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BUS 475 Final Exam Study Guide

Study guide covering key topics for the BUS 475 final exam.

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    BUS 475 Final Exam Study Guide 1. The reason economists and accountants have problems using cost analysis in the real world is that although implicit costs do not show up in accounting profits, they nevertheless affect managerial decisions although explicit costs do not show up in accounting profits, they nevertheless affect managerial decisions economists do not believe in the existence of explicit costs expilcit costs cannot be measured Explanation: Implicit costs occur when an asset is used internally, rather than for direct cash 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 expands span of control narrows scope of influence narrows scope of influence expands Explanation: A Narrow Span of control leaves a single manager or supervisor with very few subordinates, which will lead to additional levels in the organizational hierarchy. 3. From the point of view of consumer surpluses and producer surpluses, what problem was created when Thailand subsidized the cost of energy to consumers to help alleviate the burden of higher energy costs? It hurt the poor and benefitted the rich. It led to less fuel being used than the amount that maximizes consumer surplus It has no effect; consumers gained a consumer surplus, but taxpayers lost the same amount because they had to finance the subsidy It 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 rebuttal the premise and the conclusion the point and the conclusion the subject and the outcome 5. 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 shoppers Senior citizens have less elastic demand schedules than do other shoppers 6. Personality within an individual typically evolves ___ . over approximately 25 years at no point during a lifetime when an individual changes jobs relatively quickly Explanation: Personality development occurs over in the most significant form over the first 25 years of a person’s lifetime. 7. Communication is the process of transferring information and meaning l istening actively talking constantly Sending messages 8. What is a subjective statement? A statement made true by someone thinking it is true A statement that pertains to a chapter in a book

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    A statement that is fact A statement involving a subject 9. According to Keynes, why might 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 for businesses and they would cut production. In expectation of increased spending too many entrepreneurs would begin businesses and most would fail 10. What way can you build credibility with an audience when planning a persuasive message? Use difficult language. Use simple language Use hostile language. Use descriptive language. 11. The Administrative Procedures Act applies to the Judiciary Branch provides for uniform procedural structures in regulatory agencies establishes regular order in congressional committees provides due process standards for the Judiciary Branch 12. How do you keep an audience’s attention? Relate your subject to your audience's needs Offer a reward.

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