BUS 475 Final Exam Study Guide

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BUS 475 Final Exam Study Guide1. The reason economists and accountants have problems using cost analysis in the realworld is thatalthough implicit costs do not show up in accounting profits, they nevertheless affectmanagerial decisionsalthough explicit costs do not show up in accounting profits, they nevertheless affectmanagerial decisionseconomists do not believe in the existence of explicit costsexpilcit costs cannot be measuredExplanation: Implicit costs occur when an asset is used internally, rather than for directcash flow. These costs affect decisions, but cannot be quantitatively measured.2. The ____ as the number of levels in the organizational hierarchy increases.span of control expandsspan of control narrowsscope of influence narrowsscope of influence expandsExplanation: A Narrow Span of control leaves a single manager or supervisor with veryfew subordinates, which will lead to additional levels in the organizational hierarchy.3. From the point of view of consumer surpluses and producer surpluses, what problemwas created when Thailand subsidized the cost of energy to consumers to help alleviatethe burden of higher energy costs?It hurt the poor and benefitted the rich.It led to less fuel being usedthan the amount that maximizes consumer surplusIt has no effect; consumers gained a consumer surplus, but taxpayers lost the sameamount because they had to finance the subsidyIt encouraged the consumption of too much fuel at the expense of other goods.Explanation: Anytime a good is subsidized, its consumption increases.

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4. An argument consists of two parts·the fact and the rebuttalthe premise and the conclusionthe point and the conclusionthe subject and the outcome5. Why do some stores offer senior citizen discounts on Tuesdays?Most stores are perfect competitors in their geographic region.Senior citizens have perfectly inelastic demand curves, whereas other shoppers do not.Senior citizens have more elastic demand schedules than do other shoppersSenior citizens have less elastic demand schedules than do other shoppers6. Personality within an individual typically evolves ___ .over approximately 25 yearsat no point during a lifetimewhen an individual changes jobsrelatively quicklyExplanation: Personality development occurs over in the most significant form over thefirst 25 years of a person’s lifetime.7. Communication is the process oftransferring information and meaninglistening activelytalking constantlySending messages8. What is a subjective statement?A statement made true by someone thinking it is trueA statement that pertains to a chapter in a book

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A statement that is factA statement involving a subject9.According to Keynes, whymight deflation create problems for an economy?Consumers might expect prices to fall further and cut back consumption now.People would invest less into the economy.The cost of repricing goods would increase costs and therefore reduce profits forbusinesses and they would cut production.In expectation of increased spending too many entrepreneurs would begin businessesand most would fail10. What way can you build credibility with an audience when planning a persuasivemessage?Use difficult language.Use simple languageUse hostile language.Use descriptive language.11. The Administrative Procedures Actapplies to the Judiciary Branchprovides for uniform procedural structures in regulatory agenciesestablishes regular order in congressional committeesprovides due process standards for the Judiciary Branch12. How do you keep an audience’s attention?Relate your subject to your audience's needsOffer a reward.

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