11 Factors of production are a) inputs and outputs. b) outputs only c) inputs only d) the minimum set of inputs that can produce a certain fixed quantity of output. 2 The set of all pairs (z1, z2) of inputs that yield the output y is the y-is quant. (a)True (b)False 13 L-shaped isoquants imply that production requires that the inputs are perfect substitutes. a. are imperfect substitutes. b. cannot be used together. c. must be used together in a certain proportion. d. None of these 14 Isoquants that are downward-sloping straight lines imply that the inputs a. are perfect substitutes. b. are imperfect substitutes. c. cannot be used together. d. must be used together in a certain proportion. 15 Isoquants that are downward-sloping straight lines exhibit a. n increasing marginal rate of technical substitution. b. a decreasing marginal rate of technical substitution. c. a constant marginal rate of technical substitution. d. a marginal rate of technical substitution that cannot be determined. 16 The profit maximization firm will choose the least cost combination of factors to produce at any given level of output. (a)True (b) False 17 The production function is useful in deciding on the additional value of employing a variable input in the pro duction process. (a)True (b) False 18 The additional use of an input factor should be stopped when its marginal revenue productivity just equals its price. a)True (b) False 19 The least cost combination of-factors or producer’s equilibrium is now explained with the help of †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. curves and iso costs. a. iso product b. iso process c. Both(a) and (b) d. None of these 20 MRTS stands for†¦Ã¢â‚¬ ¦.. a. Marginal rate of technical structure b. Marginal rate of technical substitution c. Both(a) and (b) d. None of these Answers for Self Assessment Questions 1 (d) 2 (d) 3 (c) 6 (a) 7 (c) 8 (a) 11(c) 12(a) 13(c) 16(a) 17(a) 18(a) 4 (b) 9 (a) 14(a) 19(a) 5 (d) 10 (b) 15(c) 20(b) Chapter-10 THEORY OF COST 1 The cost of capital is critically important in finance. a)True (b)False An implicit cost is a. the cost of giving up an alternative b. the cost of a chosen alternative c. calculated by subtracting the monetary cost. d. none of the above 3 The historical co st of an asset refers to the actual cost incurred at the time the asset was acquired. (a)True (b) False 4 An Explicit cost is a business expense accounted cost that can be easily identified such as wage, rent and materials. (a)True (b) False 5 Private is the cost that has to be paid by an individual who is directly involved in the production or consumption of a particular good. a)True (b) False 6 Social cost or external cost is not the cost burden carried by individuals who are not directly involved in the production or consumption of that particular good (a)True (b) False 7 Average cost is the sum total of Average variable it and average fixed cost. (a)True (b) False 8 Cost-output relationship facilitates many managerial relationships such as: a. Formulating the standards of operations. b. Formulating the rational policy on plant size. c. Formulating a policy of profit prediction. d. All of these 9 Cost in the short-run can be classified into†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦and variable cost. a. fixed cost b. sset c. both (a) and (b) d. None of these 10 Total fixed costs remained fixed irrespective of increase or decrease in production of activity. (a)True (b) False 11 Marginal costs is the change in total cost resulting from unit change in†¦Ã¢â‚¬ ¦.. a. output b. input c. both(a) and (b) d. None of these 12 The †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. implies that the cost of production continues to be low till the firm reaches the optimum scale (Marginal cost = Average cost). a. V-shape b. Q-shape c. U-shape d. All of these 13 Scale economies and returns to scale generally produce a U-shaped long-run average cost curve, such as the one displayed to the right. a) True (b) False 14 __________ is concerned with the branch of economics relating the behavior of principals and their agents. a. Financial management b. Profit maximization c. Agency theory d. Social responsibility 15 A concept that implies that the firm should consider issues such as protecting the consumer, paying fair wag es, maintaining fair hiring practices, supporting education, and considering environmental issues. a. Financial management b. Profit maximization c. Agency theory d. Social responsibility 16 Which of the following is not normally a responsibility of the treasurer of the modern corporation but rather the controller? . Budgets and forecasts b. Asset management c. Investment management d. Financing management 17 The __________ decision involves determining the appropriate make-up of the righthand side of the balance sheet. a. asset management b. financing c. investment d. capital budgeting 18 A long-run is also expressed as a series of short-runs. (a)True (b)False 19 Which of the following are used in calculating opportunity costs? a. monetary costs b. the cost of time c. preference d. all of the above 20 An explicit cost is a. the cost of giving up an alternative b. the cost of a chosen alternative c. alculated by subtracting the monetary cost of an alternative by the time invested d. none of the above Answers for Self Assessment Questions 1 (a) 2 (a) 3 (a) 6 (b) 7 (a) 8 (d) 11(a) 12(c) 13(a) 16(a) 17(b) 18(a) 4 (a) 9 (a) 14(c) 19(d) 5 (a) 10 (a) 15(d) 20(b) Chapter-11 MARKET STRUCTURE, AND PRICING 1 Which of the following cannot be classed as a market structure? a. Oligopoly. b. Perfect competition. c. Communism. d. Monopolistic competition. 2 Income and population are two variables that can be used in ______ segmentation: a. psychographic b. demographic c. lifestyle d. behavioural 3 Strong exchange rates can: a. help stimate consumer purchasing power. b. help predict change in lifestyle across Europe. c. predict the evolution of sales for particular brands. d. drive imports to become cheaper. 4 BERI stands for: a. Business Economic Risk Index. b. Business Economic Rating International. c. Business Education Rating Indicator. d. Business Environment Risk Index. 5 The size and liquidity requirements are based on the minimum invest ability requirements for the MS CI Global Standard Indices. (a) True (b) False 6 Oligopoly is a market structure in which a small number of firms account for the whole industry’s output. (a) True (b) False The number of firms and product differentiation are extremely crucial in determining the nature of competition in a market. (a) True (b) False 8 type of market structure represented by the constant returns to scale (CRS) technology includes a. Monopolistic competition b. Oligopoly c. Duopoly d. Perfect competition 9 In industries in which there are scale economies, the variety of goods that a country can produce is constrained by a. the fixed cost b. the size of the labor force c. the marginal cost d. the size of the market 10 A monopoly firm engaged in international trade but enjoying a protected home market will a. quate marginal costs with foreign marginal revenues. b. equate marginal costs with marginal revenues in both domestic and foreign markets c. equate average costs in local and foreign markets d. none of the above 11 Minimum efficient scale of production in relation to the overall industry output and market requirement sometimes play a major role in shaping the market structure. (a)True (b) False 12 Price and output decisions of firms that want to maximize profits always depend on costs. (a) True (b) False 13 Which of the following is NOT a financial objective of pricing? a. Corporate growth. b.Return on investment. c. Profit maximization. d. None of these 14 Which of the following is NOT a marketing objective? a. Cash flow. b. Positioning. c. Volume sales. d. None of these 15 Setting a price below that of the competition is called: a. Skimming. b. Penetration pricing. c. Competitive pricing. d. None of these 16 Which of the following is NOT a reason for cutting prices? a. Capacity utilisation. b. Increasing profit margins. c. Market defence. d. None of these 17 Which of the following is NOT a reason for increasing prices? a. Cost pressures. b. Price comparison. c. Curbin g demand. d.None of these 18 The costs that depend on output in the short run are: a. both total variable costs and total costs. b. total costs only. c. total fixed cost only. d. total variable costs only 19 A firm will shut down in the short run if: a. fixed costs exceed revenues. b. total costs exceed revenues. c. it is suffering a loss. d. variable costs exceed revenues. 20 In the long run, every cost is variable cost. In this period, all costs ever incurred by the firm must be recovered. (a)True (b) False Answers for Self Assessment Questions 1 (c) 2 (b) 3 (d) 6 (a) 7 (a) 8 (d) 11(a) 12(a) 13(a) 16(b) 17(b) 18(a) (d) 9 (d) 14(a) 19(d) 5 (a) 10 (b) 15(b) 20(a) Chapter-12 PERFECT COMPETITION 1. A perfectly competitive firm will maximize profit at the quantity at which the firm's marginal revenue equals a. price b. average revenue c. total cost d. marginal cost 2 Which of the following is not a valid option for a perfectly competitive firm? a. Increasing its output. b. Decreasing i ts output. c. Increasing its price. d. Increasing its resources. 3 In the long run, a perfectly competitive firm will achieve all but which of the following: a. Economic profit b. Allocative Efficiency c. Productive Efficiency d.Normal profit 4 If the price a firm receives for its product is equal to the marginal cost of producing that product, the firm is: a. Always earning an economic profit b. Always productively efficient. c. Always allocatively efficient. d. Always experiencing an economic loss. 5 A firm that is producing at the lowest possible average cost is always: a. Earning an economic profit. b. Productively efficient. c. Dominating the other firms in the market. d. Not producing enough output. 6 Which of the following is the best example of a perfectly competitive market? a. diamonds b. athletic shoes c. soft drinks d. arming 7 Perfect competition is an industry with a. a few firms producing identical goods. b. many firms producing goods that differ somewhat. c. a few fi rms producing goods that differ somewhat in quality. d. many firms producing identical goods. 8 In a perfectly competitive industry, there are a. many buyers and many sellers. b. many sellers, but there might be only one or two buyers. c. many buyers, but there might be only one or two sellers. d. one firm that sets the price for the others to follow. 9 In perfect competition, the product of a single firm a. is sold to different customers at different prices. b. as many perfect complements produced by other firms. c. has many perfect substitutes produced by other firms. d. is sold under many differing brand names. 10 In perfect competition, restrictions on entry into an industry a. do not exist. b. apply to labor but not to capital. c. apply to both capital and labor. d. apply to capital but not to labor. 11 Price for a firm under monopolistic competition is ______. a. equal to marginal revenue b. greater than marginal revenue c. less than marginal revenue d. greater than total reve nue 12 In the long run, monopolistically competitive firms tend to experience ______. a. high economic profits b. ero economic profits c. negative economic profits d. substantial economic losses 13 Marginal revenue for a monopolist is ______ a. equal to price b. greater than price c. less than price d. equal to average revenue 14 Perfect competitions describes a market structure whose assumptions are extremely strong and highly unlikely to exist in most real-time and real-world markets. (a)True (b) False 15 Monopolistic competition is a market structure characterized by a large number of relatively small firms. (a)True (b) False 16 A monopolist can sell more of his output only at a lower price and can reduce the sale at a high price. a)True (b) False 17 A monopoly is a market structure in which there is not only one producer/seller for a product. (a)True (b) False 18 A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marg inal cost. (a)True (b) False 19 A perfectly competitive firm faces †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. production alternatives based on a comparison of price, average total cost, and average variable cost. a. four short-run b. three short-run c. five short-run d. All of these 20 A perfectly competitive firm’s marginal cost curve that lies above the †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. of the average variable cost curve is its supply curve. . minimum b. maximum c. both(a) and (b) d. None of these Answers for Self Assessment Questions 1 (d) 2 (c) 3 (a) 6 (d) 7 (d) 8 (a) 11(a) 12(b) 13(a) 16(b) 17(b) 18(a) 4 (c) 9 (c) 14(a) 19(b) 5 (b) 10 (a) 15(a) 20(a) Chapter-13 OLIGOPOLY AND PRICING STRATEGIES 1 A price- and quantity-fixing agreement is known as: a. game theory. b. price leadership. c. collusion. d. price concentration. 2 A group of firms that gets together to make price and output decisions is called: a. a cartel. b. price leadership. c. an oligopoly. d. a concentrated industry 3 Products produced by oligopolistic ? rms are: a. Homogeneous. b. Heterogeneous. . Differentiated. d. Heterogeneous or differentiated. 3 Oligopoly is the only market structure characterized by: a. Interdependence in pricing and output decisions. b. Differentiated products. c. Barriers to entry. d. Pro? t-maximizing behavior. 4 Oligopoly is characterized by all of the following except: a. A few large ? rms. b. Differentiated product. c. Difficult entry into the industry. d. Price competition 5 A major threat to longer term profits exists when barriers to entry into an industry are high. (a)True (b) False 6 Under kinked demand theory the prices of oligopolists are predicted to be rather rigid or ‘sticky'. a)True (b) False 7 In contestable markets, large oligopolistic firms end up behaving like: a. a monopoly. b. monopolistically competitive firms. c. a cartel. d. perfectly competitive firms 8 Which of the following types of oligopoly competition would you expect to result in the highest market out put, other things equal? a. b. c. d. Stackelberg. Bertrand. Cornet. Collusion 9 The demand curve has a kink at the price which is equal to full cost price. (a) True (b) False 10. An pro? t maximizing, oligopolistic firms produces at an output level where: a. P = ATC. b. MR = MC. c. MR = ATC. d. AVC > MR. e.P = MR 11 Cartels are most likely to arise in which of the following market structures? a. Perfect competition. b. Monopolistic Competition. c. Oligopoly. d. Monopoly. 12 A cartel is a formal collusive organization of the oligopoly firms in an industry. (a) True (b) False 13 Needs such as training the group, setting standards and maintaining discipline, and appointing sub-leaders may be called: a. team functions. b. work functions. c. individual functions. d. task functions. 14 The Hall and flitch model of the kinked demand curve is based on an empirical survey of a sample of 38 well managed arms in England. a) True (b) False 15 The model uses the analytical tools of reaction func tions of the duopolists derived on the basis of is not profit curves. (a) True (b) False 16 The important models of non-collusive oligopoly are: (a) Cournot model, (b) Kinked Oligopoly demand curve models. (a) True (b) False 17 Which of the following is not an operations strategy? a. response b. low-cost leadership c. differentiation d. technology 18 Which of the following is not one of the leadership styles identified in House’s pathgoal theory? a. Participative. b. Employee-centered. c. Directive. d. Achievement-oriented. 9 The petroleum industry is an example of a. monopolistic competition. b. pure oligopoly. c. duopoly. d. differentiated oligopoly. 20 The kinked demand curve model assumes that a. firms match price increases, but not price cuts. b. demand is more elastic for price cuts than for price increases. c. changes in marginal cost can never lead to changes in market price. d. None of the above is correct. Answers for Self Assessment Questions 1 (c) 2 (a) 3 (d) 6 (b ) 7 (a) 8 (b) 11(b) 12(c) 13(a) 16(a) 17(d) 18(b) 4 (a) 9 (b) 14(a) 19(b) 5 (d) 10 (a) 15(b) 20(d) Chapter-14 PROFIT ANALYSIS 1.A variable cost is a cost that a. varies per unit at every level of activity b. occurs at various times during the year c. varies in total in proportion to changes in the level of activity d. may not be incurred, depending on management's discretion 2. A cost which remains constant per unit at various levels of activity is a a. variable cost b. fixed cost c. mixed cost d. manufacturing cost 3. A fixed cost is a cost which a. varies in total with changes in the level of activity b. remains constant per unit with changes in the level of activity c. varies inversely in total with changes in the level of activity d. emains constant in total with changes in the level of activity 4. Cost behavior analysis is a study of how a firm's costs a. relate to competitors' costs b. relate to general price level changes c. respond to changes in activity levels within the co mpany d. respond to changes in the gross national product 5. Cost behavior analysis applies to a. retailers b. wholesalers c. manufacturers d. all entities 6. The relevant range of activity refers to the a. geographical areas where the company plans to operate b. activity level where all costs are curvilinear c. levels of activity over which the company expects to operate d. evel of activity where all costs are constant 7. Which of the following is not a plausible explanation of why variable costs often behave in a curvilinear fashion? a. Labor specialization b. Overtime wages c. Total variable costs are constant within the relevant range d. Availability of quantity discounts 8. Firms operating constantly at 100% capacity a. are common b. are the exception rather than the rule c. have no fixed costs d. have no variable costs 9. Which one of the following is a name for the range over which a company expects to operate? a. Mixed range b. Fixed range c. Variable range d.Relevant range 10 The graph of variable costs that behave in a curvilinear fashion will a. approximate a straight line within the relevant range b. be sharply kinked on both sides of the relevant range c. be downward sloping d. be a stair-step pattern 11. A mixed cost contains a. a variable cost element and a fixed cost element b. both selling and administrative costs c. both retailing and manufacturing costs d. both operating and non-operating costs 12. The variable costing method is also known as the direct costing method indirect costing approach absorption costing method period costing approach 13.The costing approach that charges all manufacturing costs to the product is referred to as a. variable costing b. contribution margin costing c. direct costing d. absorption costing 14. Variable costing is acceptable for a. financial statement purposes b. profit tax purposes c. internal use by management only d. profit tax purposes and for internal use by management 15. CVP analysis does not consider a. level of activity b. fixed cost per unit c. variable cost per unit d. sales mix 16. Which of the following is not an underlying assumption of CVP analysis? a. Changes in activity are the only factors that affect costs b.Cost classifications are reasonably accurate c. Beginning inventory is larger than ending inventory d. Sales mix is constant 17. Which of the following would not be an acceptable way to express contribution margin? a. Sales minus variable costs b. Sales minus unit costs a. b. c. d. c. d. Unit selling price minus unit variable costs Contribution margin per unit divided by unit selling price a. b. c. d. 18. The level of activity at which total revenues equal total costs is the variable point fixed point semi-variable point break-even point 19. The break-even point is where a. otal sales equals total variable costs b. contribution margin equals total fixed costs c. total variable costs equal total fixed costs d. total sales equals total fixed costs 20. Gross profit also includes rent that arises from the entrepreneur’s own land used in his production of output. a. True b. False Answers for Self Assessment Questions 1. (c) 2. (a) 3. (d) 4. (c) 7. (c) 8. (b) 9. (d) 10. (a) 11. (a) 14. (c) 15. (b) 16. (b) 17. (b) 18. (d) 5. (d) 12. (a) 19. (b) 6. (c) 13. (d) 20. (a) Chapter-15 1. There are †¦Ã¢â‚¬ ¦. methods which can be used to appraise any investment project: (a) 1 (b) 2 (c) 3 (d) 4 2.National income is the total of the value of the goods and the services which are produced in an economy. (a) True (b) False 3. Which two of the following are likely to raise the equilibrium value of National Income? (a) Rise in savings. (b) Rise in imports. (c) Rise in government spending. (d) Rise in exports. 4. Which two of the following are excluded when measuring National Income? (a) Value added in the output method. (b) Value of intermediate inputs in the output method. (c) Consumer spending in the expenditure method. (d) Transfer payments in the income method. 5.The return on an investment comes in the form of a stream of earnings in the future. (a) True (b) False 6. Cost-benefit analysis is a process for evaluating the merits of a particular project or course of action in a systematic and rigorous way. (a) True ` (b) False 7. ‘Real’ investment is not (a) the amount that shareholders are willing to provide for shares in a company (b) the cost of development of a new product (c) expenditure on public relations, staff training or research and development (d) expenditure on non-current assets such as plant, machinery, land and buildings 8.Which of the following statements about IRR and NPV is not correct? (a) NPV always gives the correct investment decision. (b) IRR gives an unreliable answer with non-conventional projects. (c) IRR can accommodate changes in the cost of capital. (d) IRR is a useful relative measure if comparing projects of differing sizes. 9. Gross Domestic Product (GDP) is the total market value of all final goods and services currently produced within the domestic territory of a country in a year. (a) True (b) False 10. Which of the following will not be a relevant factor when using the payback method of capital investment appraisal? a) The timing of the first cash inflow (b) The total cash flows generated by the asset (c) The cash flows generated by the asset up to the payback period (d) The cost of the asset 11. Why the payback method is often considered inferior to discounted cash flow in capital investment appraisal? (a) I is more difficult to calculate (b) It does not calculate how long it will take to recoup the money invested (c) It does not take account of the time value of money (d) It only takes into account the future income of a project 12.Gross National Product is the total market value of all final goods and services produced in a year. (a) True (b) False 13. In 2005†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. was the least significant liability of U. S. nonfinancial businesses i n terms of total value. (a) bonds and mortgages (b) bank loans (c) inventories (d) trade debt 14. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. are examples of financial intermediaries. (a) Commercial banks (b) Insurance companies (c) Investment companies (d) All of the above 15. Financial assets †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. a) directly contribute to the country's productive capacity (b) indirectly contribute to the country's productive capacity (c) contribute to the country's productive capacity both directly and indirectly (d) do not contribute to the country's productive capacity either directly or indirectly 16. The means by which individuals hold their claims on real assets in a welldevelopedeconomy are (a) investment assets. (b) depository assets. (c) derivative assets (d) financial assets 17. Capital budgeting is the process of evaluating and selecting long-term investments that are consistent with the goal of the firm. a) True (b) False 18. Although derivatives can be used as speculative instru ments, businesses most often use them to (a) attract customers. (b) appease stockholders. (c) offset debt. (d) hedge 19. The investment in fixed assets increases the fixed cost of the firm which must be recovered from the benefit of the same project. (a)True (b) False 20. National Income is defined as the sum total of all the goods and services produced in a country, in a particular period of time. (a) True (b) False Answer 1. (c) 2. (a) 3. (c) 4. (b) 5. (a) 6. (a) 7. (a) 8. (c) 9. (a) 10. (b) 11. (c) 12. (a) 13. (b) 14. (d) 15. b) 16. (d) 17. (a) 18. (d) 19. (a) 20. (a) Chapter-16 1. In period of inflation, phantom or paper profits may be reports as a result of using the: (a) FIFO costing assumption (b) Perpetual inventory method (c) LIDO costing assumption (d) Periodic inventory method 2. Inflation is: (a) an increase in the overall price level. (b) an increase in the overall level of economic activity. (c) a decrease in the overall level of economic activity. (d) a decrease in th e overall price level. 3. Aggregate supply is the total amount: (a) produced by the government. (b) of goods and services produced in an economy. c) of labour supplied by all households. (d) of products produced by a given industry. 4. The value of a dollar does not stay constant when there is inflation. (a) True (b) False 5. The inflation rate in India was recorded at 7. 23% in†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ (a) April of 2009 (b) April of 2010 (c) April of 2011 (d) April of 2012 6. The function of money that helps assess the opportunity cost of an activity is money's use as a (a) medium of exchange. (b) store of value. (c) unit of account. (d) store of debt. 7. An official measure of money in the United States is M1, which consists of the sum of (a) currency plus traveler's checks. b) currency plus checkable deposits. (c) currency plus traveler's checks plus checkable deposits. (d) currency plus traveler's checks plus time deposits. 8. Implies no trade-off between unempl oyment and inflation. (a) GDP deflator (b) Shoe leather’ costs (c) Long-run Phillips curve (d) ‘Menu’ costs 9. The inflation rate is used to calculate the real interest rate, as well as real increases in wages. (a) True (b) False 10†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ the quantity of money in the United States. (a) The State Department controls (b) The Department of Treasury controls (c) The Federal Reserve System controls (d) Commercial banks control 11.There are broadly †¦.. ways of controlling inflation in an economy. (a) 2 (b) 3 (c) 4 (d) 5 12. The balance of payments of a country is said to be in equilibrium when the demand for foreign exchange in exactly equivalent to the supply of it. (a) True (b) False 13. A general decline in prices is often caused by a reduction in the supply of†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. (a) money or debit (b) money or credit (c) money (d) None of these 14. The opportunity cost of holding money is the (a) inflation rate minus th e nominal interest rate. (b) nominal interest rate. (c) real interest rate. (d) unemployment rate. 15.If the Fed is worried about inflation and wants to raise the interest rate, it (a) increases the demand for money. (b) increases the supply of money. (c) decreases the demand for money. (d) decreases the supply of money. 16. The circular flow of goods and incomes shows the relationship between: (a) income and money. (b) goods and services. (c) firms and households. (d) wages and salaries. 17. Fiscal measures to control inflation include taxation, government expenditure and public borrowings. (a) True (b) False 18. Hyperinflation (a) occurs in the United States during each business cycle. b) occurs only in theory, never in reality. (c) has never occurred in the United States. (d) happens in all countries at some time during their business cycle. 19. Hyperinflation refers to a situation where the prices rise at an alarming high rate. (a) True (b) False 20. The inflation rate is used t o calculate the real interest rate, as well as real increases in wages. (a)True (b) False Answer 1. (b) 2. (a) 3. (b) 4. (a) 11. (a) 12. (a) 13. (b) 14. (c) 5. (d) 6. (c) 15. (d) 16. (c) 7. (c) 8. (c) 17. (a) 18. (c) 9. (a) 10. (c) 19. (a) 20. (a)

A1 – Include a Reflective Account of the Role of the Practitioner

The role of the practitioner in supporting the learning needs of children is they have to do regular assessments on their development and learning to identify their progress and plan their next steps Beaver, et . al, (2008). The Early Years Foundation Stage (EYFS), (2008) states that the role of the practitioner is crucial in observing and reflecting on children’s spontaneous play, building on this by planning and providing a challenging environment which supports specific areas of children’s learning and extends and develops children’s language and communication in their play.See appendix ?. Another role of the practitioner is to work professionally and responsibly such as to work as part of the team, work with parents and partners, participate in providing an environment that is welcoming and stimulating and to meet the learning needs of each individual child by providing a range of activities and experiences Tassoni, et . al, (2007). See appendix ?.Another rol e of the practitioner is to ensure they comply with the codes of practice that protect the employee, these could relate to storage of information, smoking and consumption of alcohol, recruitment procedures, professional development , workplace conditions such as hazards and temperature, risk assessments and equality of opportunity Tassoni, et . al, (2007). See appendix 2. Following policies and procedures is another role of the practitioner they help practitioners to carry out responsibilities and ensure that everyone in the setting including children, parents, staff and other professionals remain safe.Examples of policies are Health and Safety policy, Equal Opportunities policy, Behaviour Management policy and Child Protection policy Tassoni, et . al, (2007). See appendix ?. Another role of the practitioner is to make sure children well-being is at the heart of everything they do and offer learning experiences appropriate to the development stage, interests and learning styles of e ach individual child Enable early years training and consultancy, (2010). See appendix ?.Another role of the practitioner is to work with and involve parents, as parents are the people that know their child best and they will be able to inform you of any particular interests the child enjoys, this will help practitioners to plan activities and experiences Beaver, et . al, (2008). Appendix ?. Another role of the practitioner is to respecting confidentiality of private information involving children and their families. To respect confidentiality practitioners need to keep all nformation about a child and family safe and should stored in a locked filling cabinet or on a password protected computer, this is to ensure that no information is disclosed, if information about a child was to be disclosed it could bring unnecessary upset or strain on the entire family Tassoni, et . al, (2007). See appendix ?. Another role of the practitioner is to meet the diverse needs of children see appendi x 51. The DCSF, (2008) states that practitioners should meet the needs of each individual child by delivery personalised learning, development and care to help children get the best start in life.It also says that practitioners need to promote positive attitudes to diversity and difference with all children. Being reflective is another role of a practitioner, this means thinking about effective you have been in planning activities or communicating with parents. By being reflective practitioners will be able to think about how to repeat something that has worked well or how to improve for next time Tassoni, et . al, (2007). See appendix ?.Being a reflective practitioner makes you aware of their strengths and weaknesses and identifying what they could do differently. There are many benefits of being a reflective practitioner for both themselves and the child some include; skills are developed, personal development, more confident benefits for the child include their individual needs a re more likely to be met, practitioners will have a greater understanding of how to support their development Barber and Paul-Smith, (2009). See appendix ?.

Concept of Dynamics in Music

Imagine you are listening to Edward Sharpe and the Magnetic Zeros close their concert with 0m Nashi Me, and the whole band stops right in the middle of the song. Or you are watching The Avett Brothers open up their concert with Paranoia In B Flat Major, and by the end of the song, they are playing nearly twice the volume they started out at, and the crowd grew right alongside them. Music has the ability to produce feelings and energy that few things are capable of reproducing.There are any different elements that bring life to these feelings, but dynamics are something that possess the power to change the mood of a song, and the person listening to It. Simply put, dynamics are â€Å"variation and gradation in the volume of musical sound. † (Merriam-Webster) They are what make it possible for a song to be barely audible at the beginning, and crescendo into a powerful and moving composition. They can also change suddenly and drastically, for example a, sforzando.Sudden changes I n dynamics can be notated by adding the word subito (Italian for suddenly) s a prefix or suffix to the new dynamic notation. Accented notes , which are notes to emphasize or play louder compared to surrounding notes, can be called sforzando, sforzato, forzando or forzato (abbreviated sfz or fz). There are two Italian words that are used to show gradual changes in volume, which are the opposite of accented notes. Crescendo, abbreviated cresc. , translates as â€Å"gradually becoming louder†, and diminuendo, abbreviated dim.. means â€Å"gradually becoming softer†.The alternate decrescendo, abbreviated to decresc. also means â€Å"gradually becoming softer†. In addition to all of the volume Indications have mentioned, the execution of a given piece, for example the stylistic choices of staccato or legato are part of dynamics also. (Dynamics, music) When written in musical notation, for example in a band or orchestra piece, they are what allow for the whole band to be given very specific instructions on what the composer intended for an individual part to sound like† making dynamics Just another word in the beautiful language that music is.Although dynamics seem to be what makes music possible, music actually existed before the Introduction of different dynamic levels. The harpsichord†which Is â€Å"a keyboard instrument, precursor of the piano, in which the strings are plucked by leather or quill points connected with the keys†, (Merriam-Webster) could play only â€Å"terraced† dynamics, which are either loud or soft, but not In between. (Dynamics, music)To get around this dilemma, composters would use the trick of layering chords together to create a contrast In sounds, without a single note having to be louder or ofter.The Renaissance composer Giovanni Gabrieli was one of the first composers to Indicate dynamics In music notation, and since him, It Is hard to find a song that doesnt have variations in volume writt en in. (Dynamics, music) But, music is often left open to some interpretation by the performers or director, and dynamics are no exception to this rule. Dynamic indications are relative, not absolute. Mp does not indicate an exact level of volume; it just indicates that the part marked as such t Of3 snou10 De a llttle louder tnan p ana a llttle quleter tnan mT.Ine ty to aec10e wnat would be appropriate or best contribute to the sound as a whole group is part of what makes music great. Counting Crows has a very wise song called Big Yellow Taxi that describes perfectly the idea of appreciating things more after the absence of them. The song says, â€Å"Don't it always seem to go, that you don't know what you've got til its gone. † (Big Yellow Taxi) I think this song applies to music Just as it applies to the seasons during the year.When you're listening to a song that is very quiet, and radually or suddenly grows loud, that makes a much larger impact on the emotion of the song than if it had Just started at the louder volume. Or, if you are listening to a song that has unexpected loud notes, that instantly makes it more interesting to listen to. This applies to the seasons, especially in Minnesota, that you think you appreciate summer weather, but after a long winter, you realize how much you had missed it and welcome it much more. Contrast and diversity are what make things beautiful in all things.Whether its music, weather, people, religion, or any other xample. There is much to be learned from diversity of appearance, beliefs, experience, sound, or qualities. Early on, composers realized the power of dynamics and many uses of them in compositions have become iconic in a sense. An example is when John Cage took a chance and composed a song in 1952 that instructed the musician to go to their instrument and be silent for 4 minutes and 33 seconds. (4†² 33†²)The idea was that in the absence of what the audience was expecting, they would hear all t he environmental noise around them, and appreciate everyday sounds as music.Another example of an iconic use of dynamics is in Beethoven's 5th symphony, which was written between 1804 and 1808. (Symphony No. 5 (Beethoven)). The song starts out really intense with the 4 note fgure that everybody seems to know– regardless of their music taste. It remains intense for about a minute only to back off, then build, alternating between loud and soft and finally end with an impressive crescendo. This constant variation makes it very interesting and emotional. Another iconic example is when Count Basie and his Orchestra performed All of Me in 1965.It starts with a mooth piano and percussion line, then about a minute into the piece, almost startlingly sudden, the horns Join and instantly add life and excitement to the song. (Basie, Count) These musical geniuses, though they composed during very different stages of the development of music, all appreciated the effect dynamics could have on music. Music as definitely evolved over the years, as has the use of dynamics. There is a wide variety of musicians and bands that make dynamics a key element to their music.

Judaism 1 Essay Example | Topics and Well Written Essays - 500 words

Judaism 1 - Essay Example This statement fits a theological statement since logic and theology clash with each other. This statement is inclined towards faith rather than a legal statement. The second key element commandment is to learn Torah and to teach it to others. No doubt, Torah is a vital book in Judaism as it tells Jews about past events. For Jews, there is no â€Å"old testament,† as the New Testament is no part of Jewish scripture. With any sacred text, interpretations vary as Jews from traditional to modern. For instance, the concept of interest, can very amongst scholars on what interest really is defined as. Is it consider to be interest to charge money on money or making a profit through a product? This is again is a theological statement since Torah is a sacred text that is not considered as law or implemented as law. It is not an educational context text per se, but is regarded highly in Judaism as a sacred and the only true text. Hence, it’s a theological statement and not a mor al or a logical statement. Another key component that is part of 613 Commandments is being keen in prayers. For observant Jews, prayer is vital in their religion. Prayers should be done with right intention, clarity and observance. The law means that a Jew who is keen in his prayers will reach salvation in my opinion. The law means that Jews to acknowledge the bounties of God, must be engaged in his remembrance.

Living in Small Towns is Better Essay Example | Topics and Well Written Essays - 500 words

Living in Small Towns is Better - Essay Example Peace of mind can be experienced only in small towns because they are free from such problems. The fact that people living in smaller towns live longer than people living in bigger cities was proven in Japan. In one of the studies conducted on residents of Okinawa, a small town in Japan, it was proven that these residents lived for relatively long time compared to other residents of big cities. The reason for their long life was attributed to the peaceful atmosphere that existed there. The incidence of health-related problems like stroke, caused due to nervous tensions and/or emotions, was higher in big cities due to the rushed and busy life. Living a normal life mainly requires peace of mind, which is possible through a calm lifestyle and can be found only in a small town. Secondly, smaller towns are more safe and secure to live a normal life. Instances of road traffic accidents, crimes, and thefts are much lesser in small towns compared to big cities. People can travel to any place and at any time, even after midnight, without fear. Level of safety in small towns can be assessed based upon the fact that people in small towns rarely lock their doors. Road traffic accidents are also extremely rare in small towns, probably due to less heavy-vehicle and car traffic. The number of people who use cars for traveling is very less in small towns. For these reasons, smaller towns are much safer and more secure. The third good reason for living in a small town is its much cheaper and affordable cost of living. Quoting an example of the cost of utilities, in Florida, for a two-bedroom apartment, I had to pay $150 towards electricity bill, whereas in Utah, I pay only $70 for a townhouse. There is a huge difference in the cost of real estate of a big city and a small town. A friend of mine in Los Angeles pays around $1600 for a two-bedroom apartment.  

Evaluation of Mexican Diet Essay Example | Topics and Well Written Essays - 2750 words

Evaluation of Mexican Diet - Essay Example Moreover, the report attempts to provide a summary on the nutritional value of traditional Mexican food and the impact of modern technology on the nutritional value of modern Mexican cuisine. Overview: Mexican gastronomy reflects a unique blend of aboriginal cuisine fused with Spanish and French culture and there is more to it then simply the cheese covered tacos, enchiladas, burritos or refried bacon. The rich history, varied topography and exotic cuisine are the reasons why Mexico attracts millions of tourists each year from around the world. Mexican cuisine has been molded by a myriad of cultural influences which accounts for the diversity of its dishes. The diversity of Mexican cuisine is what makes it a truly fascinating subject. For instance, the barbacoa of Central Colonial region is strikingly different from the black mole of Oaxaca. The diversity of Mexican cuisine is due to the fact that each of the aboriginal dishes were developed and influenced by the environmental factor s indigenous to their respective regions such as availability of ingredients, trade practices, local economics, explorers, colonial settlers, immigrants and the culture of local individuals. Mexico is often divided into six gastronomic regions each of which are famous for their own unique indigenous cuisine. The six gastronomic regions are La Frontera (Baja California, Sonora, Chihuahua, Coahuila, Nuevo Leon, and Tamaulipas), La Costa Oro (the pacific coast from Sinaloa to Guerrero), El Istmo (the isthmus of Tehuatepec and also includes the states of Tabasco, Oaxaca, and Veracruz), La Encrucijada (includes the City of Mexico and its adjoining states), El Centro Colonial (the colonial cities of Guadalajara, San Miguel de Allende, Zacatecas, Queretaro, Morelia, Guanajuato and San Luis Potosi) and La Teirra Mava (Chiapas, certain areas of Tabasco and Yucatan peninsula). The innumerable individual styles and traditional techniques used in the preparation of authentic Mexican food accoun t for the uniqueness of the cuisine. (HOYER et al 2005). Environmental Factors: Mexico is regarded as one of the world’s most blessed lands due to its favorable climate, fertile soil and the varied productions of nature. Mexico is capable of producing large amounts of cocoa, sugar, cotton, wheat, hemp, flex, silk, oil, wine, fruits, and cochineal. Therefore, Mexico is a nation that is capable of producing products which the commerce gathers from around the world. The production of vegetables is influenced both by the difference in elevation and latitude. A study of Mexican history reveals that the varied climate and topography across the six gastronomic regions have heavily influenced the production of vegetables which in turn has influenced the ingredients used by aboriginal people in the preparation of food. For instance, the eastern and western coasts have tracks of low land which have a climate similar to that of West Indies. Therefore, the vegetables produced in eastern and western coasts are similar to that produced in West Indies. On the other hand, the ascending sides of Cordilleras have a temperate climate, thus, the grains and vegetable production is similar to that of the temperate regions of the world. The high Mexican mountains are popular for their pine and fir production. Therefore, embarking on a two day journey from Vera Cruz to the Central regions provides the opportunity to experience and observe all the graduations of climate and vegetable production which are experienced in travelling from the equator to the Arctic regions. (GREGORY 1947). Major Dietary Components of Mayan Indian and Aztec Populations: The major

How does belonging to an individualistic or collectivist culture Research Paper

How does belonging to an individualistic or collectivist culture influence your personality - Research Paper Example For instance, giving high self esteem, self respect, and opportunities to define and achieve personal goals. Keywords: individualistic, collectivist, emotional instability, personal goals, self esteem. Influence of individualistic society on personality â€Å"Because the self develops in accordance with cultural patterns, you would expect different forms of the self to develop in different societies.† (Millon & Grossman, 2004, p. 334) High motivation and dedication drive the ambitious persons in an individualistic society to achieve whatever they want in their personal and professional lives. Human personalities undergo gradual, yet massive changes while they live and adapt themselves to their respective surroundings. The cultural or societal influences are very strong and shape the way we behave, think, react, respond and handle our relationships and professions. Being a part of an individualistic society has exerted great influence on my personality. The basic ideologies of both societies are different; therefore, individuals living in either society behave differently and their basic approach to life, business and relationships are also entirely different. People in collectivist cultures, compared to people in individualist cultures, are likely to define themselves as aspects of groups, to give priority to in-group goals, to focus on context more than the content in making attributions and in communicating, to pay less attention to internal than to external processes as determinants of social behaviour, to define most relationships with in-group members as communal, to make more situational attributions, and tend to be self-effacing. (Triandis, 2001, pp. 907-924) The influence of an individualistic society is stronger if one is born and brought up in such society as compared to someone who is new to such culture. As individualism is reflected in almost all areas of individualistic societies, therefore it is impossible to adopt any other way of living. Thus, I have learnt to think about myself and my personal interests, dreams, ambitions, goals and fulfilment only. This is how I believe success can be achieved. In pursuit of my personal goals and dreams, I may be overriding others- but that is not important to me. Fulfilment of personal goals have become the sole object of my life- whether it is related to my personal happiness, professional or academic growth, or relationship with my family and friends. This is not to say that I have become selfish or eccentric- this is just to make sure that I don’t have to compromise, or suffer or sacrifice myself for the sake or benefit of others. Sometimes, things may go wrong, if one makes a wrong choice by being emotional. Being a part of an individualistic society, I have been trained to be rational, reasonable, calculative, mature, and think about the long term effects of any decision. Though I feel isolated and alienated at times by making such choices that are based solely on my personal interests, yet the modern technology and means of communication have made it easier for me to be a part of those social networks/ groups/ individuals that interest me. I am not bound to the people or their issues or problems of the physical society I live in- I am free to be part of the numerous individualistic

Analyse the impact and effectiveness of ILO (international labor Essay

Analyse the impact and effectiveness of ILO (international labor organization) convention in child labor in China - Essay Example expensive or less troublesome than that of adults, when other labour is scarce, and when they are considered irreplaceable by reason of their size or perceived dexterity.1† In many South Asian countries, juvenile child labour is easy to find and kept in places like workshops, factories and for household purposes. There data present showing the exact and calculated number of child labour in China. China has a history of thirty years with ILO and its role has been continuously changing since. In early 70’s China declared itself a non-active member because of the absence of inevitable tripartite employees, trade union and government structure which was the basic membership requirement of ILO. Peoples Daily, a famous newspaper in China, refers to an investigation started by the government organization which was accountable for examining labour conditions throughout the country. According to this report, child labour is most common in factories of fireworks, toys and textiles, construction, food production, and light mechanical work. Child labour is highly in demand, as children have smaller hands and pure eye vision by years of labour, which makes them more stipulating than adults for many types of work. Furthermore, child labour complexes the scenario, problems like no school, hazardous working conditions, unbelievably low wages, overloaded work pressures resulting in harmful negative effects on physical and mental growth. Abusive and sexual exploitation and armed conflict are the worse issues which also rise due to underage children working. Like any other country, there is a law in China which strictly prohibits child labour. In this paper, thus, the main focus was on the recommendations which suggest imposing severe punishment on violators and on reinforcing the government’s monitoring and judicial systems. This document is necessary to understand the efforts of China in regard to child labour and also its joint effort with the ILO2. The U.S. Department

Writing the Winning Thesis or Dissertation Essay

Writing the Winning Thesis or Dissertation - Essay Example The reviser must restate the problem precisely how it comes out in chapter one of the book. The researcher must also have a detailed and precise review of the methodology without exaggeration in repetition. A detailed and precise review helps readers who have not read the chapter containing the methodology part to understand it.However, your chair may approve another organization in a way that pleases the reader. General-to-specific can be sufficient by giving a result first then evidence later, but the writer does not have to represent the details mentioned in the previous chapter. The writer should avoid partisan interpretation at this stage. Writer should also observe great clarity when stating the findings by using word sequence or bullets.Discussing the hypotheses of the study is the most crucial section in the final chapter. Reflection of the findings provides a quick answer to the researcher question that aims at finding the meaning of the study other than the details. Tentati ve answers to study questions provide a solution in determining the content of the chapter.The writer should develop an outline for the chapter. The section contains the researcher insights. Research ideas allow the researcher to conceptualize the study without being assertive. The other components include Relationship of the current study ahead of research, theoretical impacts explanation on expectation and Amplification for practice. Final in the list are recommendations for further research.

Why states obey the laws of war Essay Example | Topics and Well Written Essays - 750 words

Why states obey the laws of war - Essay Example These laws and treaties have actualized an environment of self-regulations, so that the countries obeying it, have maximally minimized aggressive overtures against other countries as well as their own citizens. However, that is not the case all the time, as certain countries without obeying the international laws have acted or are acting aggressively and unilaterally. This gross violation of international laws by countries has raised doubts about the validity and efficacy of these laws. Even amidst these disobeying of laws, countries tend to obey laws due to certain reasons. States obey the laws and the related treaties and conventions due to mix of certain valid reasons, which mainly borders on self-interest and need for self-legitimacy, and also minimally due to coercion. Self interest constitutes various factors and one key factor is the want of the country to create a positive identity for itself. Participation in the transnational legal process and obeying all the laws helps â⠂¬Å"constitute the identity of the state as the one that obeys the law†. (Coleman). Importantly, they does not want to acquire the tag or reputation of a law breaker or a rogue nation, and thereby standing isolated and facing a barrage of debilitating sanctions. That is, if a nation continues to disobey the laws and thereby acts in a detrimental way against particular nations as well as global community on the whole, certain nations and also overseeing body like United Nations will impose economic sanctions, trade, food and other essential commodities embargoes, etc. These punitive actions will negatively impact the nation as well as its people. In order to avoid these scenarios, nations will tend to obey the laws. As another form of self interest, nations will obey laws to make or demand other nations to do the same. States will tend to obey laws whose underpinning political rational is clear and which they agree with, especially the laws relating to territorial integrity and inviolability of borders.(King 2005). Once obeying of law based on self-interest is done, then legitimacy will automatically fall into place. That is, states will always want legitimacy to its words and actions, and to get that they have to obey the laws. If they want other countries to be legitmate, they have to create and obey laws appropriately. This was validated by Professor Frank who states that legitimacy means that quality of law must derive from a perception, to those to whom it is addressed, that law has come into being in accordance with right process. (Rashid 2004). Even coercion and the resultant obeying of the law is also an extension of self-interest. When a state is coerced to obey laws through armed force or other means, they will accept it mainly from self-interest perspective. In certain cases, nations will obey laws as a form of nonconsensual coercion, but would like to exhibit as self-interest. The bottom line is, all states will want to live in peace, prosperi ty and in good coordination with other states and for that they will obey the international laws. When viewed from another perspective, certain States although generally act in accordance to the law, they do not always obey it. This happens mainly in the case of unilateral actions and importantly due to mis-interpretation of the laws according to their self-interests. Also, when certain States feel as they were not part of specific law making process, they are not obligated to follow that law. When states take unilateral actions to fulfil and pursue their self-interests, imperialistic ambitions, etc, they disobey and undermine the international laws. Although, they may be part of the law making process and could have acted in accordance with those laws most of the time, they could disobey. As an

Major city recycling initiatives Essay Example for Free

Major city recycling initiatives Essay The population of the world continues to increase dramatically, further pushing the need for our world to adopt resource conservation as a way of life. Between 1950 and 2010, the U.S. population nearly doubled (conner) Recycling efforts must focus on water, energy, paper, metal, aluminum cans, glass, plastic, Styrofoam, steel, junk mail, garbage, tires, and even food. Although there is no federal mandate for recycling, many states have passed laws mandating that communities provide the facilities for people to recycle. Recycling efforts have taken hold in large cities. For example, recycling is the law in New York City. Resident, schools institutions, agencies, and all commercial businesses must recycle. All street evets,including block parties and street fairs, are required to recycle. Non-compliance with recycling regulations is punishable by fines starting at $25 and increasing to $500 for repeat violations (bloom 15-20). Electronic waste is a growing problem for our technological world. Proper disposal of computer, monitors, televisions, cell phone, and other ‘techno-trash’ presents its own challenges. Conservative estimates put the number of obsolete electronics that are simply thrown away at over three billion units per year (chang 40-51). These electronic devices contain heavy metals and other toxins. Harmful toxins which, when released into the environment, can contaminate our water, land and air. Lead, mercury, and cadmium are large cities are working to address this global e-waste crisis caused by improper computer and electronic recycling. Cities all across the country have implemented recycling programs. Since there is no national law that mandates recycling, state and local governments set recycling laws. California, Connecticut, Delaware, Hawaii, Iowa, Maine, Massachusetts, Michigan, New York, Oregon, and Vermont have passed laws that establish deposits and refunds on bottles and cans for beverages. Cities such as Seattle and New York impose fines for violating recycling laws. What canyou do to advance recycling in your community? Bibliography bloom, mike i., and rose w. arbole. new york gets serious abouts trash. municipal news 12-34.Print chang, arnold t. throing out the pc. new york: cengage learning, n.d.Print conner, john T. our population explosion. 0web28 may 2012 www.epa.gov.

Psy-Trance in the Realm of Disco Essay Example for Free

Psy-Trance in the Realm of Disco Essay Admittedly so, being myself no less a stranger than a fan of the latent psychedelic rave culture of the last decade, with its steady pounding trance-inducing techno-grove, I was altogether rather curious to discover just what kind of a picture that Richard Dryer had to present in his famous essay (Dryer, 1979). For years, before they lost most of their covert appeal, stealing away to a Rave was somewhat popular for my generation; at least in the places where I grew up. So there was just something exciting to me, anticipating what he was about to relate of this earlier pop culture often rumored to share the same DNA of the psy-trance music of today’s Technocratic Age. It seems as if disco, understandably at its time a more readily accessible form of escapism had also quickly spread to far off distant lands overseas. It was probably the anticipation of some new and exotic twist that I was about to discover of the past that suddenly had my head inadvertently bobbing back and forth to some memorable however invisible beat. It seems to happen almost instinctually that way. Somehow, even before I turned the first page, my mind wandered to that pounding ecstasy-driven scene at the very beginning of the movie Blade, 1 where the music intense as it is drives the scene so powerfully that you just cannot stand still. There is just slightest sense of horror though, because everybody including the audience knows the inevitable; except that careless fool who has allowed lust to direct him into a den of vampires. The strobe lights pierce the atmosphere bouncing off the ceiling and all over the walls; forcing a familiar rush of anxiety. Soon, he is set to become their latest entree. It’s that environment of undisputable cool, the fashion, and the excitement that I love, but you can keep the blood. Dyer employs the analysis of a socialist and goes to great lengths to dissuade any notions that disco is just some crude form of capitalist production. He then launches into his narrative charging disco with three distinct characteristics: egotism – romanticism – and materialism. Although he somewhat claims that his argument is not as simple as capitalism is evil, in time you get the sense that Dyer really believes that all music is created with some measure of subversive super-sexual intent in mind. Disco he calls â€Å"naked eroticism† (Ibid). However, he sees it in a better light than the simple patriarchal rhythms of rock and roll, â€Å"rock’s eroticism is thrusting, grinding – it is not whole body, but phallic†¦ even when preformed by women – rock remains indelibly phallocentric music† (Ibid). The movement and the culture which would grow up around this musical genre are shown in light of a powerful force that would ultimately come to influence the future of gay politics in the United States. Suddenly, I had found that unexpected nuance from out of disco’s past that I was searching for. In the end, he states his case. Disco he believes has an ability to celebrate the intensity of romantic adoration and the lament of being let down at the same time. It is the tension between the two that he seems to be reaching for. All that I know, is that when I used to hit those clubs late at night, I just wanted to dance. If Dyer seems to take a hatchet to this subject, in Do It (‘Til You’re Satisfied): Repetitive Musics and Recombinant Desires, Susan McClary employs a scalpel. However, her unique intellectual dexterity makes her tool that much more devastating. She neatly deconstructs old arguments that she seems to believe were built upon over-wrought modalities of Western tradition; that have today simply gone astray. Disco is placed along the side of other â€Å"repetition-driven [pursuits] of ecstasy(p7)† along with the avant-garde minimalist schools of thought coming out of the 1960’s. 2 McClary dives into a narrative that focuses upon stripping away illusions. She gives us a nice panoramic view of the minimalist history and the creative motives that evolved into the psy-trance music that became known as disco. At the heart of her prolonged study is a reliance upon what she calls an â€Å"analytical argument (p7) †¦ built around an in-dept comparison of form and process in Steve Reich’s Music for Eighteen Musicians (1999) and Donna Summers [and Moroder’s] Love to Love You Baby (1975). She naturally rejects the argument that disco is solely a minimalist form which is inherently non-teleological (without design or purpose). This may appear to be a neat stretch for those in the know. But, I was just happy to be along for the ride. As with Dyer, McClary argues against â€Å"traditional hierarchies of musical value† (p9). To her, Reich is the minimalist reaching for the edges of a musical trance-like state, and Summer is the erotic practitioner who belts out a classic vamp that surprisingly simulates an amazing 22 orgasms (p11). At last, she reaches just that much closer to what I have come to believe that the great body of psy-trance music is really all about; even thought she quickly abandons it. However, it is here that she poses her most salient point: â€Å"Teleological music’s ‘climax mechanism’ is akin to the [Western male] orgasm; teleology is thus the drive to orgasm; banishing teleology must mean banishing orgasm. Minimal music is anti-teleological, and is thus akin to trantric [‘Oriental’] sex, where the ability to put the [male] body into orgasm-defying stasis even as it engages in what for most humans is the most goal-directed activity imaginable is the sign of profound yogic accomplishment†(p12) Both of these authors seem to be seeking the same thing; just going about it in their own separate way. Yet, they both seem to miss the point as far as I am concerned because the aim of this psy-trance music is the same wherever it may be found. It is the search for that endless climatic moment that leads to a higher spiritual purpose. This same search for heavenly escapism can be found in many of the native Indian dance rituals that can be found right here in America. Even thought this spiritual quest has so often been obscured by the popular use of hallucinogenic drugs, still the psychedelic-techno music, the dark covert meeting places, and the strict social boundaries often found together in the mix wherever this type of pure eroticism abounds; all of it has a purpose. Even when the ‘raves’ were popular just a few years ago, still it seemed that even this generation could find some higher meaning in the heat of the dance. The pounding repetitious beat that always seemed to somehow naturally marshal the entire crowd into a circle; why does this always seem to happen? It is all a part of that necessary escapism just like that which draws thousands of young Israeli men to travel each winter far away from their homes and to a place called Goa in southern India. They are called Goa freaks (Saldanha, 2006), because they live a solitary existence almost like zombies forever strung out on ecstasy. However, it is the abandonment to the music that draws them there in order to find a solitary refuge, while being seduced into a trance-state that perhaps will help them to forget the anguish of their shattered lives.