MGT449_Core-Course-Review

When a producer has a lower opportunity cost in the production of a certain good, it is said that they have _____________ advantage.  

• absolute

• cost

• comparative

• minimal

When there is an improvement in technology, what happens to the supply curve and therefore price and quantity? 

• Supply curve shifts right (increases) - quantity increases and price decreases

• Supply curve shifts left (decreases) - quantity increases and price decreases 

• Supply curve shifts right (increases) - quantity decreases and price increases

• Nothing happens 

How would the US respond to depreciation of the US dollar?  

• No response to the change in value of the US dollar compared to other currencies 

• The quantity of US dollars supplied would increase 

• More foreign assets would be purchased 

• The quantity of US dollars supplied would decrease

When Total Revenue = Total Cost 

• Breakeven Point

• Net Operating Loss

• Maximum Profits

• Return on Investment

Which is not a type of inventory?

• Work in Process

• Finished Goods

• PPE

• Raw Materials

What is the accounting equation?

• Assets = liabilities + equity

• Equity = liabilities + assets

• Assets = liabilities - equity

• Liabilities = equity + assets

A supermarket assumed the mean time a shopper stands in a supermarket checkout line is 8 minutes. Sample data showed an average wait time of 10.45 minutes. What test should they run to determine if the assumed mean is correct?

• Chi square test

• independent samples t test

• correlation test

• one sample t test

If you ran a hypothesis test and got a pvalue of 0.40 the statistical interpretation would be:

• Accept the alternative.

• Do not reject the null.

• Accept the null.

• There is a difference in means.

If a survey includes a question with a scale of agreement [strongly agree / agree / disagree / strongly disagree], what is the level of measurement for that variable?

• Nominal

• Interval

• Ordinal

• Ratio

Which one below is not one of the 5 basic functions of an Information System?

• People

• Hardware

• Networks & Security

• Internet