Question 41  

The M2 measure of money supply is least likely to include: 

A) savings account deposits.

B) outstanding checks.

C) traveler’s checks.

D) time deposits.

Question 42 

In the long run, a price floor at a level greater than the equilibrium price of a good is most likely to result in: 

A) consumers buying more substitutes for the good.

B) consumers waiting in long lines to purchase the good.

C) producers reducing the quality of the good.

D) producers offering the good to friends and relatives before the general public.

Question 43 

The idea that workers will consume less leisure when the wage rate is increased is called the: 

A) income effect.

B) substitution effect.

C) incentive effect.

D) balancing effect.

Question 44 

Firms in an industry characterized by perfect competition exit the market. What will be the effect on the equilibrium price and total revenue of the firms that remain in the industry? 

      Price         Revenue 

A)   Increase        Decrease 

B)   Decrease       Increase 

C)   Increase        Increase 

D)   Decrease       Decrease 

Question 45 

Which of the following is least likely to be found in the notes (footnotes) to a firm’s financial statements? Information about: 

A) a firm's capital resources and liquidity.

B) significant pending lawsuits.

C) estimates used by management.

D) sales by region or business segment.

Question 41  

The correct answer was B) outstanding checks. 

Outstanding checks are not counted as money. M2 includes all the components of the M1 money supply (currency not held at banks, travelers’ checks, private checking accounts) along with savings deposits, time deposits, and money market mutual fund balances. 

This question tested from Session 6, Reading 24, LOS b

Question 42 

The correct answer was A) consumers buying more substitutes for the good. 

A price floor above equilibrium will cause consumers to buy less of the good and more of substitute goods. Long lines, reduced quality, and suppliers engaging in discrimination are among the long-run effects of a price ceiling below equilibrium. 

This question tested from Session 4, Reading 15, LOS a, (Part 1)

Question 43 

The correct answer was B)

The substitution effect results in less consumption of leisure (more hours of labor supplied) when the wage rate is increased. 

This question tested from Session 5, Reading 21, LOS c

Question 44 

The correct answer was C) Increase  Increase  If firms in an industry are experiencing losses, some will exit. This will decrease industry supply and increase equilibrium price. The remaining firms in the industry will move up their individual supply curve and increase production at the higher price. This will cause total revenues to increase. 

This question tested from Session 5, Reading 18, LOS c, (Part 2)

Question 45 

The correct answer was A) a firm's capital resources and liquidity. 

Information about events and uncertainties that affect a firm’s capital resources and liquidity must be included in management’s discussion and analysis (MD&A).

Significant pending lawsuits, estimates used by management, and sales by region or business segment are items that are typically discussed in the footnotes. Such items are either pervasive to the entire financial statements (e.g. estimates used by management) or specific to a particular financial statement line item (e.g. gross sales).

This question tested from Session 7, Reading 29, LOS c

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