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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