Travel Expenses Answers

Which of the following statements best describes how the U.S. recession is affecting other countries?a.The US recession appears to be having no effect on the financial well-being of other countries.b.Due to the loss of income from foreclosed homes, like the U.S., citizens in other countries are having trouble getting loans for home or personal use.c.While citizens are having trouble getting loans from American banks due to the U.S. recession, local banks are eating up the customers with more accessible loans.d.Since lenders are not as willing to lend in the U.S., they are more willing to lend to citizens of other countries. Borrowers are finding it very easy to get approved for loans overseas.

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An end table costs $69.85 today. If the CPI is 194, what would an end table cost in 1983, to the nearest cent?a.$135.51b.$124.15c.$36.00d.$23.76

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Given the following information, choose the brand that is the better buy.Brand A: $1.25 for 10 ounces Brand B: $1.47 for 12 ounces Brand C: $1.68 for 14 ounces Brand D: $1.84 for 16 ouncesa.Brand Ab.Brand Bc.Brand Cd.Brand D

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What is meant by the “right to redress”?a.The consumer has the right to repeat any transaction.b.The consumer has the right to replacement of damaged goods.c.The consumer has the right to hear back from businesses that they contact.d.The consumer has the right to fair settlement of disputes.

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5

Say that Thailand has a workforce of 35,709,487 people, each of whom earns an average salary of (equivalent USD) $8,630 annually. If the Thai government wants to raise $70 billion in tax revenue, approximately where should it set the income tax rate?a.5%b.15%c.23%d.29%

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5

Which of the following factors are considered when calculating GDP?I. goods produced within a country by citizens of that countryII. goods produced within a country by residents who are not citizensIII. goods produced within a country for use in production of other goodsIV. goods produced by a country’s citizens outside of its bordersa.II and IIIb.I onlyc.I and IId.I, II, III, and IV

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5

Using the following prices, calculate the unit price to determine how much it would cost for 7 granola bars and 9 bottles of water.$7.14 for 6 granola bars$8.72 for 8 bottles of watera.$18.14b.$18.63c.$21.41d.$31.72

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6

A store’s supply/demand graph for MP3 players is shown above. If the price is at the equilibrium point, how much money will the store make by selling MP3 players? a. $1,275 b. $1,600 c. $3,150 d. $3,300 Please select the best answer from the choices provided

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6

When the CPI is 185, an electric razor cost $57.81. What is the difference between the price of an electric razor in 1983 and the cost of an electric razor when the CPI is 207, to the nearest cent? a. $33.44 b. $31.25 c. $26.56 d. $6.88 Please select the best answer from the choices provided

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6

Leiff goes online to buy a new video game. He finds a site that currently has a promotion of 15% off on all orders over $50. Leiff decides to buy his video game, with a price tag of $128, at this site because he knows that he will get the 15% discount when he checks out. Leiff pays 5.3% sales tax on the discounted price and pays a shipping fee of $4.75. What is the total of Leiff’s online purchase?a.$112.84b.$114.57c.$118.82d.$119.32

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7

Based on the supply graph and the demand graph shown above, what is the price at the point of equilibrium? a. 20 b. 30 c. 40 d. There is not enough information given to determine the point of equilibrium. Please select the best answer from the choices provided

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On his road trip, Leon stops to refuel and get some snacks. He has the following purchases:12 gallons of gas at $2.89 per gallon2 granola bars for $1.59 each1 apple for $0.892 bottles of vitamin water for $1.39 eachLeon must pay 7.5% sales tax on everything but the gas, which already has tax included in the per gallon price. If Leon paid $44.64, then he _____ for his purchase.a.did not pay enoughb.paid the correct amountc.paid $2.60 too muchd.paid $3.11 too much

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The following chart shows a store’s coat sales for two years. Identify the percent increase in total sales and the percent increase in sales of trench coats. Then find which percent of increase is greater and by how much greater it is than the other. (Round your answer to the nearest tenth.) a. Sales of trench coats increased 0.7 percentage points faster than total coat sales. b. Sales of trench coats increased 8.3 percentage points faster than total coat sales. c. Total coat sales increased 2.5 percentage points faster than sales of trench coats. d. Total coat sales increased 10.7 percentage points faster than sales of trench coats. Please select the best answer from the choices provided

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The prices of consumer goods do not always exactly follow the CPI. The following chart shows several consumer items, along with their respective prices in 1983 and today.ItemPrice in 1983 ($)Current Price ($)Pair of boots67.45126.85Hair dryer15.2529.95Box of tissues1.152.25Toaster22.8544.25Using the prices shown on this chart, which of the following is a reasonable estimate of the current CPI?a.208b.195c.180d.173

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Which agency is responsible for promoting the welfare and opportunities of wage earners?a.FDAb.HUDc.DOLd.CPSC

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What is meant by the “right to redress”?a.The consumer has the right to repeat any transaction.b.The consumer has the right to replacement of damaged goods.c.The consumer has the right to hear back from businesses that they contact.d.The consumer has the right to fair settlement of disputes.

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Say that a company has treated you unfairly or dishonestly. Which of the following options could help you resolve the issue?I. Report them to the Better Business Bureau.II. Speak to their corporate consumer department.III. Seek the help of the Department of HHS.a.I and IIb.II and IIIc.I and IIId.II only

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In 1983, a hardcover dictionary cost $145.75. If the CPI is currently 209, what would a hardcover dictionary cost today? Round to the nearest cent.a.$354.75b.$304.62c.$254.75d.$209.00

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Which of the following is most likely used by a seller to target an impulse buyer? a. contest b. coupon c. display d. rebate Please select the best answer from the choices provided

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10

What consumer protection agency is known by the acronym FTC?a.Federation of Traders and Consumersb.Foreign Tariff Committeec.Federal Trade Commissiond.Fair Trade Community

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10

Suppose that Lebanon has placed tariffs on its imports and exports. The import tariff is 13%, and the export tariff is 8%. If Lebanon has a balance of trade of (equivalent US dollars) $5,510,000 and received tariff revenue of $4,019,200, what are its imports and exports worth?a.$30,916,923 in imports, $50,240,000 in exportsb.$17,040,000 in imports, $22,550,000 in exportsc.$6,226,300 in imports, $5,950,800 in exportsd.$4,793,700 in imports, $5,069,200 in exports

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Which of the following is not a basic consumer right?

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The right to safety

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The right to be informed

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The right to a refund

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The right to a healthy environment

Which of the following is not one of the eight recognized consumer rights?a.right to the satisfaction of basic needsb.right to simplicityc.right to a healthy environmentd.right to be informed

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The graph above shows one store’s projected demand curve for hand-held vacuum cleaners. If the demand at point P3 is fully satisfied, how much money will the store make by selling hand-held vacuum cleaners? a. $900 b. $600 c. $400 d. $270 Please select the best answer from the choices provided

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Which statement(s) most directly apply to capitalism?I. There is heavy government regulation of industry.II. Individuals can start some, but not all, kinds of enterprises.III. The price and availability of goods is determined primarily by the market.a.I and IIb.II onlyc.I and IIId.III only

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Which economic system has no government involvement in the market?a.capitalismb.communismc.socialismd.No economic system is free from government involvement.

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The supply/demand graph for bicycle helmets in a certain market is shown above.Find the price when supply and demand are in equilibrium. a. $30 b. $40 c. $70 d. $80 Please select the best answer from the choices provided

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Which two consumer rights would customers depend on when returning a damaged item for a refund?

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the right to be heard and the right to choose

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the right to choose and the right to safety

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the right to be heard and the right to redress

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the right to safety and the right to be heard

Suppose that the countries of Brazil, Argentina, Ecuador, and Venezuela have interdependent economies. The following table shows the imports and exports between each of these countries. All prices are given in millions of equivalent US dollars.Country of OriginExporting toAmount ($ 1,000,000)BrazilArgentina4,691BrazilEcuador4,791BrazilVenezuela1,526ArgentinaBrazil1,881ArgentinaEcuador1,971ArgentinaVenezuela2,153EcuadorBrazil3,106EcuadorArgentina3,672EcuadorVenezuela2,018VenezuelaBrazil4,535VenezuelaArgentina1,577VenezuelaEcuador1,871If these four countries trade only within this group, what is the difference between the highest balance of trade and the lowest balance of trade?a.$6,221,000,000b.$5,003,000,000c.$3,772,000,000d.$2,123,000,000

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The following chart shows a store's records of sales of stuffed toys over two months. If the trend shown in these graphs stays constant, what percent of the market will teddy bears occupy in November? (Round your answer to the nearest tenth.) a. 24.8% b. 23.4% c. 22.5% d. 20.7% Please select the best answer from the choices provided

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Which of the following is not something that states saw a significant decrease in as a result of the recession?a.housingb.retail salesc.jobs and incomed.transportation costs

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Say that Romania puts a tariff of 6% on its exports and 21% on its imports. If Romania has a trade deficit of (equivalent US dollars) $26.76 billion and gained tariff revenue of $18.9603 billion, how much are Romania’s imports worth?a.$62.56 billionb.$64.29 billionc.$76.17 billiond.$97.04 billion

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What can you do when the unit prices for two comparable items are listed using different units of measure?a.The secondary units don’t affect the cost. As long as both prices are in dollars or cents, you can compare the two. b.The unit prices are based on the cost of the whole package, so divide each base cost by each unit price to get comparable units.c.Use conversion rates to change one unit into the other unit, so that both prices are listed using like units.d.Unit prices are ratios, so you can add the two prices together and divide by the smaller unit price to get a usable number.

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Over the course of a year, a nation records that its exports total an equivalent of $61,475,059, and its imports total an equivalent of $69,696,824. What is this nation’s balance of trade?a.trade deficit of $131,171,883b.trade deficit of $8,221,765c.trade surplus of $131,171,883d.trade surplus of $8,221,765

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The following chart shows a store’s records of sales of stuffed toys for two months. Which of the following are accurate assessments of trends displayed in this graph? I. The market share held by cats increased by about 6.5 percentage points. II. Roughly 22.2% more stuffed toys in the “other” category were sold in October than in September. III. The total number of stuffed toys sold increased by about 2%. a. I and II b. II only c. I and III d. I, II, and III Please select the best answer from the choices provided

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Which of the following is a cause of inflation?a.consumers growing apathetic and failing to notice attempts to raise pricesb.demand continually exceeding supply, leading to an imbalance of money and goods in the marketc.a natural consequence of the use of money instead of trade goodsd.government intervention demanding that prices be raised

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Say that the economy is in an expansion, causing wages to increase by six percent. If you previously received a monthly salary of $1,375.00, what will your new monthly salary be? Round all dollar values to the nearest cent.a.$2,365.00b.$1,604.17c.$1,462.77d.$1,457.50

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Four different stores have the same digital camera on sale. The original price and discounts offered by each store are listed below. Rank the stores from the cheapest to most expensive sale price of the camera.Store A: price $99.99 and discount of 15%Store B: price $95.99 and discount of 12%Store C: price $90.99 and discount of 10%Store D: price $89.99 and successive discounts of 5% and 5%a.A, B, C. Db.A, B, D, Cc.D, A, B, Cd.D, C, B, A

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Suppose that Bangladesh, India, Pakistan, and Nepal are economically interdependent. The following table shows the exports and imports of each country, with all monetary values given in millions of equivalent US dollars.Country of OriginExporting to...Amount ($ 1,000,000)BangladeshIndia2,817BangladeshPakistan2,369BangladeshNepal3,039IndiaBangladesh2,023IndiaPakistan3,462IndiaNepal2,184PakistanBangladesh3,201PakistanIndia2,336PakistanNepal2,338NepalBangladesh2,707NepalIndia3,363NepalPakistan2,332Based on the information in the table, assuming that these four countries trade strictly within the group, what is the value of the greatest trade balance in this group?a.$841 millionb.$847 millionc.$8,402 milliond.$8,516 million

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The chart below shows one store’s sales of computers, listed by model. If the changes in sales between May and June continue at the same percent rate, how many Poreg computers will be sold in July? a. 173 b. 143 c. 114 d. 84 Please select the best answer from the choices provided

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Which of the following terms best applies to a very fast increase in economic output which usually occurs before a peak?a.recessionb.expansionc.boomd.recovery

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A bookcase costs $93.11 when the CPI is 191. What is the CPI when a bookcase costs $76.05?a.213b.181c.156d.122

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Todd and his wife are having company for dinner so he is tasked with stopping at the store to buy creamer for coffee and something for dessert. The creamer is in the far left corner of the store. As Todd is walking back to get the creamer he sees a sign for cookies that says “Just like grandma used to bake”, and the bag has a picture of a woman that reminds Todd of his grandmother. Todd buys the cookies for dessert. Todd’s purchase was least likely a result of _____. a. the location of the creamer b. the location of the display c. the packaging of the cookies d. his shopping budget Please select the best answer from the choices provided

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In “Socialism vs. Capitalism: Which is the Moral System”, author C. Bradley Thompson refers to _____ as the only moral and just social system.a.socialismb.capitalismc.communismd.totalitarianism

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In 1983, a winter hat cost $12.95. Today, a winter hat costs $24.50. If the CPI is 219, what is the percent relation of the actual price of a winter hat to the expected price?a.The actual price is 39.3% higher than the expected price.b.The actual price is 15.8% higher than the expected price.c.The actual price is 13.6% lower than the expected price.d.The actual price is 29.8% lower than the expected price.

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The chart below shows one store's sales of computers, listed by model. If the changes in sales between May and June continue at the same rate, what will be the percent change in total computer sales from June to July? (Round your answer to the nearest tenth.) a. 17.1% b. 20.7% c. 34.0% d. 43.2% Please select the best answer from the choices provided

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A notebook costs $2.65 when the CPI is 182. In 1983, how many notebooks could you buy with $18?a.twentyb.fifteenc.twelved.six

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What is equilibrium, from an economic perspective?a.the theoretical price point at which demand equals supplyb.a state of “all other things being equal”c.a condition in which no buying or selling is occurringd.an economy functioning without outside intervention

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The graph above shows one store’s projected demand curve for hand-held vacuum cleaners. If the demand at point P3 is fully satisfied, how much money will the store make by selling hand-held vacuum cleaners? a. $900 b. $600 c. $400 d. $270 Please select the best answer from the choices provided

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Which of the following functions is most closely connected with the FDA?a.regulating markets and preventing monopoliesb.enforcing truth in advertisingc.protecting the public from unsafe medicines and foodsd.using monetary policy to prevent inflation

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Which of the following is not a question college students find themselves asking when considering the costs of school during the recession? a. How will I pay my tuition? b. What should my major be? c. What school should I attend? d. How often should I go to class? Please select the best answer from the choices provided

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Contrary to common belief, the price of a single item as listed in the CPI (Consumer Price Index) does not always rise and fall in tandem with the price of the same item in the PPI (Producer Price Index). Which of the following is not a reason that makes this so?a.Imports are excluded from PPI, but included in CPI.b.Taxes paid as part of the purchase are not included as part of the PPI but are included in the CPI.c.The PPI includes the prices of goods purchased by other producers while the CPI includes only the prices of goods purchased by consumers.d.Since the PPI measures the change of the price the producer receives for their product and the CPI measure the change of the price the consumer pays for the product, one should rise while the other will fall.

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Which of these is a consumer right recognized by the United Nations?a.right to equalityb.right to opennessc.right to educationd.right to collaboration

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How do tariffs on imports affect a country’s balance of trade?a.Tariffs raise government revenue.b.Tariffs ensure that all countries are traded with equally.c.Tariffs reduce the amount of imports a country makes.d.Tariffs increase the amount of money a country makes from imports.

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The simplest circular model of the United States economy depicts the economy as a cycle in which resources flow between which two entities?a.supply and demandb.businesses and householdsc.the government and foreign countriesd.goods and services

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Kito makes on online purchase of a guitar case for $39.99, a tuner for $24.99 and picks for $26.99. Taxes are 6% of the total purchase price. Shipping charges are based on the following table:Amount of PurchaseStandard ShippingExpress Shippingup to $50$5.10$7.00$50 up to $100$6.35$8.20$100 up to $200$7.80$11.60$200 and over$10.50$16.45Kito selects express shipping and the company bills his credit card $105.69 for the total of the online purchase. Determine if Kito has been billed correctly for his purchase.a.Kito has been billed correctly.b.Kito has not been charged enough for his purchase.c.Kito has been over charged by $1.85 for his purchase.d.Kito has been over charged by $3.40 for his purchase.

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How do the choices consumers make impact business decisions?a.Businesses are run by consumers, so the choices those consumers make will find their way into business decisions.b.Businesses can track the trends of what consumers are and are not buying, and will attempt to cater to the desires of those who provide them with profits.c.The government mandates that businesses respond promptly to the preferences of the market.d.Businesses, like consumers, tend to follow fads and trends, so setting trends can cause businesses to follow along.

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What is the difference between microeconomics and macroeconomics?a.Macroeconomics deals with abstract economic theories, while microeconomics applies those theories to the real world.b.Microeconomics looks at economic systems in a vacuum, while macroeconomics looks at how those systems interact with one another.c.Microeconomics deals with economics on the level of individuals or businesses, while macroeconomics deals with economics on the level of states or countries.d.Macroeconomics looks at the history of economics, while microeconomics is concerned with the present and the future.

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The figure above shows a store’s supply-demand graph for coffee makers. If the store sells $375 worth of coffee makers, which of the following is a valid possible price for them? a. $15 b. $25 c. $40 d. $55 Please select the best answer from the choices provided

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Below are the supply and demand equations for umbrellas in a certain market. In these equations, p represents price, D represents demand, and S represents supply. What is p at the point of equilibrium, to the nearest tenth? a. 19.3 b. 16.5 c. 13.4 d. 12.0 Please select the best answer from the choices provided

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Tyrell is gearing up for the football season and decides to purchase some items online. He has a promotional code for a one time $10 off any purchase of $50 or more. Tyrell orders 2 new jerseys at $32.89 each and a hat for $23.99. Tyrell pays 7% sales tax on his purchase, but pays no shipping charges. What is the total of Tyrell’s online purchase?a.$50.16b.$79.77c.$85.35d.$96.05

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What consumer protection agency is known by the acronym FTC?a.Federation of Traders and Consumersb.Foreign Tariff Committeec.Federal Trade Commissiond.Fair Trade Community

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In 1983, a pair of jeans cost $66.35. If a pair of jeans costs $118.10 today, what is the CPI?a.152b.156c.178d.184

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Of the four consumer protection groups listed below, identify which groups are government agencies and which are non-governmental.I. Better Business BureauII. Consumer Product Safety CommissionIII. Consumers UnionIV. Food and Drug Administrationa.I and II are governmental; III and IV are not.b.II and III are governmental; I and IV are not.c.II and IV are governmental; I and III are not.d.III and IV are governmental; I and II are not.

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What is a consequence of following the Comparative Advantage Principle?a.Countries only make one kind of good or service.b.Wages scale to exactly match the skill of the wage-earners.c.Countries become more interdependent on one another for goods and materials.d.Goods are traded directly, rather than using monetary trade.

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In which of the following stores would you pay the least amount for an item that is priced $360?Store A: Sale of 10% off and a successive discount of 10% off.Store B: Sale of 15% with no additional discount.Store C: Sale of $35 off and a successive discount of 10% off.a.All of the stores have the same discounted price.b.You can get the lowest price at Store A.c.You can get the lowest price at StoreB.d.You can get the lowest price at Store C.

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Which statement(s) most directly apply to capitalism?I. There is heavy government regulation of industry.II. Individuals can start some, but not all, kinds of enterprises.III. The price and availability of goods is determined primarily by the market.a.I and IIb.II onlyc.I and IIId.III only

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The supply/demand graph for bicycle helmets in a certain market is shown above.Find the price when supply and demand are in equilibrium. a. $30 b. $40 c. $70 d. $80 Please select the best answer from the choices provided

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Which basic consumer right calls for accurate information on product information and labeling requirements so the customer can make purchasing decisions?

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the right to safety

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the right to be heard

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the right to education

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the right to be informed

The CPI in 1970 was 38.8. The CPI in 2007 was 207.3. The purchasing power of $50,000 in 1970 was _____ the purchasing power of $200,000 in 2007. a. less than b. more than c. the same as d. not comparable to Please select the best answer from the choices provided

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Over the course of a year, a nation records that its exports total an equivalent of $61,475,059, and its imports total an equivalent of $69,696,824. What is this nation’s balance of trade?a.trade deficit of $131,171,883b.trade deficit of $8,221,765c.trade surplus of $131,171,883d.trade surplus of $8,221,765

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Using the above supply/demand graph, what is the price at the point of equilibrium? a. 100 b. 75 c. 70 d. 55 Please select the best answer from the choices provided

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Say that the economy is in a recession, which is causing the value of gold to fall by three percent. If you have gold reserves which were previously worth $8,590, how much value have you lost as a result of this recession, to the nearest cent?a.$590.00b.$286.33c.$257.70d.$250.19

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Cynthia, a resident of Ottawa, earns $41,875 annually. If the Canadian government levies an income tax of 18.6% on Cynthia’s tax bracket, what is her annual take-home pay?a.$39,623.66b.$34,086.25c.$27,016.13d.$22,513.44

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In 1983, a can of house paint cost $16.35. In 2000, a can of house paint cost $28.94, and in 2005, a can of house paint cost $32.54. What is the difference in CPI between 2000 and 2005?a.12b.22c.45d.77

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Selena purchased some gifts for her nieces and nephews online. She bought 3 dolls each priced at $19.99 each and 4 remote control cars priced at $21.99 each. Selena was able to get an online coupon for $3 off on each remote control car that she purchased. There was no sales tax, but the shipping charge was $10.50. What was the total amount Selena paid for her online purchase?a.$135.93b.$144.93c.$146.43d.$155.43

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Which of the following is not one of the eight recognized consumer rights?a.right to the satisfaction of basic needsb.right to simplicityc.right to a healthy environmentd.right to be informed

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An important basic consumer right is the right to live and work in a(n)

Answer not available

23

Say that Australia has a working population of 11,565,470 people, and that the average salary is $26,450 annually. How much tax revenue would Australia generate each year by instituting a 31.4% income tax?a.$81,528,467,671b.$90,224,333,274c.$96,054,697,991d.$209,851,983,509

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Ozzie has a coupon for 5% off any purchase in his favorite bakery. When Ozzie stops to buy some cookies, he discovers that all cookies are on sale for 15% off the regular price. The cookies are regularly $5.89 per dozen. If Ozzie uses his coupon and pays 7% sales tax, how much does he pay for two dozen cookies?a.$9.42b.$9.51c.$10.08d.$10.18

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Suppose that Spain has a workforce of 22.85 million people, and that the average salary for each person is €24,200 annually. Spain has imports of €290.85 billion and exports of €200.13 billion. If the Spanish government levies a 7% tariff on exports, an 18% tariff on imports, and a 21% income tax, how will the revenue gained from tariffs and the revenue gained from income tax compare?a.The government will earn €80.7214 billion more from tariffs than from income tax.b.The government will earn €29.5030 billion more from tariffs than from income tax.c.The government will earn €63.7707 billion more from income tax than from tariffs.d.The government will earn €49.7616 billion more from income tax than from tariffs.

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Which of the following is not one of the categories of which the CPI market basket consists?a.housingb.foodc.educationd.industry

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Below are the supply and demand equations for stereo headphones in a certain market. In these equations, p represents price, D represents demand, and S represents supply. What is D at the point of equilibrium, to the nearest whole number? a. 151 b. 104 c. 71 d. 54 Please select the best answer from the choices provided

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If a unit price label has a unit price of 21.5 cents per pound, how much is the total price for an 8 pound package?a.$0.37b.$1.72c.$2.69d.$17.20

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