Most economists believe that fiscal policy is:
A. Better than monetary policy for month-to-month stabilization
B: Better than monetary policy for "fine-tuning the economy
C. Not as good as a monetary policy for month-to-month stabilization
D. Not very good at pushing the economy in a particular direction

Clooney Corp. establishes a petty cash fund for $225 and issues a credit card to its office manager. By the end of the month, employees made one expenditure from the petty cash fund (entertainment,$25) and three expenditures with the credit card (postage, $60; delivery,$85; supplies expense, $50). Record all employee expenditures, and record the entry to replenish the petty cash fund. The credit card balance will be paid later.

Halle's Berry Farm establishes a $200 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains$30 in cash. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items:

$$\begin{array}{ll}{\text { Office party decorations (petty cash) }} & {\$ 170} \\ {\text { Lawn maintenance (credit card) }} & {420} \\ {\text { Postage (credit card) }} & {575} \\ {\text { Fuel for delivery (credit card) }} & {285}\end{array}$$

Record the establishment of the petty cash fund on September 4, all expenditures made during the month, and the replenishment of the petty cash fund on September 30. The credit card balance is not yet paid.

In nature, the waste outputs of one organism become the nutrient inputs of another, so all of Earth's nutrients are endlessly recycled Can the same be said of a resource exchange web in an eco industrial park? Explain why or why not.

The economy is in short-run equilibrium when:

A. aggregate demand intersects short-run aggregate supply.

B. short-run aggregate supply intersects long-run aggregate supply.

C. aggregate demand intersects long-run aggregate supply.

D. aggregate demand intersects both long-run and short-run aggregate supply.

E. the economy is at full employment output.

Distinguish between the short run and the long run as they relate to macroeconomics. W hy is the distinction important?

Suppose the economy is in short-run equilibrium at a level of output that exceeds potential output. How would the economy self-adjust to return to long-run equilibrium?

If real GDP rises while nominal GDP falls, then prices on average have ___________:

A) risen.

B) decreased and then been offset by an equal increase.

C) stayed the same.

D) fallen.

According to Keynes, the private sector (by itself):

A. can only move the economy out of a recessionary gap if the AD fall (holding SRAS constant)

B. cannot always move the economy out of a recessionary gap in a timely manner.

C. can always move the economy out of a recessionary gap in a timely manner.

D. can never move the economy out of a recessionary gap.

E. can only move the economy out of a recessionary gap if the SRAS falls (holding AD constant)

Which of the following components makes up the largest percentage of GDP measured by aggregate spending? A. consumer spending B. investment spending C. government purchases of goods and services D. exports E. imports

For each of the following statements, briefly explain whether you agree.

“Whenever real GDP declines, nominal GDP must also decline.”

Corn is an important animal food. Normal corn lacks certain amino acids, which are building blocks for protein. Plant scientists have developed new corn varieties that have more of these amino acids. To test new corn as animal food, a group of 20 one-day-old male chicks was fed a ration containing the new corn. A control group of another 20 chicks was fed a ration that was identical except that it contained normal corn. Here are the weight gains (in grams) after 21 days:

Compute five-number summaries for the weight gains of the two groups of chicks. Then make boxplots to compare the two distributions. What do the data show about the effect of the new corn?

Boilermaker House Painting Company incurs the following transactions for September.

$$\begin{matrix} \text{1. September 3} & \text{Paint houses in the current month for \$20,000 on account.}\\ \text{2. September 8} & \text{Purchase painting equipment for \$21,000 cash.}\\ \text{3. September 12} & \text{Purchase office supplies on account for \$3,500.}\\ \text{4. September 15} & \text{Pay employee salaries of \$4,200 for the current month.}\\ \text{5. September 19} & \text{Purchase advertising to appear in the current month for \$1,000 cash.}\\ \text{6. September 22} & \text{Pay office rent of \$5,400 for the current month.}\\ \text{7. September 26} & \text{Receive \$15,000 from customers in (1) above.}\\ \text{8. September 30} & \text{Receive cash of \$6,000 in advance from a customer who plans to have }\\ \text{ } & \text{his house painted in the following month.}\\ \end{matrix}$$

1. Record each transaction. Boilermaker uses the following accounts: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Deferred Revenue, Common Stock, Retained Earnings, Service Revenue, Salaries Expense, Advertising Expense, and Rent Expense. 2. Post each transaction to T-accounts and compute the ending balance of each account. At the beginning of September, the company had the following account balances: Cash, $46,100; Accounts Receivable,$1,700; Supplies, $500; Equipment,$7,400; Accounts Payable, $1,200; Common Stock,$25,000; Retained Earnings, $29,500. All other accounts had a beginning balance of zero. 3. After calculating the ending balance of each account, prepare a trial balance.

The first step in the scientific process is:

(a) collecting data.

(b) observations and questions.

(c) forming a hypothesis.

(d) disseminating findings.

(e) forming a theory.