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Question:- Excess supply is created when price or _____ move away from the equilibrium point. Answer: The correct answer is “quantity.” In a domestic market for example, point of equilibrium represents the balance between the total supply and total demand as indicated by the supply and demand curves respectively depicting the equilibrium price and quantity.…

Question:- What is electrical energy converted to inside a toaster? Answer: In a toaster, electrical energy is converted to heat energy. Toast is an electrical household device that operates to heat food through Incorporated resistive heating, also known as Joule heating. The interior of the toaster has two heating grids – one on the external…

Question:- What two countries have nearly 50% of global coal reserves? Answer: America and Russia have almost half of the world’s coal resources. Global reserves of proven coal associated with the United States and Russia amount to more than half of the total amount. This share is quite large and indicates their great importance in…

Which one of the following statements best describes the results of the Clean Air Act in the United States? a) It has been successful at reducing levels of both criteria and toxic pollutants. b) It has been unsuccessful at reducing levels of both criteria and toxic pollutants. c) It has been successful in reducing levels…

If consumers find that cola and iced tea are good substitutes, then it is likely that: a. the goods’ income elasticities are less than zero. b. the goods’ price elasticities of demand are less than one. c. the goods’ cross price elasticities are greater than zero. Answer: c. the goods’ cross price elasticities are greater…

Which form of transportation has led to more efficient business in a global market? a. helicopters b. cargo ships c. high-speed trains d. tractor trailers Answer: b. cargo ships Cargos have been fortunate to be able to contribute greatly toward achieving efficient business within the existing global trading market. Through serving as the major means…

Which of the following skills do accountants need? a. Accountants need to be skilled speakers. b. Accountants need to be critical thinkers with good decision-making skills. c. Accountants need to have experience in all functions of business. d. Accountants need the skills of Certificated Public Bookkeepers. Answer: b. Accountants need to be critical thinkers with…

Question:- How far do the tectonic plates move in a year? Answer: It is pertinent to note that the tectonic plates of which the lithosphere of the Earth is made of do not move at exactly the same speed, but at glacial movements over long durations of time. Tectonic plates are known to move at…

Select the correct statement regarding fixed costs. a. They do not change, because fixed costs should be ignored in decision making. b. The fixed cost per unit increases when volume increases. c. The fixed cost per unit decreases when volume increases. d. The fixed cost per unit does not change when volume decreases. Answer: c.…

The cost-volume-profit analysis includes all of the following assumptions except? A. The behavior of costs is curvilinear throughout the relevant range. B. All costs can be classified as either variable or fixed. C. Changes in activity are the only factors that affect costs. D. All units produced are sold. Answer: A. The behavior of costs…