ADMS 2610 Study Guide - Midterm Guide: Jules Michelet, Purchase Order

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orchidguinea-pig143

29 Oct 2011

School

York University

Department

Administrative Studies

Course

ADMS 2610

Professor

Richard Gasparini

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Document Summary

Cheap and save food stores limited regularly purchased large quantities of strawberries for its bulk food section from a canadian food wholesaler. The purchase of strawberries was carried out with a separate purchase order and invoice each time although a full, written contract had been executed between the parties governing the relationship in its entirety. One of the terms of the contract specified that for individual orders in excess of 100 kg, a quantity discount of 15% would be applied to the purchase price. Since these were very favourable terms, cheap and save regularly ordered quantities ranging between 500-700 kg of strawberries to adequately supply all of its stores. After it had been purchasing strawberries for over a year, cheap and save received a note attached to its most recent invoice informing it that the contract was in error. The wholesaler"s policy was that only purchases in excess of 1000 kg were entitled to the quantity discount of 15%.

Related Questions

29) In June of this year, an unusually good growing season resulted in an abundance of strawberries. With this increase in supply, the price of strawberries tumbled. For some growers the price wasn't high enough to cover the cost of hiring labour, so they opened their fields to locals and offered them "you pick for free" deals. If "you pick for free" strawberries are substitutes in consumption for store-bought strawberries, we would have observed A) a decrease in equilibrium price but an increase in the equilibrium quantity of store-bought stawberries. B) an increase in the equilibrium price but a decrease in the equilibrium quantity of store-bought stawberries.. C) an increase in the equilibrium price and the equilibrium quantity of store-bought stawberries.. D) a decrease in the equilibrium price and the equilibrium quantity of store-bought stawberries.. E) none of the above.

4. Suppose the economy of Stockton produces four goods: strawberries, ice cream, sushi, andcoolers. However, consumers only purchase strawberries, ice cream, and sushi. Coolers are a final good, but are only used by ice cream trucks to store ice cream. The total production of all final goods is given in the table below: Year Strawberries Ice Cream Quantity Price ($ per unit) Quantity Price ($ per unit) 2010 8 $4 10 $2 2011 9 $5 14 $2 2012 10 $6 18 $3 Year Quantity Sushi Price ($ per unit) Coolers Quantity Price ($ per unit) 2010 12 $3 1 $12 2011 12 $3 2 $8 2012 15 $4 8 $2 (a) Using 2010 as the base year, calculate the value of the CPI in each year, and thencalculate the rate of inflation based on the CPI for all years (i.e., inflation rate from 2010 to 2011 and from 2011 to 2012). (b) Keeping in mind that the GDP deflator is a fixed-prices measure (fixed in the base year),calculate nominal GDP and real GDP for each year using 2010 as the base year. Using the expression for the GDP deflator, calculate the value of the GDP deflator in each year, then calculate the rate of inflation based on the GDP deflator for all years (i.e., inflation rate from 2010 to 2011 and from 2011 to 2012). (c) The following table gives the average nominal wage (in thousands) of workers in Stockton. In which year did they have the highest real wage?

sangriadolphin669

The economy is in equilibrium, TP = TE, and Real GDP is $4,555 billion. The MPC is 0.80, the multiplier is operative, and idle resources exist at each expenditure round. Government purchases rise by $10 billion. As a result, the __________ curve shifts __________, inventory levels unexpectedly __________, business firms ___________ the quantity of goods and services they produce, and Real GDP __________ by __________.

TE; downward; fall; increase; rises; $10 billion.

TP; rightward; fall; decrease; falls; $50 billion

TE; upward; fall; increase; rises; $50 billion

TE; downward; rise; increase; rises, $50 billion

Bank A has checkable deposits of $900,000 and total reserves of $112,000. If the required reserve ratio is 8 percent, the bank has excess reserves of

$40,000.

$72,000.

$13,440.

$4,000

A tariff is imposed on strawberries. The tariff will ___________ the price of strawberries in the domestic market, _____________ the quantity of strawberries imported in the domestic market, and ____________ consumersâ surplus.

raise; lower; lower

lower; raise; lower

raise; lower; raise

lower; lower; raise

The economy is in a recessionary gap, wages are inflexible downward, and there is complete crowding out. Which of the following is consistent with this state of affairs?

The economy will soon self-regulate and produce Natural Real GDP.

Expansionary fiscal policy will be effective at removing the economy from the recessionary gap.

If expansionary fiscal policy is implemented, the AD curve will shift to the right, and eventually the price level and Real GDP will rise.

b and c

none of the above

When Bank A obtains a loan from the Fed, the

discount rate is probably higher than the federal funds rate.

bankâs reserves increase.

simple deposit multiplier decreases.

b and c

none of the above

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ADMS 2610 Study Guide - Midterm Guide: Jules Michelet, Purchase Order

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