Suppose a firm in each of the two markets listed below were to increase its price by 25 percent. In which pair would the firm in the first market listed experience a dramatic decline in sales, but the firm in the second market listed might not?

A) Restaurants and smartphones
B) Electricity and natural gas
C) Rice and satellite radio
D) Rice and soybeans

Which of the following statements is FALSE?

A) Some of the qualities that influence leadership emergence are heritable.
B) Leaders are usually very low in the personality trait called narcissism.
C) Rotational studies suggest certain individuals tend to become leaders in the groups they join.
D) Conscientiousness and extraversion are the strongest predictors of leadership emergence.

According to research, employees who are extroverted, agreeable, and conscientious are most successful at completing overseas assignments.

Traditionally, union members have been predominantly:

A) black males in blue-collar jobs.
B) white males in blue-collar jobs.
C) Asian women in white-collar jobs.
D) Hispanic women in white-collar jobs.

The activity rate for the General Factory activity cost pool under activity-based costing is closest to:

A) $62.60 per MH
B) $33.61 per MH
C) $167.94 per MH
D) $87.22 per MH

A monopolistically competitive firm is producing at a short-run output level where average total cost is $10.00, marginal cost is $5.00, marginal revenue is $6.00, and price is $12.00. In the short run, the firm should

A) decrease the level of output.
B) increase the level of output.
C) make no change in the level of output.
D) increase product price.

Decisions of administrative agencies, commissions or boards that revoke a licence or registration are unenforceable because they are not courts.

On January 1, a company issues bonds dated January 1 with a par value of $300,000. The bonds mature in 5 years. The contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $312,177. The journal entry to record the first interest payment using the effective interest method of amortization is:

A) Debit Interest Expense $12,487.08; debit Premium on Bonds Payable $1,012.92; credit Cash $13,500.00.
B) Debit Interest Payable $13,500; credit Cash $13,500.00.
C) Debit Interest Expense $12,487.08; debit Discount on Bonds Payable $1,012.92; credit Cash $13,500.00.
D) Debit Interest Expense $14,717.70; credit Premium on Bonds Payable $1,217.70; credit Cash $13,500.00.
E) Debit Interest Expense $12,282.30; debit Premium on Bonds Payable $1,217.70; credit Cash $13,500.00.