How to Reduce Electricity Usage

Electricity is one of primary needed of human being in this time; most of equipment in the world uses electricity . Now Indonesia is facing a serious problem because the over usage of electricity and the capacity of electricity is deficiency. The needs of electricity is increase every year, in this situation reduce usage of electricity is very important.Most highest electricity usage time is between 5 pm to 10 pm , this time is the best time for reduce or avoid the usage of heavy electricity consuming equipments like water heater, computer, refrigerator and etc. There are several steps involved in reducing electricity usage. First, use the saver energy lamp. Lamp is absorbing more electricity power than other equipment; light has longer usage than other equipment, especially for incandescent lamp. Many people still using incandescent lamp at their house, particularly for villager.They use incandescent lamp because is cheaper than the saver energy lamp like Phillips lamp for example, maybe it is more expensive than incandescent lamp, but the saver energy lamp have longer usage lifetime than incandescent, and it is brighter than incandescent lamp. But actually incandescent lamps have bigger power consumed than other lamp, and 19% of electricity is absorbing by lamp. â€Å"Incandescent lamps are marketed in various forms and are available for voltage (voltage) of work that range from 1. 5 to 300 volts of electricity required volt. Incandescent lamp to produce a bright light is bigger than any other artificial light sources like fluorescent lamps and diode light, then gradually in some countries began to be restricted circulation of incandescent lamps† (1) Second, switch off all the electricity equipment when not in use. Many people forget for switch off the equipment went they leave, they just left it in the on condition and that really waste the electricity.The standby mode just decreases electricity usage of the device, but it still absorbing the electric ity power. To avoid this happened, better if use automatically off timer on television, air conditioner, and etc, it will switch off the equipment automatically and reduce wasting electricity. Third, do not use the heavy electricity equipments from 5 pm until 10 pm. In this time, the user of electricity is the highest usage number. One of the wasting electricity causes is because using heavy electricity equipment.Like ironing or use washing machine. It can increase the usage of electricity, better if using this kind of equipment at the daylight and use it when the clothes already pile up and that is really save the electricity power. â€Å"If 10 million house users can save as big as 50 watt during 5 pm until 10 pm, we can save electricity power 2500 million watt hour (2500 MWh). If each 1 KWh electricity needs 0,3 liter diesel , that means we were saving 750 kiloliter diesel in 5 hour. † (2) Last, use sunlight and wind at daylight as useful as possible.Sunlight can dry laund ry naturally without use dry machine, dry machine absorb twice time bigger electricity power than when washing clothes. And open all the windows in the house, so the sunlight can come in and we do not need lamp as the lighting. Sunlight also can be changed to the synthetic electricity with the solar panel, that why use sunlight is really useful. Besides that Turning off air conditioner or fan and use wind as the change, it will reduce much electricity power.By doing this several steps, the ways to save electricity usage will be easier. It also can help government to resolve the deficiency electricity problem. Besides that, it can decrease the electricity payment too. And many advantages can be reaching, like increase the lifetime of equipment (because it not use often) and reducing global warming. And this is really useful for the better future.

Wireless Communications and Networksright

Assignment 1 Wireless Communications and Networksright 6156960 Name : Sikandar ALI. Roll no. : FA14-BCS-095. Section: A. Submitted to : Sir aMMAR YASIR. Date : 2nd March , 2018.1000000 Name : Sikandar ALI. Roll no. : FA14-BCS-095. Section: A. Submitted to : Sir aMMAR YASIR. Date : 2nd March , 2018. Communication is a Latin word which means â€Å"sharing†. It means sharing some data or information from one place to another or with someone. The main source of communication is language. There are some other ways for communicating like:The use of Symbols.Road signs for the movement of vehicles.In military defense, we use secret codes for confidential communication. Types of Communication: There are three types of communication:Verbal Communication.Non-Verbal Communication.Visual Communication.Verbal Communication:The communication which is in formal way to exchange or communicate from one person to another. It has further two types:Written Communication: The communication which is in written form like documents , emails , chats , SMS. This kind of communication is also used in business proposal, issusing legal instructions contracts, memes. To make effective written communication, it depends on vocabulary, styles, clarity and also grammer.Oral Communication: The communication which is face to face of spoken words. It could also be on phone call, audio/video call and also video conference through internet. People give interviews to international companies for job on Skype. It could be formal or informal communication. Formal Communication: The communication in which conferences, lectures takes place.Informal Communication: The communication in which gossips with friends, crack jokes takes place.Non-Verbal communication:The communication which is in formal way to exchange or communicate from one person to another. This communication can be done by body language which includes facial expressions, eye contact, body posture, gestures and others. But the most common of all is facial expressions.Visual Communication:A communication in which an idea or information that can be read or viewed by using visual aids like drawing, signs, typography, graphic design and other electronic devices. The profit and loss of business can be view by graphs or charts through which employees can present the profit and loss of business very easily.Wireless Communication:A communication in which data or information can be send or receive without any cables or wires to another device. The information is transmitted through air by electromagnetic waves like radio frequency, infrared, satellite and much more. Now there are variety of devices and technologies ranging from smartphones to laptops, tablets, printers, bluetooth, Wi-Fi, 3G and 4G etc. Types of Wireless Communication: There are three types of Wireless Communication:Wireless Personal Area Network (WPAN).Wireless Local Area Network (WLAN).Wireless Metropolitan Area Network (WMAN). Wireless Personal Area Network (WPAN):The system which connect two devices at very short range. They must be very close to each other usually in the same room. Bluetooth: It is two way communication between two devices which could be place very close to each other for sharing data or any information. It is very efficient reducing the wires like connect a mouse with computer, headphones, MP3 and cellphones etc. Infrared (IR) Wireless Communication: In this system, data or information is carried over infrared waves between two points. The frequency range is in between the microwave and visible light. These are very small range of distance like TV remote and AC remote. Wireless Local Area Network (WLAN):It is local area network which connects two or more transceivers by using a wireless device. It covered the house or small offices under the WLAN.Wi-Fi: A system that is related to computer networking. In this, we need wired connection of internet with guided router which connects to other devices like mobile, laptops, tablets and LED TV. It's range is generally one home or small offices. If we use in large campus or hospitals then we use range extender to make the range much more and cover the whole area under the network. Wireless Metropolitan Area Network (WMAN):It is the communication network which have to covered the large areas , states or countries to communicate with each other. For this purpose, we use satellite communication or transmission tower to communicate with other very long range places and take care by service provider. Satellite Communication:An artificial satellite that provide us facilities for communication as radio, television, telephones transmission and communicate with other countries by video or audio calling, texting and so on.The heart of a satellite communication system is a satellite based antenna in a stable orbit above the Earth. There are many satellites that relays on the space to communicate with each other as serve as relay station in space. The antenna station on near the Earth are referred to as â€Å"Earth Stations†. A transmission from an Earth station to the satellite is referred as â€Å"Uplink†. A transmission from satellite to an Earth station is referred as â€Å"Downlink†. The component in satellite which takes an uplink and convert into downlink signals is known as â€Å"Transponder†. There are number of ways of categorizing satellite communication:-Coverage Area:It covers the global, regional and national. The larger the area of coverage, the more satellites must be involved in a single networked system.Service Type:Fixed service satellite, broadcast service satellite and mobile service satellite. General Usage:Commercial, Military, Amateur and Experimental.Protocols for Satellite Communication: The protocols for Satellite Communication are these:MPEG : It stands for Motion Picture Expert Group. It is the dominant standard used for TV encoding and transmission.IP : It stands for Internet Protocol. It is the entire family of data communication protocols which is popular for emails and web-browsing. Why use of Satellite Communication? We use satellite communication for television, telephones, navigations, business and finance, weather, safety, development and a lot of more. Let us take some scenario to show why we use satellite communication?Scenario:If we talk about television, you watch TV and there are hundred of channels on TV which are broadcast from many countries and there are some news channels, movies channels, drama channels, sports channels and also animated channels for children. People get to know about the situation of other countries through news if there will be no satellite then there will be no broadcast and no channel will appear on TV. If we talk about Telephones, we can call on airplanes through flight phone communication which is provided by satellites to communicate with rural areas. Also through satellite, we can make our audio and video calls and talk from one country to another. If we talk about navigators, when you like to visit a place with friends and family but you lost the way that which is the right one. So, you use navigator which is in your cellphone and connect it with GPS through satellite to know about your location which is very helpful to get the right path and you can easily reach to your destination without any problem. Advantages of Satellite Communication:It is use for wireless communication.It is use for navigation.It covers the wide area of region or country with one satellite It is also use for audio/video calls and for transmission of data.It is use for connecting small areas, broadcasting TV/radio and also tell us about weather situations.

Nurse Practitioners who have had a spanish for health care Research Proposal

Nurse Practitioners who have had a spanish for health care practitioners course will provide better subjective and objective ass - Research Proposal Example Contextually, it has emerged as a vital point of consideration for professionals to obtain differentiated advantages and attain better growth opportunities in the global context. Based on a similar notion, in nursing, language or rather the linguistic skills possessed by the nurses are determined as an important and beneficial attribute when aiming at better patient satisfaction (American College of Physicians, 2009). In today’s society, it is quite essential that what is transmitted by the nurse is effectively comprehended by the patients through effective communication. The role of communication in nursing profession is one of the significant aspects, where recent studies have depicted that many educated nurses face challenge to take care of the patients according to their requirements fundamentally because of linguistic barriers (Allen & Dip, 2007). Stating precisely, language skills play a significant role in the nursing profession which is quite essential in order to faci litate superior treatment to patients belonging from different ethnicity or cultural background. This enables the nurses to understand the needs of the patients more effectively as well as comprehend the information related to the healthcare with minimum chances of misinterpretation from the patients’ end. ... Statement of the Problem Based on the significance of language skills among nurses, the problem to be examined in this study will emphasise that whether nurse practitioners who have obtained the course of Spanish language will facilitate better treatment for the Spanish patients in comparison to those practitioners who do not possess Spanish language skills. The philosophy behind the identified problem or research issue has been based on the belief that communicating in similar language is likely to facilitate effective communication process between the nurse and the patient, confirming better quality healthcare services. In the present scenario of globalization, language has apparently emerged as an essential skill for the nurse practitioners owing to the fact that they need to handle patients belonging to different cultures and linguistic backgrounds. Thus, the research issue in concern denotes that a practitioner who does not have the knowledge of Spanish language will not able to provide necessary care to the Spanish patients. Significance of the Problem for Nursing and Health The problems concerning the communication skills of the nurse practitioners can be observed as quite crucial in the present day context. From a generalized perspective, it can be affirmed that nurses who do not have the knowledge of a particular language will not be able to deliver superior quality care to an individual who belongs to that particular linguistic background. Based on this assumption, this study will attempt to emphasize upon the communication gap resulting because of the linguistic differences existing between nurse practitioners and the patients in the modern day global healthcare sector. Hence, focusing upon the

American Revolution Essay Example | Topics and Well Written Essays - 1000 words

American Revolution - Essay Example Unity and solidarity of the population were the main factors which influenced outcomes of the Revolution. Patriotism was inspired by ideas of freedom and liberation, new social order and independence. When the break between the motherland and the colonies came, democratic spirit, characteristic of the frontier, seized a vast majority of the American people. It affected merchants and planters as well as farmers and mechanics. They all had grievances against the crown, which most of them believed could only be righted by national freedom. In the main the questions that divided England and America were economic in character, having to do with property rather than personal rights, but the hurt of them was not the less keenly felt for all of that. National idea and political and economic pressure of the Crown inspired a new ideology and national idea (Middlekauff 83). Another important factor of success was that ideas of freedom and independence were supported by three political leaders, Washington, Adams, and Jefferson, who led the Revolution. In spite of the fact that Washington, Adams, and Jefferson had different views and vision of the new republic and freedom, they supplemented each other. For instance, Adams developed a masterful defense strategy. In the face of considerable opposition by the radical leadership, he first secured a postponement of the trial until autumn, a delaying tactic that permitted some of the popular. Jefferson also indicated that his revolutionary sentiments had been born out of his despair that the colonists were unable to shape their lives and destinies. His arguments on this score were more persuasive. The autonomy of the colonists, he wrote, had been "circumscribed within narrow limits" (Middlekauff 36). Their role as provincials was merely "to direct all labors in subservience to her [Great Britain's] interests" (Middlekauff 34). The core of Jefferson's commitment to colonial protest did in fact arise from his belief that American subordination and dependency was unpalatable. Also, Washington subsequently agreed that the Stamp Act was "unconstitutional" but he viewed it more as an aggrieved businessman than an ideologue. He labeled the act "ill judgd" predicting that taxation would further strip the colonists of precious cash, reducing their capability to satisfy their creditors in England or to import goods from the parent state. Yet while Adams distrusted the popular leadership, he did not doubt that the British policies which they attacked were illegal and threatened servility. In spite of some differences, sense of unity and cooperative spirit united these leaders and appealed to the population (Hibbert 64, 66). Among the alternative arguments stilled by the early patriot curtain of silence were those expressed by the voices of the oppressed, both slave and free. Widespread distribution of the Massachusetts petitions for freedom, the essay by Caesar Sarter, the argument offered by Adam, the actions of Prince Hall, and the poetry of Phillis Wheatley would have offered counters to the role of myth, symbol, and difference and may have influenced the essays employed by the white antislavery adherents. The propaganda associated with national purpose can become fixed by the firmament of success as much as by the simmering resentments that accompany an unsuccessful coup. The patriot call

Law for Managers Essay Example | Topics and Well Written Essays - 2500 words - 1

Law for Managers - Essay Example The concept of â€Å"foreseenability† in many cases is correlated with the issue of a reasonable practicability. Anyway, the employer should provide employees with a certain degree of safety, but risk assessment is placed totally on employees only. It is relevant to consider any type of possible risks. Every employer can make a decision and he can also ignore safety issues. In any case, every employer should be assured that he provided his employees with an efficient level of safety and guaranteed their risks avoidance. On the example of the available cases, the implications of the Health and Safety at Work Act 1974 are considered further on. Moreover, current literature sources are provided for further considerations about flexibility and challenge of the Act. Legal Authorities (Cases) Thus, for example, when a child was injured and took a used hypodermic syringe, the doctor was accused of failing to ensure health and safety issues of the person. A child took a syringe from a shelf, which was further replaced by another higher shelf. In the result of this accident: â€Å"The doctor was fined ?5,000 under Section 3(2) of the Health and Safety at Work Act 1974 for failing to ensure the health and safety of a person not in her employment and was also ordered to pay the full prosecution costs of ?981.68† (Everley,1999). ... An employee could not transport 935 kilograms of LPG and it was very soon ignited by a nearby gas leakage. Consequently, the Managing Director of the company did not follow HSE guidance and failed to follow the minimum distance to be maintained between vehicles and fuel tanks containing LPG (HSE, 2010). This is a resonance case and in many similar cases the responsibility is applied for the employers. Very often a personal responsibility of employees is omitted. Another case, when the Managing Director and managers of the company were prosecuted for offences, which related to an outbreak of Legionnaire’s disease. This bacterium was transferred from one employee to another and it was very difficult for the managers of the company to stop the expansion of this disease. The towers were not properly cleaned and in the result of this neglectful attitude the expansion of the disease were motivated. This case illustrated that: â€Å"the HSE will not only prosecute companies but also Managing Directors if they are found to be negligent† (HSE, 2010). Moreover, it is appropriate to appeal for the personal liability issues in terms of this Act. Thus, personal liability for offences under s 37(1) of the Health and Safety at Work Act 1974 was issued at almost the same date of the corporate manslaughter Bill received the Royal Assent. It is possible to correlate these two legal regulation Acts. Moreover, a special attention should be paid to ss 7 and 36 of the HSWA 1974. Section 7 is focused on the employees’ responsibility of their safety. In other words, every employee should be responsible for his own actions at work, because the HSWA 1974 is known as â€Å"the primary focus for all health and safety legislation in the UK† (Barnard 1998, p. 1).

Available and Interested Potential Investors in the Energy Drink Research Paper

Available and Interested Potential Investors in the Energy Drink Industry - Research Paper Example For the energy drink, the net profit value as a percentage of sales is estimated at between 12% to 18%. That the fixed cost will be estimated as the difference of the gross profit and the net profit figures That the direct costs; both for materials and labor is estimated at between 22% to 27% of the sales figure. 2. Assuming the drink being produced is of the 250ml packet in a bottle type of packaging. Assuming the number of units of the drink produced is 6000 units, the variable cost per unit is provided as follows: - direct materials $2, direct labor $4, variable manufacturing overhead $1, variable selling and administration expenses $3. The fixed costs of the product per annum are estimated as follows; fixed manufacturing overhead $30,000 and fixed selling and administration is $10,000. The selling price per unit produced is estimated at $15. The marginal costing statement will appear as follows: Product cost per unit Direct materials $2 Direct labor $4 Variable manufacturing over head $1 Product cost per unit $7 The variable costs for the production of the drink for the 6000 units will be 6000*$7 = $42000. The costs for the production of the drink for the whole year will, therefore, be as follows: Total variable costs $42000 Fixed manufacturing overhead $30000 Fixed selling and administration $10000 Total costs $82000 The total cost per unit for the drink per month will be $82000/12 = $6833.3. The $30000 fixed manufacturing overhead will be is charged off in total against the income as a period expense. The same applies to the selling and administration expense. Under this form of costing system, all the variable costs of production are included in the product cost.  

Cultural Event Report Essay Example | Topics and Well Written Essays - 500 words - 10

Cultural Event Report - Essay Example This exhibition is still in progress, having been scheduled to start from March 1st, 2012 to July 13th, 2012. The exhibition itself featured pieces titled, The Star-Sequined Banner: the Flag Which Inspired the US National Anthem and New Acquisition: The BMI Archives Confederate Music Collection. Â  The attendees of the exhibition are me and my friends who are my classmates as well. My initial-most reaction while in the museum was amazement as I got acquainted with the fact that museums could also serve as a vast repository of valuable historical, cultural, political and academic material culture, artifacts and points of references. This shifted my inchoately formed previous opinion of libraries being the main source of these data. The first object of the exhibition is a 30 by 34 ft flag that is almost 200 years old. It is the first item that one encounters upon entering the exhibition hall and is valued because it is reminiscent of the Battle of Baltimore. It is this battle that ins pired and emboldened one of the fighters and statesmen Francis Scott Key to write the lyrics to the American Anthem. This exhibit is located on an interactive table and is presented in a tactile image that gives visitors the chance to analyze key details on the flag, and relevant details such as how it was made. Â  In light of these details, it is clear that the exhibition mainly aims at reiterating the values of the flag as a family souvenir of the 19th century, the harbinger of patriotic ideals and national cohesion and as a legitimate symbol of national unity, having been preserved from as early as 1907 by this Smithsonian Institution. Alongside the viewing of these details, visitors are also helped by an instructor who recounts the history of the flag in four phases. The other item, The New Acquisition: the BMI Archives Confederate Music Collection features a compendium of musical materials that were published during the Civil War by the Confederacy. The relevance of this piece is that by analyzing these sheets of music lyrics, documentaries and imagery, one is able to glean into the values, beliefs and mindsets that their creators and consumers had embraced. Interestingly, a keen observer will note that most of the songs and sentiments expressed in these sheets are similar to those that had been embraced by the Union. The import of this is that both the Union and the Confederacy agreed ideally on almost everything, except slavery. In summation, the exhibition will for a long time serve as a stark reminder of America’s historical heritage, given that the exhibits presented serve as reminders and teachers of America’s history. The same event also challenged me to reconsider the depth of my patriotism, having realized that American fathers paid a heavy price for America’s freedom. Â  

Crosscultural communication and classroom ecology Essay

Crosscultural communication and classroom ecology - Essay Example Prhps surprisingly, it dos not mn trting ll qully. For xmpl, qulity of opportunity will not ncssrily b nsurd if thos who spk nglish s thir scond or third lngug r ssssd qully ginst thos who spk it s thir first nd only lngug. Th formr my nd dditionl cr nd tching if ssssmnt ginst othrs in thir yr is to hold mning. In this rspct, simply rmoving obstcls from th pth of ll studnts my not b nough to provid ll with qulity of opportunity. Positiv ction (somtims rfrrd to s 'positiv discrimintion') my b ncssry. This involvs crting th circumstncs in which qulity of opportunity cn xist, rthr thn lving it to chnc. For physiclly- disbld studnt, prcticl chngs to th school nvironmnt r ndd (such s rmps instd of stps). pupil struggling with ttntion dficit disordr cn find this disdvntg diminishd or limintd if thy r std s clos to th tchr s possibl nd surroundd by positiv rol modls. For clssroom tchrs, thr r fw qustions tht cn b focusd on priodiclly to bring ttntion to th issu of qul opportunitis. Th gol is not to work slvishly to th nd for qulity of opportunity but to dvlop nturl instinct for 'sussing out' whn pupils my b indvrtntly disdvntgd. This might b rsult of th work you hv skd thm to do or of thir intrctions in your clssroom. W ll hv prjudics - it's prt of intrcting with humns. But bing wr of your prjudics prvnts thm from dominting, or dvrsly ffcting, your tching). Cn you think of tim whn you hv unintntionlly discrimintd ithr for or ginst pupil Think bout your prsnttion to clsss, th rsourcs you us nd th tsks you xpct of pupils. Cn you think of circumstncs in your lssons whn ll pupils would hv flt prticulrly mpowrd Might thr hv bn occsions whn som my hv flt dismpowrd Wht fctors might hv contributd to this Is thr vidnc of bullying or 'scpgoting' in your clss(s) r you ctivly bl to promot inclusion (Mlon,2005) Hv you vr tlkd to your pupils bout how thy viw qul opportunitis in your clssroom Dpnding on th g of thos you tch, this cn b n xtrmly ffctiv wy of gining insight into wht it's ctully lik bing tught by you. Do thy hv n id of wht it mns to b discrimintd ginst Tll thm how importnt it is tht thy fl includd nd providd for. Your profssionl judgmnt will tll you if thir viws hv bn distortd. Non of this involvs bcoming so proccupid with nsuring qulity of opportunity tht th tsk in hnd (i.. tching) gts nglctd. It is bout bing wr, nd bout mking subtl chngs in prctic whn ncssry. Th widr pictur of your tching nd not b ffctd. ftr ll, you lon cnnot b rsponsibl for qul opportunitis in your school. But your wrnss of th issu could mk ll th diffrnc to th pupils in your cr. Th thnic mk-up of our ntion hs chngd, nd th mk-up of our univrsitis hs chngd, too. W hv mor intrntionl studnts, nd our domstic studnts r vrid in thnic, socil, conomic, rligious nd culturl bckgrounds. Our job s tchrs is to hlp ll studnts lrn, to mk th clssroom whr ll studnts fl wlcom, rspctd, qully bl to prticipt, firly trtd. It is vry importnt to mk ll studnts fl wlcom.In th minuts bfor clss bgins you cn crt informl xchngs with studnts tht mk thm fl lss nrvous or isoltd.B sur to mk prsonl contct with studnts from undrrprsntd groups so tht thy know thy r noticd nd wlcom.B xplicit with your clss tht you pprcit th divrsity of th studnt body.void trms tht cn sm to b drogtory or slurring.It is vitl to trt studnts s individuls.Don't strotyp studnts nd don't ssum tht womn won't do wll in mth or tht mn don't lik potry or tht thlts rn't intrstd in cdmics.Don't ssum tht studnts from

School bullying Essay Example | Topics and Well Written Essays - 1250 words

School bullying - Essay Example It is widely acknowledged by students, parents and educators that bullying in schools is a primary concern since it can undermine the academic climate (Whitted and Dupper 2005, p. 167). A nationwide survey conducted in the US indicates that at least 29.9% of US students in grades 6-10 are involved in some degree of bullying School intervention systems typically involve heightening the awareness of teachers, parents and children, publishing anti-bullying policies and ensuring that bully is presented as a serious matter and as such incorporated into the school’s curriculum (Woods and Wolke 2003, p. 382). All indications are therefore that bullying in schools is a serious issue and the professional counselor has a role to play in responding to the issue of bullying. The professional counselor’s role is best suited to addressing the underlying causes of bullying. Smith and Schneider (2004) present a useful profile of both victims and aggressors involved in bullying. These p rofiles are useful guidance for the professional counselor in addressing the underlying factors that contribute to bullying. According to Smith and Schneider (2004) the aggressor is typically involved in substance abuse, has a poor academic performance, has a need to be dominant and is not empathetic to victims. Bullying can also be a means of achieving or elevating the aggressor’s â€Å"social status and access to valued resources† (Smith and Schneider 2004, p. 547). ... op an understanding of themselves, the rights and needs of others† and how to deal with conflicts (Standards for School Counseling Programs in Virginia Public Schools, n.d.). The Standards for Personal/Social Development counseling are set out to prevent bulling and other forms of anti-social behavior. These standards call for a proactive and preventative approach to counseling that are by design intended to address the underlying issues and are consistent with the profiles designed by Smith and Schneider (2004). For instance the Standards for Personal/Social Development counseling provide a step by step approach which leads the counselor through the child’s social development beginning with K-3 and ending with Grades 9-12. At the K-3 level, the counselor should ensure that the student develops respect for himself and others and gains an understanding of unity and community with fellow students. The emphasis is on cooperation and empathy (Standards for School Counseling Programs in Virginia Public Schools, n.d.). These standards are obviously designed to address the underlying issues that contribute to the aggressor’s behavior. EP7 if the K-3 Counseling Standards for Personal/Social development targets the victim by guiding counselors to help the student learn to identify and seek resources in the school and the wider community (Standards for School Counseling Programs in Virginia Public Schools, n.d.). As the student moves up in school the counseling program standards for Personal/Social development require a proactive and preventative approach relative to peer influences and continued emphasis on self-respect and respect for others. The students are also counseled on the dangers of substance abuse. Both aggressors and victims should be counseled on making

New Land Essay Example for Free

New Land Essay When Europeans settled in the â€Å"New Land†, they had hard time adapting living with the Indians. However, the Indians feared what Europeans brought such as weapons. There was a huge difference between the tribes’ weaponry and the European because of their powerful advances with the most progressive rifles. The flintlock rifle was a new weapon that the Indians had managed to use, which proved to be â€Å"too heavy, cumbersome, and inaccurate to be useful in the kind of combat characteristic of Anglo-Indian struggles† (Brinkley 50). Later on they wanted the Europeans to behave as â€Å"fathers† to help them in their disputes and conflicts (Brinkley 60). Progressively, Europeans learned to fulfill some of their expectations. The Indians didn’t understand the meaning of the relationships between societies, furthermore Europeans â€Å"thought much more in terms of ceremony and kinship† (Brinkley 60). The Indians were quite satisfied to form closer relationships and doing marriage ceremonies. After 1776, the balance of power between Europeans and Natives Americans loosened because of the presence of British and American (Brinkley 61). It began to weaken the strength of their relationship because it was difficult for the newer settlers to give gifts to them and the mediations (Brinkley 61). The â€Å"middle grounds† were destroyed replacing other constructed buildings by the Europeans. It created other conflicts that led to once again difficult to adapt. It seemed that both Native Americans and early Euro-Americans had a love-hate relationship that made their relationship so hard to establish peace and conformity. At the beginning the tribes were afraid of the advances Europeans had with their weapons, but they had the chance to be taught by them on how to use the weapons. By the time Europeans were trying to gain trust to them, Indians were in the need to be protected and to form new relationships. Thus far, they both ended up having issues one more time because Europeans were ambition to acquire more land in Tribal territory.

Comparing Costa and Starbucks

Comparing Costa and Starbucks One of the biggest and fastest growing industries today is the coffee industry. This industry basically includes individual cafes, hotel cafes and retail chains. In this study, we shall be focusing on the Retail Chains that belongs to the organized sector. The retail outlets share a particular brand and have similar kind of management, with standardized business procedures and practices. The major players today covering market share all over the world are Starbucks Coffee, Barista Coffee, Cafà © Coffee Day, Costa Coffee, etc. For this study, the two retailers Starbucks Coffee and Costa Coffee are chosen because of their identical pattern of functioning and growth. They are the two major players in the coffee cafà © industry, and their customers consider them both as interchangeable brands. That is why it is important to study how these brands differentiate themselves from each other, and attempt to improve brand loyalty amongst the customers. Objectives of the Study By conducting a comparative study of Starbucks Coffee and Costa Coffee, we shall study why one retailer is more successful than the other, and how the performance of these retailers can be improved. Studying the characteristics, history, performance and marketing strategies adopted by both the companies, and the customers perception about the two is the centre point of this research. The objectives of the study can be summarized as below: To compare and study the 4Ps, namely Product, Price, Promotion and Place, of Starbucks Coffee and Costa Coffee. To understand how these cafà ©s have positioned them in order to differentiate them in the market. To find out the customers perceptions and preferences about both these cafes and what motivates the customer to visit these coffee houses. To identify the areas where both organizations are performing well and areas where they need to improve. Research Methodology The methodology for the research includes: Survey Collection of Data Findings Recommendations Formulation of Questionnaire Classification Analysis Collecting primary data from the customers visiting Starbucks Coffee and Costa Coffee and the personnel of the organization through observations, filling up of questionnaires as well as interviewing them. The sample size is very small, i.e. only 5 customers, each belonging to a different age group and background. Collecting relevant secondary data from various sources like magazines, books, journals, internet, and Companys website. The data so collected shall be classified, tabulated and analyzed through graphs and pie charts to extract findings from the collected data. Based on the relevant secondary and primary data, a comparative analysis will be done so as to find out the areas of excellence and areas needing improvement. In the light of these findings, critical aspects shall be evaluated and recommendations and suggestions will be provided for the overall improvement of the Starbucks Coffee Company. Knowing Starbucks Coffee Company Starbucks Coffee Company (Starbucks), one of the worlds premier roasters and retailers of specialty coffee, has travelled a journey beginning from opening just a narrow, single store in Seattles historic Pike Place Market in 1979, to more than 17,000 stores in 50 countries today. Starbucks offers one of the finest and fresh-roasted coffee beans in the world. The coffee buyers of the company personally travel to the coffee farms in Latin America, Africa and Asia to select the best quality Arabica beans, which is roasted into a blend exclusively for Starbucks by the Starbucks experts, who bring out the rich flavor of the beans. Mission Statement To inspire and nurture the human spirit one person, one cup and one neighborhood at a time. Starbucks Products Starbucks offers a variety of products, ranging from hot cold beverages to eatables like sandwiches, salads, wraps, ice creams, etc. Keeping in mind the health and wellness of its customers, it has a separate menu for low-calorie food and beverages, along with its nutritional data. Knowing that some of its customers may be allergic to certain ingredients, the company offers products under Food Allergens section, specifying the food and beverages which do not contain the ingredient the customer is allergic to. The products are well designed, and are served in different measures, not on the basis of quantity, but according to the value for money. They also provide bottled drinks, which can be refrigerated and used at home later on. Moreover, there is a separate menu for kids keeping in mind their taste and health. Starbucks Price Starbucks has a skim pricing policy. They began with a higher price, and skimmed the cream of the market. With the growth in the number of outlets, came the benefits of economies of scale. Because of this, they have been able to gradually lower their prices, and appeal to different segments of their target market. The main factors that affect their pricing are their cost of goods sold, which is quite high because imports form a majority of its products. Starbucks Place Starbucks cater to their target market with strategically located outlets at main markets, malls, and family entertainment centers. The stores are considered to be having a warm and welcoming ambience whether for meeting friends and family, or enjoying time alone. There are around 8870 company owned stores and 8139 licensed stores. Starbucks Promotion Starbucks carries out mass promotion campaigns, mainly in the form of promotions on the Print, TV and Radio Medias. At present, they do not rely heavily on advertising, but rely more on sponsorships and strategic alliances with other corporations. It also takes part in various sales promotion activities to help increase sales at their outlets, some of which are Sponsorships, Collaborations, Tie-ups, Starbucks Membership Card, etc. Starbucks People The people at the stores have to undergo a training procedure so that they have an in-depth knowledge of the companys products and are able to provide best customer service. All employees are treated as partners and provided with comprehensive health coverage and stock in the company through the Bean Stock program to inculcate a sense of ownership and motivate them to perform their best. Starbucks Process The order and delivery process at Starbucks is based on self- service, where a customer goes up to the counter to place the order, and goes back to the counter to pick the delivery once it is prepared. The company believes that although it is just a moment, in which one hand reaching over the counter to present a cup to another outstretched hand, but it establishes a connection between the company and its customers. (Starbucks Coffee, n.d.) Knowing Costa Coffee Costa coffee was introduced in 1971 at 9 Newport Street, London, by Sergio and Bruno Costa. Worlds best Arabica and Robusta beans, sourced from Central and South America, Africa and the Far East, are blended to create a unique taste and aroma from its own blending company (Mocha Italia). Costa was the first UK-based coffee retail chain which operates the entire coffee making process from sourcing, blending, roasting, grinding and making coffee. Costa Coffee Products Like many other brands, Costa Coffee also offers a wide range of products in its retail outlets which includes hot chocolate, teas and infusions, iced coffees frescato. The USP of the company is its customized products without any extra charge. It prepares its coffee according to the exact requirement of the customer, where the customer can state its preference in terms of caffeinated or decaffeinated coffee; skimmed, full fat or soya milk; variety of syrups; flavors of vanilla, hazelnut or caramel, etc. Moreover, the store provides a nutritional content chart and lists of allergens in their food and drinks for its health-conscious customers. Costa Coffee Price The pricing policy of Costa Coffees is not to touch the upper cream of the society, but to penetrate the market. Hence, price of its products is lower than that of Starbucks. Costa Coffee Place The location of Costa Coffee outlets is in the areas where there is maximum youth movement. It is found generally near colleges, shopping malls, petrol pumps, and areas which are easily visible and approachable. It is also located at all 57 Moto motorway services around UK. This shows the accessibility and availability of the Coffee Cafà © Day outlets for drive in customers. Costa Coffee Promotion Costa Coffee does not believe much in mass media promotions. But like other brands, it also has Costa Coffee Club Card. Its promotion techniques are unique. For e.g. it offers points when a customer goes to a Moto motorway services. Costa Coffee People The people at Costa Coffee are characteristically trained to be pleasant, polite and positive with the customers. They ensure that the customers have a memorable visit. Costa Coffee Process The order and delivery process at Costa is not based on self- service. The staff member fetches the order to the table of the customer. (Costa Coffee, n.d.) Findings and Recommendations Starbucks has an extremely strong brand image but they need to work hard on improving their quality of product as taste plays a major role in coffee industry. Starbucks should prepare its communication program in such a way that it changes customers perception and makes it an affordable brand. A majority of Costa outlets are located in the posh areas. Starbucks must open some outlets near residential areas in order to increase its market coverage. Starbucks should consider a change in its delivery process. It must shift to a more convenient format where a cafà © attendant delivers the product to the table. This change may seem insignificant but it also improves customer satisfaction. Conclusion Our survey made us reach the conclusion that both, Costa Coffee and Starbucks Coffee, enjoys equal customer preference. Although price and promotional schemes influence the decision of the people, but the taste of coffee is a very important factor in deciding the store to visit. Costa coffee has a unique taste which attracts the customers. Moreover, people love to sit in the excellent ambience provided by Costa coffee. The visitors in Starbucks outlets are basically executives and elite class, whereas Costa Coffee is preferred by youth. As far the prices were concerned, our research led us to the conclusion that the Costa Coffee offered low prices as compared to Starbucks Coffee and Starbucks can invite more crowd if they reduce their prices, along with providing offers. Bibliography Coffee Market. (n.d.). Retrieved May 4, 2011, from http://www.maketradefair.com/assets/english/CoffeeMarket.pdf Costa Coffee. (n.d.). Retrieved May 4, 2011, from http://www.costa.co.uk/ Starbucks Coffee. (n.d.). Retrieved May 4, 2011, from http://www.starbucks.com/

From Black and White to HDTV, TVs grip on our Young :: essays research papers fc

From Black and White, to HDTV, TV’s Grip on our Young   Ã‚  Ã‚  Ã‚  Ã‚  How many televisions do you have in your house? Do you watch those TV’s for more than an hour a day? How much is too much television? These questions are asked by people everyday, with each question comes a varied response depending on who is asked. Children are very impressionable. How does television affect the children that are between the ages of ten and sixteen? Could the affect be positive or is it negative. People who watch violent television as children behave more aggressively even 15 years later, according to one of the few TV violence studies to follow children into adulthood (Grossman 43). The effect appears in both sexes regardless even of how aggressive a person was as a child, researchers found (Kline 138). â€Å"Experts say the results are no surprise, but added that the study is important because it used a wide range of measures, included many participants and showed the effect in females as well as males† (Noble 113). â€Å"Huesmann said televised violence suggests to young children that aggression is appropriate in some situations, especially when it's used by   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Gleason 2 charismatic heroes. It also erodes a natural aversion to violence† (Comstock 14). The American Psychological Association has said that viewing violence on TV promotes aggressive behavior, particularly in children. Other mental-health and medical groups have taken similar stands (Nobel 178). Children who play actively will have more of an opportunity to develop their senses than children who are passively viewing (Grossman 192). The health aspects of watching TV can vary, almost entirely bad. While watching TV, the eyes are practically motionless and `defocused' in order to take in the whole screen. Constant movement is required for healthy eye development (parenthoodweb Oct 24). Viewing affects not only eye mechanics, but also the ability to focus and pay attention. Since TV is more visual than auditory, children's sense of hearing is not being used to its full extent. Active listening is a skill that needs to be developed. Children need practice in hearing different things to gain that needed stimulation. Also, when TV is constantly on, the sense of hearing may be dulled by the persistent background noise (apa Oct 30). Studies show that the consumption of alcohol is shown or mentioned in 80 percent of prime-time programs (Cook   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Gleason 3 32). Alcoholic beverages outnumber the other beverages consumed on TV, but the pattern of drinking is virtually the opposite of the pattern found in the real world.

Heideggers Interpretation of Pablo Picassos Portrait of Gertrude Stein :: Art Artisits

Heidegger's interpretation of Pablo Picasso's Portrait of Gertrude Stein By several accounts, Gertrude Stein posed for Pablo Picasso more than 90 times during the winter of 1905-6. Each session was never quite correct, with many botched attempts and frustrations. Ultimately Picasso sent her away, stating "I can't see you any longer when I look," then created a new portrait of her nearly a year later without seeing her again. It was regarded as a curious mask-like visage, not really an accurate representation of Stein at the time. When others remarked that Gertrude Stein did not look like her portrait, Picasso stated "She will." Eventually Picasso's belief in the 'premonitory powers' of his portraits was affirmed as Stein came to very greatly resemble her portrait, stating in 1938, "I was and I still am satisfied with my portrait; for me, it is I, and it is the only reproduction of me which is always I, for me" (Rodenbeck). Picasso's Portrait of Gertrude Stein is a haunting and pensive work, imbued with a great sense of mystery and pondering. Stein's gaze is cast to the side, her hands in a gestural position, leaning forward with her chin tilted and lips slightly parted. It is as if she is about to speak and through the body language of her portrait, we envision an ensuing scene where she articulates what she's been thinking, elaborating with her hands. The essence of Stein's character is embodied in this posture and gesture, the truth of her being in this physical representation. Knowing nothing of Stein, one would at once understand that this woman is a thinker carefully considering her points and that this intellectual characterization is of fundamental importance to her mode of being. Picasso has achieved the revelatory effects in this portrait by revealing the truth of Stein through Martin Heidegger's principle of truth as aletheia, that is, unhiddenness or the experience of something hidden being brought to revelation. By not allowing Stein's thoughts and words to be heard and capturing her in a frozen moment of paint, Picasso allows a profound understanding of all that she has to say. By concealing the experience of being in her presence and knowing her as an intellectual, he reveals the very truth and nature of her composure and existence. Were this portrait a frozen monument of Stein in a moment of glory, a pristine tribute to her physicality or a photographic and perfect representation, then we could never see the true accuracy of her being and becoming.

Shortage of Skilled workers :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  It is 1am on a summer Saturday night, the wind is gently blowing through your hair and your favorite song is playing on the radio. The stress of your daily, white-collar routine is left behind for just one night – a single evening out with your friends to catch up on the chaos of your lives. You cannot help but enjoy this rare crack in your hectic, nine-to-five schedule; a fleeting moment when everything feels right and you feel free. In the distance, you notice flashing lights. Thinking little of what they could mean, you continue your journey. Suddenly, you come face-to-face with one of the most despised enemies of urban life: traffic. As you slow to a grinding halt, you cannot help but feel irritation, anger and helplessness. It is ruined. Your one night is completely ruined. As you take your place in the endless parking lot that was once a four-lane highway, you realize that the source stoppage is a massive construction project. You look and hear them p ound at the pavement with their jackhammers. Trying to control your frustration, you take a deep breath, exhale, and turn your head away. Again, you feel the victim of this deepening social crisis: the shortage of skilled workers. You may have heard the topic raised on some morning show or another, but likely thought little of it. However, the figures are quite shocking. According to one author's research, '52 percent of skilled trades are expected to retire within the next 15 years, with 41 per cent of respondents indicating they will face a skills shortage in their industry within five years.'; (Arnold, par. 12).   Ã‚  Ã‚  Ã‚  Ã‚  The shortage of skilled workers in the coming decade poses a serious threat to all aspects of the Canadian economy. Like all others, our economy is comprised of three major elements: primary products, secondary goods and services. My research indicates that primary products constitute just over 7% of Canada's GDP, secondary goods account for 21%, and the services comprise 72%. This distribution although heavily in favor of the service industry still shows the importance of the secondary/manufacturing industry in Canada's modern day economy. Taking into fact that since the late nineteenth century, Canada's centre of manufacturing is focused in two provinces, Ontario and Quebec. Consistently, year after year, Ontario contributes about 50% of the Canadian total of manufactured goods produced, measured by value, and Quebec 25%.

Mcdonald’s 4ps

Company and Product Background McDonald’s is one of the best known brands worldwide. McDonald's first made its way to Malaysia in December 1980 when McDonald's Corporation of USA issued the exclusive license to GOLDEN ARCHES RESTAURANTS SDN BHD or commonly known as McDonald’s Malaysia to operate McDonald's restaurants in Malaysia. The entry of McDonald’s into Malaysia is through a Joint Venture agreement with Golden Arches Restaurants Sdn Bhd. McDonald’s Corporation of USA holds 49% equity. The remaining equity is held by local partners: 26% is held by Tan Sri Vincent Tan and 25% by Mohamed Shah Bin Tan Sri Abdul Kadir.At the helm of Golden Arches Restaurants Sdn Bhd is Mohamed Shah Bin Tan Sri Abdul Kadir, the Managing Director / Joint Venture Partner. He took over the reins from Tan Sri Vincent Tan in 1987. Malaysian got their first taste of McDonald's when McDonald's Malaysia opened its first restaurant at Jalan Bukit Bintang, Kuala Lumpur on 29 April 1 982. This restaurant is still in operation today and has undergone four renovations to maintain and keep with the changing trends. To date, Golden Arches Restaurants Sdn Bhd operates 194 restaurants located nationwide including Sabah, Sarawak, and Brunei.McDonald’s Malaysia is currently expanding at an annual rate of approximately 10 to 20 restaurants. McDonald's has created many job opportunities in Malaysia. McDonald's Malaysia employs more than 8,000 local people with 120 support staff at its headquarters managing the day-to-day operations of the McDonald's business. There is also a regional office in Penang and Johor Bahru. McDonald's business actually began in 1940, with a restaurant opened by siblings Dick and Mac McDonald in San Bernardino, California.Their introduction of the â€Å"Speedee Service System† in 1948 established the principles of the modern fast-food restaurant. The present corporation dates its founding to the opening of a franchised restaurant by Ray Kroc, in Des Plaines, Illinois on April 15, 1955, the ninth McDonald's restaurant overall. Kroc later purchased the McDonald brothers' equity in the company and led its worldwide expansion. McDonald’s grew into the largest restaurant organisation in the world. Today, there are more than 30,000 McDonald’s restaurants serving 47 million customers each day in over 100 countries.Ray Kroc died in 1984 but his legacy is very much alive. With the successful expansion of McDonald's into many international markets, the company has become a symbol of globalization and the spread of the American way of life. Product Product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. Product includes certain aspects such as variety, quality, design, features, brand name, packaging and services. These product attributes can be manipulated depending on what the target market wants.McDonald’s predominantly sells hamburgers, various types of chicken sandwiches and products: French fries, soft drinks, breakfast items, and desserts. Each country implements the core McDonald’s menu: hamburger, cheeseburger, chicken nuggets, and french fries. McDonald’s has intentionally kept its product depth and product width limited. McDonald’s studied the behaviour of the Malaysian customer and provided a totally different menu as compared to its International offering. Being a Muslim-majority country, all McDonald’s in Malaysia are certified Halal.Thus, pork products are not offered in McDonald’s Malaysia to satisfy Halal certification requirements. McDonalds continuously innovates its products according to the changing preferences and tastes of its customers. The recent example is the introduction of the Grilled Chicken Burger (GCB) and Prosperity Burger. Food quality is the key at McDonald's. This means that McDonald’s take pride in the foods to serve for cu stomers. McDonald’s seeks out fresh lettuce and tomatoes, quality buns and potatoes, pure ground beef, select poultry, fish and wholesome dairy product.The potatoes are specially blanched and processed so that maximum nutrients are retained. Besides, upon arrival at the plant in Malaysia, the fish blocks are stored in a temperature-controlled environment to maintain their freshness. Freshly shredded lettuce, slivered onions and pickles are used in all burgers. Thus, McDonald’s has implemented rigorous food safety standards and established high food safety standards. So, there is nutrition information provided on web site for consumers and the aims of this information as regards quality product and menu selection.In the 21st century, McDonald’s have continued to design and introduce new products and indeed new part menus, such as breakfast. The reasons that McDonald’s might have in introducing these products to satisfied their consumer’s needs and c ompany strategies. The design of paper bag used by McDonald’s is made from grease resistant grass paper and pulp paper. The grease paper lines the interior, which allows for a grease less and environmentally friendly breakfast, lunch and dinner of McDonald’s sets. Next, McDonald's is one of the most popular fast food restaurants whether domestic or abroad.The feature of McDonald’s is McDonald's thrives on the term â€Å"fast food† and offers a full menu 24 hours a day in some locations. For breakfast, the menu is filled with items like the Egg McMuffin, Sausage McMuffin with Egg, Egg McMuffin, Hotcakes, Hotcakes with Sausage and so on. For lunch, the menu is filled with McValue Lunch which offers from every Monday to Friday from 12 noon to 3 pm. McDonald's uses packaging to ensure their food is fresh, hot, convenient and safe. The vast majority of McDonald’s is enjoyed without the use of cutlery.Yet when menu items do require cutlery, McDonald†™s will provide plastic cutlery to customers. The cups that are used for McDonald's beverages are made from paper and have a coating to meet quality and food safety standards. This aim is to make sure that as much of McDonald packaging as possible is made from renewable resources. All McDonald bags, tray liners and cup carriers are made from 100 percent recycled paper. Packaging for hot foods such as Hamburgers, French Fries, Chicken McNuggets and Apple Pies, is made from 72 percent recycled paper.The delivery packaging used for all buns, muffins, milkshake and sundae mix are returned to suppliers for reuse. This avoids the use of significant amounts of cardboard. All McDonald’s packaging carries an anti-littering symbol to actively encourage their customers to dispose of their litter responsibly. By replacing McDonald’s plastic salad containers with a paper card base they have reduced by nearly 69 tones the amount of plastic. McDonald’s provides service with convenience, cleanliness, delicious food and friendly service to their customers.With free Wi-Fi, customers can access the Internet at no charge for customers who dine in McDonald’s. Thus, customers may enjoy foods but also searching information on internet. Besides, McDonald’s provides also an indoor and outdoor birthday party for those who wish to have a fun celebration on their birthday. Most of the McDonald’s restaurant provides 24 hours McDelivery service to satisfied customer needs. In addition, when several companies market a similar product, it is important that the brand name to be clearly seen on the packaging and easily recognizable.McDonald has been put effort into making their brand name, logo, and packaging different style compared to their competitor. Therefore, McDonald menu item are different compared to Burger King’s, because McDonald have their specific Menu which provide McValue Lunch, Happy Meal, breakfast and so on. Such tactics are usually easy to recognize, and even if a customer is fooled once, it isn’t likely to happen a second time. Promotion A promotion mix is any form of communication a business or organization uses to inform, persuade, or remind people about its products.Promotion mix consists of advertising, direct marketing, sales promotion, personal selling, and public relations. Using these tools, McDonald’s looks to localise its marketing communications strategy as it needs to consider the enormous range of cultural and other differences that it would be faced with in each country. It would be naive to ignore the various local markets and the factors which may affect the performance of its product in them. It also needs to analyse consumers’ attitudes towards its product, usage patterns and ethnic, moral and religious considerations in that environment.Although the idea is to promote McDonald’s as a global image, McDonald’s focuses on the needs of the communities they are entering. In a communication context, the maxim â€Å"brand globally, advertise locally† is the McDonald’s promotional strategy. There are three main objectives of advertising for McDonald’s are to make people aware of an item, feel positive about it and remember it. The right message has to be communicated to the right audience through the right media. McDonald’s advertising is conducted on television, radio, in cinema, online, using poster sites and in press.Television advertisement for the new Prosperity Burger for example explained the new choices and attempted to generate excitement for the product in conjunction with Chinese New Year. This may be supported by in store promotions to get people to try the product and a collectable promotional device to encourage them to keep buying the item. In press for example business magazines, television news reports, and newspaper articles provided free media coverage of the product launch and it became a significant news story.The media gave McDonald’s franchise owners and corporate executives an opportunity to explain the reasoning behind the menu addition and to reassure their customers that McDonald’s was still in the hamburger business. In September 2003, McDonald's introduced † I'm lovin' it † as its first global advertising theme. Besides that, the advertisement capture the fun, youthful spirit and high energy that is the essence of the McDonald’s brand as well as the ba-da-ba-ba-baâ„ ¢ audio trademark that has become recognized around the world. McDonald’s also ties in with sponsors. McDonald’s sponsors a vast array of sports.Like example, during the summer 2008 Olympic Games in Beijing, McDonald’s was a cooperate sponsors. McDonald’s outlets offer its customers with various forms of incentives to buy its products. Using McDonald’s discount voucher or coupons that one can acquire after spending a partic ular amount over a period of fixed time, customers can enjoy the benefits of free meals or free add-ons. Additionally, they provide meal vouchers and exciting offers in their print ads, which the customer must cut and bring along when purchase it. Sales promotion efforts in McDonald’s involved free samples, launch parties, and store banners.Today, McDonald’s patrons can enjoy close to 30% savings for selected products from its McValue Meal line-up between noon and 3pm everyday at almost all McDonald’s restaurants nationwide. In conjunction of the month of Ramadan, McDonald’s extended the time of McValue Lunch, normally is 12p. m-3p. m to 6p. m-9p. m. Extended period is to consider for the Muslims who fast during Ramadan and let them to have their dinner to break the day’s fast. The McDonald name the extend McValue Lunch called McValue Buka Puasa. Public Relations are also an important part of the McDonald's marketing strategy.The restaurant employe es play a huge role in interacting with the public. On a day-to-day basis the employees commit themselves to customers and the customers' feelings toward the brand. McDonald's feels that before they communicate with their customers they need to be aware of what their competitors are communicating, so they can create a beneficial difference between themselves and the competitors. McDonald’s main idea of campaign is to connect with consumer all around the world. Some of the most famous marketing campaigns of McDonald’s are â€Å"You deserve a break today’, â€Å"Food, Folks and Fun†, â€Å"I’m Lovin’ It† and so on.McDonald’s concentrates to help seek solutions for the problems facing children and families today. In Malaysia, the cornerstone of McDonald’s community relations programme is the Ronald McDonald House Charities Malaysia (RMHC Malaysia). It was established as a non-profit organization with the mission to create, find, and support programs that directly improve the health and well being of Malaysian Children through health, education, and welfare. McDonald’s Malaysia supports all administration and management costs, thus enabling RMHC Malaysia to use 100% of all donations received to assist Malaysian children in need.RMHC Malaysia Coin Boxes are placed in every McDonald’s Malaysia restaurants to help raise funds for the organization. Every member of McDonald’s Malaysia is also involved in many local events in support of RMHC Malaysia. Price The customer’s perception of value is an important determinant of the price charged. Customers draw their own mental picture of what a product is worth. A product is more than a physical item, it also has psychological connotations for the customer. Price is the only marketing mix variable that can be altered quickly.Price variables such as dealer price, retail price, discounts, allowances, and credit terms influence the devel opment of marketing strategy, as price is a major factor that influences the assessment of value obtained by customer. McDonald’s strategy is to offer quality food quickly to customers at a good value. The pricing structure for McDonald’s over years has supported this message. The company strives to differentiate itself from other fast food restaurants by offering a variety of menu items that appeal to a variety of people from those who just want great hamburgers, to those who just want a quick healthy meal.McDonald’s has a unique pricing strategy that falls solely on their many product lines. Their Value Meals fall into the category of Product Line Pricing, where there is a range of product or services the pricing reflect the benefits of parts of the range. For example, you can order a Double Cheeseburger Value meal that comes with a medium drink and fries for around RM9. 50. You can Upsize this meal to get a large drink and large fries for a little more money or you can go with another value meal that might include different items for different price.The value pricing approach is used where external factors such as recession or increased competition force companies to provide ‘value’ products and services to retain sales. The most notable and recent example of this is McDonald’s McValue Meal. The McValue Meal was created because McDonald’s recognized that the economy was in a decline and that their competition was getting fiercer. The McValue Meal satisfies the current decreasing economy and has increased the pressure towards competitors. The introduction to the McValue Meal is by far the most economical product line that McDonald has ever offered.You can get a number of products off of their menu for a few ringgits. It is efficient and practical. Geographical pricing is evident where there are variations in price in different parts of the world, country or state. For example rarity value, or where shipping cos ts increase price. In McDonald’s Malaysia, the price differs in East Malaysia, Langkawi, Genting Highland, KLIA, and LCC Terminal. If a market is close to perfect, in other words there is a lot of competition, this means that the participants are price takers and have no influence over the price.In the case of McDonalds, if they raise their price above the market price then the consumer will simply take their business elsewhere as they can get the same product cheaper. Therefore McDonalds could concentrate their marketing on distinguishing their product from their competitors to make the consumer think that their competitors’ product is not as good. Alternatively they could reduce their price and compete that way instead. However sometimes price can act as a market indicator, that is if McDonalds burgers are cheaper than other burgers people might think they are poor quality and still buy from the competition. This branding means that the market is not perfect). So McD onalds would still need to aim their marketing at convincing the consumer that their product is good quality. McDonald's is one of the first and most sort after in the fast food business and millions around the globe, especially the food lovers are passionate about it. McDonald's offers discounts to its regular shoppers as a promotional strategy and along with that it is more cost-effective than dining at restaurants with waiters. Thus it helps in saving money which many consumers are concerned about when all the want is to fill up their appetite.People can cut down their expenses because of the discounts offered. This is the reason for its growing popularity. Purchasers prefer burgers, fries and drinks when it comes with a better price discount availed through coupons. Discounts make the demand go higher and in buying more they save even more. McDonald's coupons are sometimes given completely free. One can get them easily at any McDonald's eatery without any money. The staff is inf ormed about the discounts and can certainly give all the necessary details. Staffs are deliberately placed at shopping malls to give out these coupons, to areas where most people pass through.Online websites are launched to provide the McDonald's chits, letting one print the coupons out. Some use the internet and it is seen that many people are fond of these McDonald coupon websites. Loads of websites post their printable chits offering discount on food products at McDonald's and also inform about the coupons and lists regularly. The most important reason for McDonald’s pricing flexibility is its well-established supply chain arrangement, which ensures efficiency and speed in distribution. Besides, huge increases in volume sales and food processing technology have been helping the company to offset its cost.Place In the marketing mix of McDonald’s, the place is not just about the physical location or distribution points for products. It encompasses the management of a range of processes involved in bringing products to the end consumer. Place mix includes physical distribution, storage, inventory management, and channel selection. McDonalds is currently has over 33, 000 restaurant in 123 countries across the world. According to McDonald’s Malaysia website, there are 194 McDonald’s restaurants located nationwide. McDonald’s focuses on store placement and is always looking for the best locations.This strategy created some weaknesses because it seemed that too many stores were put in some areas, cannibalizing sales from the other McDonald’s. The company has also made convenience a focus, not only through how fast it serves customers, but also in the location of its outlets. Most McDonald’s restaurants are small spaces, especially behind the counter in the food preparation area. These areas are designed for efficiency where the equipment is placed together to cut down on wasted movement and energy. The place mainly consists of the distribution channels.It is important so that the product is available to the customer at the right place, at the right time and in the right quantity. There is a certain degree of fun and happiness that a customer feels each time he dines in McDonalds. There are certain value propositions that McDonalds offers to its customers based on their needs. McDonalds offers hygienic environment, good ambience and great service. Now McDonalds have also started giving internet facilities at their centre and they have been playing music through radio instead of the normal music.There are certain dedicated areas for children where they can play while their parents can have some quality time together. In addition to its tradition rivals such as Burger King, KFC and Pizza Hut, the firm encounters new challenges. Burger King competes using a back to basics approach of quickly serving up burgers for time-pressed consumers. On the higher end, the KFC has become potent competitor in t he quick service field, taking away customers from McDonalds’s. Perhaps in the new environment, fast, convenient service is no longer enough to distinguish the irm. At this time, a new critical success factor may be emerging: the need to create a rich and satisfying experience for consumers. This brings us to service and experience based competition which McDonald’s can use for competitive advantage against Burger King. Keeping in mind the demographics of the area, with urban professional class getting bigger and bigger, McDonalds also begin to adapt by offering more elegant looks in its layout design, offering special seating and Wi-Fi access to tech-savvy consumers who eat in the outlet.It is for this overall â€Å"Food, Fun ; Folks† experience that customers pay a premium over the other competitors. McDonalds stress importance to meet customer’s expectation especially in term of time of delivery. In order to ensure fast delivery is through â€Å"Drive Thru† concept where customers can place order by driving through the counter with their car. This can save time from parking and waiting long queue for those who just want to take away the food. Customer‘s expectation is to able to get what they needs right on time at any place in convenience way and McDonalds is morphing from just a fast food restaurant to value service provider.It is getting itself closer to the customer’s base so it can serve them better. For example fast ordering system like McDelivery will not only increase McDonald’s business opportunities to those who are reluctant to travel to its physical outlet but also will delight the customers with the fast response. This is the efforts by McDonalds to serve the hunger and needs of consumers anywhere, anytime whether it is rain or shine and day or night. In Malaysia, McDonalds started 24 hours concept in 2006 with 72 selected outlets or drive thru station that operate on 24 hours basis.Logisti cs is the integration of the activities that procure materials, transform them into intermediate goods and final products through manufacturing and assembly, and deliver them to customers. For a firm as large as McDonald’s logistics is an area where proper planning results in increased efficiency. Purchasing is the most costly activity in most firms. Purchasing provides a major opportunity for management to reduce costs and increase contribution margins. Because the cost and quality of goods sold is directly related to the cost and quality of goods purchased, McDonald's must examine a number of strategies for effective purchasing.Because of the perishable nature of food, a system of just-in-time ordering and delivery is most effective for the company. For such a system to work, solid ties must be forged with a lot of suppliers. Ordering huge quantities of beef, chicken, and vegetables and expecting them to arrive at the shortest possible time requires coordination with capabl e suppliers. The company stands to gain the most with improvements in production – the actual preparation of food. Raw agricultural materials arriving at its commissary must be turned into buns, hamburger patties, french fries and McNuggets with minimal waste.It must then carry over this practice of efficiency into its outlets. Conclusion Marketing mix is the combination of four elements, called the four P’s (Product, Price, Promotion, and Place), that every company has the option of adding, subtracting, or modifying in order to create a desired marketing strategy. McDonald’s marketing mix is strategic because of the diverse approaches that are used. First, in identifying the four P’s of marketing, McDonald’s is very careful in making decisions that affect each area or how each area affects the other.McDonald’s is concerned about how the firm will fulfil the needs and wants of its customers and in the activities associated with maintain the relationships with its stakeholders. McDonald’s stakeholders include customers, franchisees, suppliers, employees, and the local communities surrounding them. McDonald’s has shown care for customers through the decisions to add more healthful foods to the menus, by changing how products are packaged or how foods are prepared, and by philanthropic contributions and sponsorships.Local adaptation, no doubt, has contributed to McDonald’s business growth in Malaysia. The restaurant has developed competitive advantages in the industry of serving quality fast food as low as cost. In addition to these decisions, the development of the Golden Arches or Ronald McDonald has provided consumers with memorable icons that are associated with quality, service, and value. McDonald’s faces some difficult challenges in moving away from the fast food king to a more conscious provider for customers who care about what they at. The keys to its future success will be maintainin g its core strengths, an unwavering focus on quality and consistency while carefully experimenting with new options. The company’s environment efforts, while important, should not overshadow its marketing initiatives. Though there are many opportunities for this fast food giant, McDonald’s must keep the strategic nature of its marketing efforts to stay on top and provide what customers want. McDonald’s uses market research information to build a marketing strategy.All parts of its organisation then have to work together to ensure that the strategy reaches its objectives. Once the marketing strategy is in place, various responsibilities are given to different individuals so that the plan can be implemented. Systems are put in place to obtain market feedback which measure success against short-term targets. McDonald’s has to ensure that this is done within the confines of a tightly controlled, finite marketing budget. Thus, the four P’s of marketing provide a good starting point for consideration of the requirements of strategy implementation in the marketing function.

Sample Questions

Chapter-1 MANAGERIAL ECONOMICS Multiple Choice Questions 1 Which of the following is a characteristic of a perfectly competitive market? a. Firms are price setters. b. There are few sellers in the market. c. Firms can exit and enter the market freely. d. All of these 2 If a perfectly competitive firm currently produces where price is greater than marginal cost it a. will increase its profits by producing more. b. will increase its profits by producing less. c. is making positive economic profits. d. is making negative economic profits. 3 When a perfectly competitive firm makes a decision to shut down, it is most likely that a.Price is below the minimum of average variable cost. b. Fixed costs exceed variable costs. c. Average fixed costs are rising. d. Marginal cost is above average variable cost. 4 In the long run, a profit-maximizing firm will choose to exit a market when a. Fixed costs exceed sunk costs. b. Average fixed cost is rising. c. Revenue from production is less than tota l costs. d. marginal cost exceeds marginal revenue at the current level of production. 5 When firms have an incentive to exit a competitive market, their exit will a. Drive down market prices. b. Drive down profits of existing firms in the market. . Decrease the quantity of goods supplied in the market. d. All of the above are correct. 6 In a perfectly competitive market, the process of entry or exit ends when a. Firms are operating with excess capacity. b. Firms are making zero economic profit. c. Firms experience decreasing marginal revenue. d. Price is equal to marginal cost. 7 Equilibrium quantities in markets characterized by oligopoly is a. Lower than in monopoly markets and higher than in perfectly competitive markets. b. Lower than in monopoly markets and lower than in perfectly competitive markets.Higher than in monopoly markets and higher than in perfectly competitive markets. d. Higher than in monopoly markets and lower than in perfectly competitive markets. 8 In economic s the central problem is: a. b. c. d. e. Allocation. Consumption. Scarcity. Money. Production. c. 9 Indicate below what is NOT a factor of production. a. Land. b. A bank loan. c. Labor. d. Capital. 10 Macroeconomics deals with: a. The behavior of firms. b. Economic aggregates. c. The activities of individual units. d. The behavior of the electronics industry. 11 Microeconomics is not concerned with the behavior of: a. Aggregate demand. . Consumers. c. Industries. d. Firms. 12 The study of inflation is part of: a. Normative economics. b. Macroeconomics. c. Microeconomics. d. Descriptive economics. 13 Aggregate supplies is the total amount: a. Produced by the government. b. Of products produced by a given industry. c. Of labor supplied by all households. d. Of goods and services produced in an economy. 14 The total demand for goods and services in an economy is known as: a. National demand. b. Economy-wide demand. c. Gross national product. d. Aggregate demand. 15 If marginal benefit is greater than marginal cost, a rational choice involves: a.More of the activity. b. Less of the activity. c. No more of the activity. d. More or less, depending on the benefits of other activities. 16 A student chooses to study because the marginal benefit is greater than the ________ cost. a. average b. total c. marginal d. expected 17 Periods of less than full employment correspond to: a. b. c. d. Points outside the production possibility curve. Points inside the production possibility curve. Points on the production possibility curve. Either points inside or outside the production possibility curve. 18 The circular flow of goods and incomes shows the relationship between: a.Income and money. b. Wages and salaries. c. Goods and services. d. Firms and households. 19 In a free market system, the amount of goods and services that any one household gets depends upon its: a. Income. b. Wage and interest income. c. Wealth. d. Income and wealth. 20 In a planned or command economy, all the economic decisions are taken by the: a. Consumers. b. Workers. c. Government. d. Voters. Answers for Multiple Choice Questions 1 (c) 2 (a) 3 (a) 6 (b) 7 (d) 8 (c) 11(a) 12(b) 13(d) 16(c) 17(b) 18(d) 4 (c) 9 (b) 14(d) 19(d) 5 (c) 10 (b) 15(a) 20(c) Chapter-2 PRINCIPLES OF MANAGERIAL ECONOMICSMultiple Choice Questions 1 The word that comes from the Greek word for â€Å"one who manages a household is a. Market. b. Consumer. c. Producer. d. Economy. 2 Economics deals primarily with the concept of a. Scarcity. b. Poverty. c. Change. d. Power. 3 Which of the following is NOT included in the decisions that every society must make? a. what goods will be produced b. who will produce goods c. what determines consumer preferences d. who will consume the goods 4 In a market economy, characterized by Capitalism, there is full interference by the State in the economic activities of consumers and producers. a)True (b) False 5 In a market system of economy, there is no harmony between individu al interests and interests of the community. (a)True (b) False 6 Efficiency is the relation between returns and cost. (a)True (b) False 7 The subject matter of macro –economic includes the theory of income and employment at an individual level. (a)True (b) False 8 Rational decision results in†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦for the employees. a. Division of work. b. Centralization. c. Discipline. d. Motivation 9 A Theory Y approach is more suitable where a job offers: a. a high degree of intrinsic satisfaction. b.The ability to exercise initiative. c. An element of problem solving. d. All of the above. 10 Breech identifies four main elements of management. They are planning, control, coordination and: a. The division of work. b. Centralization. c. Discipline. d. Motivation. 11 Many well-known business economists participate in public debates. (a)True (b) False 12 Marginal Utility is the utility derived from the additional unit of a commodity consumed. (a)True (b) False 13 Compared to the static model, the fishing effort in a dynamic model is likely to be a. Larger. b. Smaller. c. Similar. . Larger or smaller. 14 Land, labor, and money are the three categories of economic resources. (a)True (b) False 15 Which of the following is not an interest rate derivative used for interest rate management? Interest rate guarantee a. Floor b. Swap c. Cap d. All of the above are interest rate derivatives 16 An agreement which guarantees an investor a minimum return on a principal amount is called a: a. Cap b. Executive stock option c. Stock option d. Floor 17 Which of the factors listed below is not a reason for decision making in organizations being a complex process? a.Modern information systems enable people to evaluate a range of possible outcomes b. Factors in the current context of the organization affect the decision c. Several stakeholders will have an interest in the decision d. People have to make decisions in a historical context 18 The overall process of decisi on making in, for example, staff selection includes which of these stages? a. Deciding which candidate to appoint b. Identifying the need for a new member of staff c. Agreeing the job specification d. All of the above 19 A manager who is helping a customer return some shoes they purchased last week is dealing with what type of decision? . Uncertainty b. Non-programmed decision c. Bounded rationality d. Programmed decision 20 Decision making situations can be categorized along a scale which ranges from: a. Uncertainty to certainty to risk b. Certainty to uncertainty to risk c. Certainty to risk to uncertainty d. Certainty to risk to uncertainty to ambiguity Answers for Multiple Choice Questions 1 (d) 2 (a) 3 (c) 6 (a) 7 (b) 8 (d) 11(a) 12(a) 13(a) 16(d) 17(a) 18(d) 4 (b) 9 (d) 14(b) 19(d) 5 (b) 10 (d) 15(d) 20(d) Chapter-3 CONCEPT OF DEMAND Multiple Choice Questions 1 The quantity demanded of Pepsi has decreased.The best explanation for this is that: a. The price of Pepsi increased. b. Pepsi consumers had an increase in income. c. Pepsi's advertising is not as effective as in the past. d. The price of Coca Cola has increased. 2 Demand curves are derived while holding constant: a. Income, tastes, and the price of other goods. b. Tastes and the price of other goods. c. Income and tastes. d. Income, tastes, and the price of the good. 3 When the decrease in the price of one good causes the demand for another good to decrease, the goods are: a. Normal b. Inferior c. Substitutes d.Complements 4 Suppose the demand for good Z goes up when the price of good Y goes down. We can say that goods Z and Y are: a. Substitutes. b. Complements. c. Unrelated goods. d. Perfect substitutes. 5 If the demand for coffee decreases as income decreases, coffee is: a. An inferior good. b. A normal good. c. A complementary good. d. A substitute good. 6 Which of the following will NOT cause a shift in the demand curve for compact discs? a. A change in the price of pre-recorded cassette tape s. b. A change in income. c. A change in the price of compact discs. d. A change in wealth. When excess demand occurs in an unregulated market, there is a tendency for: a. Quantity supplied to decrease. b. Quantity demanded to increase. c. Price to rise. d. Price to fall. 8 Market equilibrium exists when _____________ at the prevailing price. a. b. c. d. quantity demanded is less than quantity supplied quantity supplied is greater than quantity demanded quantity demanded equals quantity supplied quantity demanded is greater than quantity supplied 9 A movement along the demand curve to the left may be caused by: a. A decrease in supply. b. A rise in the price of inputs. c.A fall in the number of substitute goods. d. A rise in income. 10 The quantity demanded of a product rises whenever (a) The product’s price falls. (b) Incomes increase. (c) Population increases. (d) The prices of substitute goods rise. (e) Consumer tastes and preferences change. 11 The equilibrium quantity mu st fall when (a) There is a decrease in demand. (b) There is a decrease in supply. (c) There is an increase in price. (d) There is an increase in demand and supply. (e) There is a decrease in demand and supply 12 The demand curve will shift to the left for most consumer goods when (a) Incomes decrease. b) The prices of substitutes fall. (c) The prices of complements increase (d) All of the above. 13 Producer goods, also called intermediate goods, in economics, goods manufactured and used in further manufacturing, processing, or resale. (a)True (b) False 14 Consumer goods are alternately called final goods, and the second term makes more sense in understanding the concept. (a)True (b) False 15 GDP stands for a. Gross Domestic Product b. Gross Deistic Product c. Gross dynamic product d. All of these 16 GNP stands for a. Gross national product b. Gross natural product c. Both (a)and (b) d.None of these 17 When the demand for a product is tied to the purchase of some parent product, its demand is called induced or derived. (a)True (b) False 18 An industry is the aggregate of firms (a)True (b) False 19 The ‘law of demand' implies that: a. As prices fall, quantity demanded increases. b. As prices rise, quantity demanded increases. c. As prices fall, demand increases. d. As prices rise, demand decreases. 20 When the market operates without interference, price increases will distribute what is available to those who are willing and able to pay the most. This process is known as: a. Price rationing. . Price fixing. c. Quantity adjustment. d. Quantity setting Answers for Self Assessment Questions 1 (a) 2 (d) 3 (c) 6 (c) 7 (c) 8 (c) 11(d) 12(d) 13(a) 16(a) 17(a) 18(a) 4 (b) 9 (a) 14(a) 19(a) 5 (b) 10 (a) 15(a) 20(a) Chapter-4 DETERMINATION OF DEMAND 1 The demand for a product or a service depends on a host of factors. (a)True (b) False 2 Demand curves may also be shifted by changes in expectations. (a)True (b) False 3 Quantity demand is a specific quantity that buy ers are willing and able to buy at a specific demand price. (a)True (b) False 4 If the price of a complement increases, all else equal, a.Quantity demanded will increase. b. Quantity supplied will increase. c. Demand will increase. d. Demand will decrease. 5 Which of the following would lead to an INCREASE in the demand for golf balls? a. An decrease in the price of golf balls. b. An increase in the price of golf clubs. c. A decrease in the cost of producing golf balls. d. An increase in average household income when golf balls are a normal good. 6 If input prices increase, all else equal, a. Quantity supplied will decrease. b. Supply will increase. c. Supply will decrease. d. Demand will decrease. 7 Which of the following would decrease the supply of wheat? . A decrease in the price of pesticides. b. An increase in the demand for wheat. c. A rise in the price of wheat. d. An increase in the price of corn. 8 When Sonoma Vineyards increases the price of its Chardonnay from $15 per bo ttle to $20 per bottle, the result is a decrease in†¦ a. The quantity of this wine demanded. b. The quantity of this wine supplied. c. The demand for this wine. d. The supply of this wine. 9 Which of the following will cause a change in quantity supplied? a. Technological change. b. A change in input prices. c. A change in the market price of the good. d. A change in the number of firms in the market. 0 In which of the following cases will the effect on equilibrium output be indeterminate (i. e. , depend on the magnitudes of the shifts in supply and demand)? a. Demand decreases and supply decreases. b. Demand remains constant and supply increases. c. Demand decreases and supply increases. d. Demand increases and supply increases. 11 An increase in the number of firms selling pizza will cause, ceteris paribus, (a) an increase in supply. (b) an increase in demand. (c) a decrease in quantity demanded. (d) a decrease in the quantity supplied. 12 A change in demand is a change in th e ENTIRE demand relation. a)True (b) False 13 The demand for a given product will rise if: a. Incomes rise for a normal good or fall for an inferior good b. The price of a complement falls c. The price of a substitute rises d. All of these 14 Two explanations for the law of demand are (a) Price and quantity effects. (b) Substitution and income effects. (c) Opportunity cost and substitution effects. (d) Substitutes and inferior goods. (e) None of the above. 15 An increase in demand, ceteris paribus, will usually cause (a) A decrease in quantity demanded. (b) an increase in quantity supplied. (c) an increase in supply. d) a higher quantity and a lower price. 16. The quantity demanded of a product rises whenever (a) the product’s price falls. (b) incomes increase. (c) population increases. (d) the prices of substitute goods rise 17 The demand curve is downward-sloping because at a higher price for a good (ceteris paribus) (a) people buy fewer substitutes. (b) people buy more com plements. (c) people search for substitutes. (d) income rises. (e) substitutes become complements. 18 The supply curve is upward-sloping because at higher prices for a good (a) consumers search out more substitutes. (b) consumer income increases. c) demand is lower. (d) None of the above. 19 If the factors held constant along a supply or demand curve change, (a) the equilibrium may change. (b) the demand and supply equilibrium may be disrupted. (c) the supply or demand curve may shift. (d) All of the above. 20 If the price of crackers goes up when the price of cheese goes down, crackers and cheese are (a) inferior goods. (b) substitutes. (c) both substitutes and complements. (d) complements Answers for Self Assessment Questions 1 (a) 2 (a) 3 (a) 6 (c) 7 (d) 8 (a) 11(a) 12(a) 13(d) 16(a) 17(c) 18(d) 4 (d) 9 (c) 14(b) 19(a) 5 (d) 10 (c) 15(b) 20(d)Chapter-5 PRICE ELASTICITY OF DEMAND 1 If the price elasticity of demand for a good is . 75, the demand for the good can be described as: a . normal b. elastic c. inferior d. inelastic. 2. When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. In this range of prices, demand for this product is: a. elastic b. inelastic c. cross-elastic. d. unitary elastic. 3. If the price elasticity of demand for a product is equal to 0. 5, then a 10 percent decrease in price will: a. increase quantity demanded by 5 percent. b. increase quantity demanded by 0. percent. c. decrease quantity demanded by 5 percent. d. decrease quantity demanded by 0. 5 percent. 4 If an increase in the supply of a product results in a decrease in the price, but no change in the actual quantity of the product exchanged, then: a. the price elasticity of supply is zero. b. the price elasticity of supply is infinite. c. the price elasticity of demand is unitary. d. the price elasticity of demand is zero. 5. If 100 units of product K are sold at a unit price of $10 and 75 units of product K are sold at a unit price of $1 5, one can conclude that in this price range: a. emand for product K is elastic. b. demand for product K is inelastic. c. demand for product K has shifted to the right. d. consumers are sensitive to price changes of product K. 6 Total revenue falls as the price of a good increases if price ela sticity of demand is: a. elastic. b. inelastic c. unitary elastic d. perfectly elastic. 7 The demand for Cheerios cereal is more price-elastic than the demand for cereals as a whole. This is best explained by the fact that: a. Cheerios are a luxury. b. cereals are a necessity. c. there are more substitutes for Cheerios than for cereals as a whole. d. onsumption of cereals as a whole is greater than consumption of Cheerios. 8 What is the most likely effect of the development of television, videocassette players, and rental movies on the movie theater industry? a. b. c. d. decreased costs of producing movies increased demand for movie theater tickets movie theater tickets become an inferior good increased price elasticity of demand for movie theater tickets 9 The price elasticity of demand will increase with the length of the period to which the demand curve pertains because: a. consumers' incomes will increase. b. the demand curve will shift outward. . all prices will increase over time. d. consumers will be better able to find substitutes. 10. A state government wants to increase the taxes on cigarettes to increase tax revenue. (a)True (b) False 11 This tax would only be effective in raising new tax revenues if the price elasticity of demand is: a. unity b. elastic c. inelastic d. perfectly elastic. 12. Sony is considering a 10 percent price reduction on its color television sets. If the demand for sets in this price range is inelastic: A) revenues from color sets will remain constant. B) revenues derived from color sets will decrease.C) revenues derived from color sets will increase. D) the number of television sets sold will decrease 13 Elasticity of demand for a commo dity with respect to change in its price. (a)True (b) False 14 An elasticity alternative in which infinitesimally small changes in price cause infinitely large changes in quantity. (a)True (b) False 15 Three factors that affect the numerical value of the price elasticity of demand are the a. b. c. d. availability of substitutes time period of analysis proportion of budget All of these 16 The price elasticity of demand is one of four common elasticity’s used in the analysis of the market. a)True (b) False 17 Cross elasticity of demand is: a. negative for complementary goods b. unitary for inferior goods. c. negative for substitute goods d. positive for inferior goods. 18. A positive cross elasticity of demand coefficient indicates that: a. a product is an inferior good. b. a product is a normal good. c. two products are substitute goods. d. two products are complementary goods. 19 A market without legal prices is in equilibrium when: a. quantity demanded equals price. b. the d emand curve remains constant. c. quantity demanded equals quantity supplied. d. uantity demanded is greater than quantity supplied. 20 A relatively small change, say 1% on an INR 100,000 house, can make a BIG difference in the buyer’s decision to buy. (a)True (b) False Answers for Self Assessment Questions 1 (d) 2 (a) 3 (a) 4 (d) 5 (a) 6 (a) 7 (c) 8 (d) 9 (d) 10 (a) 11(d) 12(c) 13(a) 14(a) 15(d) 16(a) 17(a) 18(c) 19(c) 20(a) Chapter-6 TYPES OF ELASTICITIES OF DEMAND 1 If it is observed that, in a particular market, price has risen and quantity exchanged has increased, it is likely that: a. supply has increased. b. supply has decreased. c. demand has increased. d. emand has decreased. 2 The quantity of a good demanded rises from 1000 to 1500 units when the price falls from $1. 50 to $1. 00 per unit. The price elasticity of demand for this product is approximately: a. 1. 0 b. 16 c. 2. 5 d. 4. 0 3 If the elasticity of demand for a commodity is estimated to be 1. 5, then a decrea se in price from $2. 10 to $1. 90 would be expected to increase daily sales by: a. 50% b. 1. 5% c. 5% d. 15% 4 A long-run demand curve, as compared to a short-run demand curve for the same commodity, is generally: a. more elastic b. less elastic c. of the same elasticity d. none of the above. The price elasticity of demand is 5. 0 if a 10 percent increase in the price results in a a. 2%decrease in quantity demanded. b. 5%decrease in quantity demanded. c. 10% decrease in quantity demanded d. 50% decrease in quantity demanded. 6 Demand for a good will likely be more elastic, a. The higher the level of income. b. The larger the proportion of monthly income spent on it. c. The fewer the good substitutes available. d. The higher the price of complementary goods. 7 Demand will be more elastic, a. The higher the income. b. The lower the price. c. The shorter the passage of time after a permanent price increase. . The more substitutes available for the good. 8 The price elasticity of demand measures the sensitivity of demand to price changes. (a)True (b) False 9 If a good has no close substitutes and is regarded as a necessity by many consumers, then demand for the good will be quite elastic. (a)True (b) False 10 Cross elasticity of demand is the ratio of the percentage change in demand for a good to the percentage change in price for another. (a)True (b) False 11 A 50 percent increase in price that results in a 90 percent decrease in the quantity demanded indicates that demand is elastic in this price range. a)True (b)False 12 Demands for most goods tend to become more elastic with the passage of time. (a)True (b) False 13 If two goods are substitutes, then an increase in the price of one good will leads to an increase in the demand for the other good. (a)True (b) False 14 If two goods are complements, then a decrease in the price of one good will results in a decrease in the demand of the other good. (a)True (b) False 15 The price elasticity of demand is the same as the slope of the demand curve. (a)True (b) False 16 If demand is price elastic, then: a. a rise in price will raise total revenue. b. a fall in price will raise total revenue. . a fall in price will lower the quantity demanded. d. a rise in price won't have any effect on total revenues. 17 Complementary goods have: a. The same elasticity’s of demand. b. very low price elasticity of demand. c. negative cross price elasticity of demand with respect to each other. d. positive income elasticity of demand. 18 The price elasticity of demand generally tends to be: a. smaller in the long run than in the short run. b. smaller in the short run than in the long run. c. larger in the short run than in the long run. d. unrelated to the length of time. 19 If the price elasticity of supply of doodads is 0. 0 and the price increases by 3 percent, then the quantity supplied of doodads will rise by a. 0. 60 percent. b. 0. 20 percent c. 1. 8 percent d. 18 percent. 20 If the cross-price elastic ity between two commodities is 1. 5, a. The two goods are luxury goods. b. The two goods are complements. c. The two goods are substitutes. d. The two goods are normal goods. Answers for Self Assessment Questions 1 (c) 2 (a) 3 (d) 6 (b) 7 (d) 8 (a) 11(a) 12(a) 13(a) 16(b) 17(c) 18(b) 4 (a) 9 (b) 14(b) 19(c) 5 (d) 10 (a) 15(b) 20(c) Chapter-7 SUPPLY ANALYSIS 1 The cost of factor inputs like land, labor, and capital has a major influence on supply. a)True (b) False 2 Which of the following factors will make the demand for a product more elastic? (Assume the product has a straight-line, downward sloping demand. ) a. The product has no close substitutes. b. A very small proportion of income is spent on the good. c. A long time period has elapsed since the product’s price changed. d. A lower price 3 For a given normal supply curve, the amount of a tax paid by the buyer will be larger a. the more elastic the demand. b. the more inelastic the demand. c. the income elasticity is equa l to zero d. when the price is high. With a perfectly elastic demand and a normal supply (upward-slopping) a. consumers will bear the entire tax burden. b. consumers will not bear any tax burden. c. consumers and producer will split the tax burden in half. d. producers will not bear any tax burden. 5 Which of the following leads to the producers paying all of a tax? a. The supply is perfectly elastic. b. The supply is perfectly inelastic. c. The demand is unit elastic. d. The demand is perfectly inelastic. 6 The incidence (split) of sales tax is determined by the a. level of government which imposes the tax. b. federal government in all cases. c. greed of the seller. d. rice elasticity of supply and demand. 7 The market supply curve is the horizontal sum of the individual supply curve. (a)True (b) False 8 Supply determinants are five ceteris paribus factors that are held constant when a supply curve is constructed. (a)True (b) False 9 Supply is the willingness and ability of produce rs to make a specific quantity of output available to consumers at a particular price over a given period of time. (a)True (b) False 10 Individuals supply factors of production to firms. (a)True (b) False 11 The supply curve for tomatoes is not thus more elastic in the short run than in the momentary period. (a)True (b)False 2 Macroeconomic studies are based on empirical evidence. (a)True (b)False 13 Demand curve slopes upwards from left to right. (a) True (b)False 14 In the market, anyone who agrees to pay the requisite price of a product would be excluded from their consumption. (a) True (b)False 15 Aglets are the metal or plastic tips on shoelaces that make it easier to lace your shoes. The demand for aglets is probably a. perfectly elastic. b. inelastic. c. elastic but not perfectly elastic. d. unit elastic. 16 The cross elasticity of demand measures the responsiveness of the quantity demanded of a particular good to changes in the prices of a.Its complements but not its substit utes. b. its substitutes but not its complements. c. its substitutes and its complements d. neither its substitutes nor its complements. 17 If goods are complements, definitely their a. income elasticity’s are negative b. income elasticity’s are positive. c. cross elasticity’s are positive. d. cross elasticity’s are negative. 18 If a rise in the price of good 1 decreases the quantity of good 2 demanded, a. the cross elasticity of demand is negative b. good 1 is an inferior good. c. good 2 is an inferior good d. the cross elasticity of demand is positive. 9 The price elasticity of demand generally tends to be: a. smaller in the long run than in the short run. b. smaller in the short run than in the long run. c. larger in the short run than in the long run. d. unrelated to the length of time. 20 The demand for your services becomes more elastic. (a)True (b)False Answers for Self Assessment Questions 1 (a) 2 (c) 3 (b) 6 (d) 7 (a) 8 (a) 11(b) 12(a) 13(b) 16(c ) 17(d) 18(a) 4 (b) 9 (a) 14(b) 19(b) 5 (b) 10 (a) 15(b) 20(a) Chapter-8 PRODUCTION DECISION 1 Which of the following functions is not a core function of an organisation? a. The product/service development function b.The operations function c. The accounting and finance function d. The marketing (including sales) function 2 Most operations produce a mixture of both products and services. Which of the following businesses is closest to producing â€Å"pure† services? a. IT company b. A Restaurant c. Counsellor/therapist d. Steel company 3 Operations can be classified according to their volume and variety of production as well as the degree of variation and visibility. Which of the following operations would be classified as high volume, low variety? a. A family doctor b. A carpenter c. A front office bank d.A fast food restaurant 4 Which of the following activities is not a direct responsibility of operations management? a. Designing the operation’s products, services a nd processes b. Planning and controlling the operation c. Developing an operations strategy for the operation d. Determining the exact mix of products and services that customers will want 5 Operations can be classified according to the degree of variation in demand and visibility of the operation as well as their volume and variety of production. Which of the following operations would be classified as high variation and high visibility? a. A front office bank b.A family doctor c. A fast food restaurant d. A carpenter 6 The production function incorporates the technically efficient method of †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. a. production. b. process c. function d. All of these 7 A fixed input is one whose quantity cannot be varied during the time under consideration. (a)True (b)False 8 Economists find it convenient to distinguish between the †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. and the long run. a. short run b. large run c. big run d. None of these 9 The law of variable proportions states th at as the quantity of one factor is increased, keeping the other factors fixed, the marginal product of that factor will eventually decline. a)True (b)False 10 MRP stands for a. Marginal Revenue Product b. Marginal Revenue process c. Both (a) and (b) d. None of these 11 The book value of old equipment is not a relevant cost in a decision. (a)True (b)False 12. One of the dangers of allocating common fixed costs to a product line is that such allocations can make the line appear less profitable than it really is. (a)True (b)False 13. A differential cost is a variable cost. (a)True (b)False 14. All future costs are relevant in decision making. (a)True (b)False 15. Variable costs are always relevant costs. (a)True (b)False 6 Only the variable costs identified with a product are relevant in a decision concerning whether to eliminate the product. (a)True (b)False 17 Managers should pay little attention to bottleneck operations because they have limited capacity for producing output. (a)Tr ue (b)False 18 A cost that does not affect a decision is called an a. opportunity cost b. incremental cost c. avoidable cost d. irrelevant cost 19. Costs that change between alternatives are called a. fixed costs. b. opportunity costs. c. crelevant costs. d. sunk costs. 20. A cost incurred in the past that cannot be changed by any future action is a(n) a. pportunity cost b. sunk cost c. relevant cost d. avoidable cost Answers for Self Assessment Questions 1 (c) 2 (c) 3 (d) 6 (a) 7 (a) 8 (a) 11(a) 12(a) 13(b) 16(b) 17(b) 18(d) 4 (d) 9 (a) 14(b) 19(c) 5 (b) 10 (a) 15(b) 20(b) Chapter-9 ISOQUANT AND PRODUCTION FUNCTION 1 Economists typically assume that the owners of firms wish to a. produce efficiently. b. maximize sales revenues. c. maximize profits. d. All of these. 2 Efficient production occurs if a firm a. cannot produce its current level of output with fewer inputs. b. given the quantity of inputs, cannot produce more output. c. maximizes profit. d. All of the above. Limited liab ility is a benefit to a. sole proprietorships. b. partnerships. c. corporations. d. all of the above. 4 Which of the following statements best describes a production function? a. the maximum profit generated from given levels of inputs b. the maximum level of output generated from given levels of inputs c. all levels of output that can be generated from given levels of inputs d. all levels of inputs that could produce a given level of output 5 With respect to production, the short run is best defined as a time period a. lasting about six months. b. lasting about two years. c. in which all inputs are fixed. d. n which at least one input is fixed. 6 In the long run, all factors of production are a. variable. b. fixed. c. materials. d. rented. 7 The short-run production functions for Albert’s Pretzels. The marginal productivity of labor equals the average productivity of labor a. for all levels of labor. b. at none of the levels of labor. c. only for the first worker. d. only fo r the fifth worker. 8 the short-run production function for Albert’s Pretzels. The law of diminishing marginal productivity a. appears with the second worker. b. has not yet appeared for any of the levels of labor. c. first appears with the fifth worker. d. s refuted by this evidence. 9 If the average productivity of labor equals the marginal productivity of labor, then a. the average productivity of labor is at a maximum. b. the marginal productivity of labor is at a maximum. c. Both A and B above. d. Neither A nor B above. 10 Average productivity will fall as long as a. marginal productivity is falling. b. it exceeds marginal productivity. c. it is less than marginal productivity. d. the number of workers is increasing. 11 Factors of production are a) inputs and outputs. b) outputs only c) inputs only d) the minimum set of inputs that can produce a certain fixed quantity of output. 2 The set of all pairs (z1, z2) of inputs that yield the output y is the y-is quant. (a)True (b)False 13 L-shaped isoquants imply that production requires that the inputs are perfect substitutes. a. are imperfect substitutes. b. cannot be used together. c. must be used together in a certain proportion. d. None of these 14 Isoquants that are downward-sloping straight lines imply that the inputs a. are perfect substitutes. b. are imperfect substitutes. c. cannot be used together. d. must be used together in a certain proportion. 15 Isoquants that are downward-sloping straight lines exhibit a. n increasing marginal rate of technical substitution. b. a decreasing marginal rate of technical substitution. c. a constant marginal rate of technical substitution. d. a marginal rate of technical substitution that cannot be determined. 16 The profit maximization firm will choose the least cost combination of factors to produce at any given level of output. (a)True (b) False 17 The production function is useful in deciding on the additional value of employing a variable input in the pro duction process. (a)True (b) False 18 The additional use of an input factor should be stopped when its marginal revenue productivity just equals its price. a)True (b) False 19 The least cost combination of-factors or producer’s equilibrium is now explained with the help of †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. curves and iso costs. a. iso product b. iso process c. Both(a) and (b) d. None of these 20 MRTS stands for†¦Ã¢â‚¬ ¦.. a. Marginal rate of technical structure b. Marginal rate of technical substitution c. Both(a) and (b) d. None of these Answers for Self Assessment Questions 1 (d) 2 (d) 3 (c) 6 (a) 7 (c) 8 (a) 11(c) 12(a) 13(c) 16(a) 17(a) 18(a) 4 (b) 9 (a) 14(a) 19(a) 5 (d) 10 (b) 15(c) 20(b) Chapter-10 THEORY OF COST 1 The cost of capital is critically important in finance. a)True (b)False An implicit cost is a. the cost of giving up an alternative b. the cost of a chosen alternative c. calculated by subtracting the monetary cost. d. none of the above 3 The historical co st of an asset refers to the actual cost incurred at the time the asset was acquired. (a)True (b) False 4 An Explicit cost is a business expense accounted cost that can be easily identified such as wage, rent and materials. (a)True (b) False 5 Private is the cost that has to be paid by an individual who is directly involved in the production or consumption of a particular good. a)True (b) False 6 Social cost or external cost is not the cost burden carried by individuals who are not directly involved in the production or consumption of that particular good (a)True (b) False 7 Average cost is the sum total of Average variable it and average fixed cost. (a)True (b) False 8 Cost-output relationship facilitates many managerial relationships such as: a. Formulating the standards of operations. b. Formulating the rational policy on plant size. c. Formulating a policy of profit prediction. d. All of these 9 Cost in the short-run can be classified into†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦and variable cost. a. fixed cost b. sset c. both (a) and (b) d. None of these 10 Total fixed costs remained fixed irrespective of increase or decrease in production of activity. (a)True (b) False 11 Marginal costs is the change in total cost resulting from unit change in†¦Ã¢â‚¬ ¦.. a. output b. input c. both(a) and (b) d. None of these 12 The †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. implies that the cost of production continues to be low till the firm reaches the optimum scale (Marginal cost = Average cost). a. V-shape b. Q-shape c. U-shape d. All of these 13 Scale economies and returns to scale generally produce a U-shaped long-run average cost curve, such as the one displayed to the right. a) True (b) False 14 __________ is concerned with the branch of economics relating the behavior of principals and their agents. a. Financial management b. Profit maximization c. Agency theory d. Social responsibility 15 A concept that implies that the firm should consider issues such as protecting the consumer, paying fair wag es, maintaining fair hiring practices, supporting education, and considering environmental issues. a. Financial management b. Profit maximization c. Agency theory d. Social responsibility 16 Which of the following is not normally a responsibility of the treasurer of the modern corporation but rather the controller? . Budgets and forecasts b. Asset management c. Investment management d. Financing management 17 The __________ decision involves determining the appropriate make-up of the righthand side of the balance sheet. a. asset management b. financing c. investment d. capital budgeting 18 A long-run is also expressed as a series of short-runs. (a)True (b)False 19 Which of the following are used in calculating opportunity costs? a. monetary costs b. the cost of time c. preference d. all of the above 20 An explicit cost is a. the cost of giving up an alternative b. the cost of a chosen alternative c. alculated by subtracting the monetary cost of an alternative by the time invested d. none of the above Answers for Self Assessment Questions 1 (a) 2 (a) 3 (a) 6 (b) 7 (a) 8 (d) 11(a) 12(c) 13(a) 16(a) 17(b) 18(a) 4 (a) 9 (a) 14(c) 19(d) 5 (a) 10 (a) 15(d) 20(b) Chapter-11 MARKET STRUCTURE, AND PRICING 1 Which of the following cannot be classed as a market structure? a. Oligopoly. b. Perfect competition. c. Communism. d. Monopolistic competition. 2 Income and population are two variables that can be used in ______ segmentation: a. psychographic b. demographic c. lifestyle d. behavioural 3 Strong exchange rates can: a. help stimate consumer purchasing power. b. help predict change in lifestyle across Europe. c. predict the evolution of sales for particular brands. d. drive imports to become cheaper. 4 BERI stands for: a. Business Economic Risk Index. b. Business Economic Rating International. c. Business Education Rating Indicator. d. Business Environment Risk Index. 5 The size and liquidity requirements are based on the minimum invest ability requirements for the MS CI Global Standard Indices. (a) True (b) False 6 Oligopoly is a market structure in which a small number of firms account for the whole industry’s output. (a) True (b) False The number of firms and product differentiation are extremely crucial in determining the nature of competition in a market. (a) True (b) False 8 type of market structure represented by the constant returns to scale (CRS) technology includes a. Monopolistic competition b. Oligopoly c. Duopoly d. Perfect competition 9 In industries in which there are scale economies, the variety of goods that a country can produce is constrained by a. the fixed cost b. the size of the labor force c. the marginal cost d. the size of the market 10 A monopoly firm engaged in international trade but enjoying a protected home market will a. quate marginal costs with foreign marginal revenues. b. equate marginal costs with marginal revenues in both domestic and foreign markets c. equate average costs in local and foreign markets d. none of the above 11 Minimum efficient scale of production in relation to the overall industry output and market requirement sometimes play a major role in shaping the market structure. (a)True (b) False 12 Price and output decisions of firms that want to maximize profits always depend on costs. (a) True (b) False 13 Which of the following is NOT a financial objective of pricing? a. Corporate growth. b.Return on investment. c. Profit maximization. d. None of these 14 Which of the following is NOT a marketing objective? a. Cash flow. b. Positioning. c. Volume sales. d. None of these 15 Setting a price below that of the competition is called: a. Skimming. b. Penetration pricing. c. Competitive pricing. d. None of these 16 Which of the following is NOT a reason for cutting prices? a. Capacity utilisation. b. Increasing profit margins. c. Market defence. d. None of these 17 Which of the following is NOT a reason for increasing prices? a. Cost pressures. b. Price comparison. c. Curbin g demand. d.None of these 18 The costs that depend on output in the short run are: a. both total variable costs and total costs. b. total costs only. c. total fixed cost only. d. total variable costs only 19 A firm will shut down in the short run if: a. fixed costs exceed revenues. b. total costs exceed revenues. c. it is suffering a loss. d. variable costs exceed revenues. 20 In the long run, every cost is variable cost. In this period, all costs ever incurred by the firm must be recovered. (a)True (b) False Answers for Self Assessment Questions 1 (c) 2 (b) 3 (d) 6 (a) 7 (a) 8 (d) 11(a) 12(a) 13(a) 16(b) 17(b) 18(a) (d) 9 (d) 14(a) 19(d) 5 (a) 10 (b) 15(b) 20(a) Chapter-12 PERFECT COMPETITION 1. A perfectly competitive firm will maximize profit at the quantity at which the firm's marginal revenue equals a. price b. average revenue c. total cost d. marginal cost 2 Which of the following is not a valid option for a perfectly competitive firm? a. Increasing its output. b. Decreasing i ts output. c. Increasing its price. d. Increasing its resources. 3 In the long run, a perfectly competitive firm will achieve all but which of the following: a. Economic profit b. Allocative Efficiency c. Productive Efficiency d.Normal profit 4 If the price a firm receives for its product is equal to the marginal cost of producing that product, the firm is: a. Always earning an economic profit b. Always productively efficient. c. Always allocatively efficient. d. Always experiencing an economic loss. 5 A firm that is producing at the lowest possible average cost is always: a. Earning an economic profit. b. Productively efficient. c. Dominating the other firms in the market. d. Not producing enough output. 6 Which of the following is the best example of a perfectly competitive market? a. diamonds b. athletic shoes c. soft drinks d. arming 7 Perfect competition is an industry with a. a few firms producing identical goods. b. many firms producing goods that differ somewhat. c. a few fi rms producing goods that differ somewhat in quality. d. many firms producing identical goods. 8 In a perfectly competitive industry, there are a. many buyers and many sellers. b. many sellers, but there might be only one or two buyers. c. many buyers, but there might be only one or two sellers. d. one firm that sets the price for the others to follow. 9 In perfect competition, the product of a single firm a. is sold to different customers at different prices. b. as many perfect complements produced by other firms. c. has many perfect substitutes produced by other firms. d. is sold under many differing brand names. 10 In perfect competition, restrictions on entry into an industry a. do not exist. b. apply to labor but not to capital. c. apply to both capital and labor. d. apply to capital but not to labor. 11 Price for a firm under monopolistic competition is ______. a. equal to marginal revenue b. greater than marginal revenue c. less than marginal revenue d. greater than total reve nue 12 In the long run, monopolistically competitive firms tend to experience ______. a. high economic profits b. ero economic profits c. negative economic profits d. substantial economic losses 13 Marginal revenue for a monopolist is ______ a. equal to price b. greater than price c. less than price d. equal to average revenue 14 Perfect competitions describes a market structure whose assumptions are extremely strong and highly unlikely to exist in most real-time and real-world markets. (a)True (b) False 15 Monopolistic competition is a market structure characterized by a large number of relatively small firms. (a)True (b) False 16 A monopolist can sell more of his output only at a lower price and can reduce the sale at a high price. a)True (b) False 17 A monopoly is a market structure in which there is not only one producer/seller for a product. (a)True (b) False 18 A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marg inal cost. (a)True (b) False 19 A perfectly competitive firm faces †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. production alternatives based on a comparison of price, average total cost, and average variable cost. a. four short-run b. three short-run c. five short-run d. All of these 20 A perfectly competitive firm’s marginal cost curve that lies above the †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. of the average variable cost curve is its supply curve. . minimum b. maximum c. both(a) and (b) d. None of these Answers for Self Assessment Questions 1 (d) 2 (c) 3 (a) 6 (d) 7 (d) 8 (a) 11(a) 12(b) 13(a) 16(b) 17(b) 18(a) 4 (c) 9 (c) 14(a) 19(b) 5 (b) 10 (a) 15(a) 20(a) Chapter-13 OLIGOPOLY AND PRICING STRATEGIES 1 A price- and quantity-fixing agreement is known as: a. game theory. b. price leadership. c. collusion. d. price concentration. 2 A group of firms that gets together to make price and output decisions is called: a. a cartel. b. price leadership. c. an oligopoly. d. a concentrated industry 3 Products produced by oligopolistic ? rms are: a. Homogeneous. b. Heterogeneous. . Differentiated. d. Heterogeneous or differentiated. 3 Oligopoly is the only market structure characterized by: a. Interdependence in pricing and output decisions. b. Differentiated products. c. Barriers to entry. d. Pro? t-maximizing behavior. 4 Oligopoly is characterized by all of the following except: a. A few large ? rms. b. Differentiated product. c. Difficult entry into the industry. d. Price competition 5 A major threat to longer term profits exists when barriers to entry into an industry are high. (a)True (b) False 6 Under kinked demand theory the prices of oligopolists are predicted to be rather rigid or ‘sticky'. a)True (b) False 7 In contestable markets, large oligopolistic firms end up behaving like: a. a monopoly. b. monopolistically competitive firms. c. a cartel. d. perfectly competitive firms 8 Which of the following types of oligopoly competition would you expect to result in the highest market out put, other things equal? a. b. c. d. Stackelberg. Bertrand. Cornet. Collusion 9 The demand curve has a kink at the price which is equal to full cost price. (a) True (b) False 10. An pro? t maximizing, oligopolistic firms produces at an output level where: a. P = ATC. b. MR = MC. c. MR = ATC. d. AVC > MR. e.P = MR 11 Cartels are most likely to arise in which of the following market structures? a. Perfect competition. b. Monopolistic Competition. c. Oligopoly. d. Monopoly. 12 A cartel is a formal collusive organization of the oligopoly firms in an industry. (a) True (b) False 13 Needs such as training the group, setting standards and maintaining discipline, and appointing sub-leaders may be called: a. team functions. b. work functions. c. individual functions. d. task functions. 14 The Hall and flitch model of the kinked demand curve is based on an empirical survey of a sample of 38 well managed arms in England. a) True (b) False 15 The model uses the analytical tools of reaction func tions of the duopolists derived on the basis of is not profit curves. (a) True (b) False 16 The important models of non-collusive oligopoly are: (a) Cournot model, (b) Kinked Oligopoly demand curve models. (a) True (b) False 17 Which of the following is not an operations strategy? a. response b. low-cost leadership c. differentiation d. technology 18 Which of the following is not one of the leadership styles identified in House’s pathgoal theory? a. Participative. b. Employee-centered. c. Directive. d. Achievement-oriented. 9 The petroleum industry is an example of a. monopolistic competition. b. pure oligopoly. c. duopoly. d. differentiated oligopoly. 20 The kinked demand curve model assumes that a. firms match price increases, but not price cuts. b. demand is more elastic for price cuts than for price increases. c. changes in marginal cost can never lead to changes in market price. d. None of the above is correct. Answers for Self Assessment Questions 1 (c) 2 (a) 3 (d) 6 (b ) 7 (a) 8 (b) 11(b) 12(c) 13(a) 16(a) 17(d) 18(b) 4 (a) 9 (b) 14(a) 19(b) 5 (d) 10 (a) 15(b) 20(d) Chapter-14 PROFIT ANALYSIS 1.A variable cost is a cost that a. varies per unit at every level of activity b. occurs at various times during the year c. varies in total in proportion to changes in the level of activity d. may not be incurred, depending on management's discretion 2. A cost which remains constant per unit at various levels of activity is a a. variable cost b. fixed cost c. mixed cost d. manufacturing cost 3. A fixed cost is a cost which a. varies in total with changes in the level of activity b. remains constant per unit with changes in the level of activity c. varies inversely in total with changes in the level of activity d. emains constant in total with changes in the level of activity 4. Cost behavior analysis is a study of how a firm's costs a. relate to competitors' costs b. relate to general price level changes c. respond to changes in activity levels within the co mpany d. respond to changes in the gross national product 5. Cost behavior analysis applies to a. retailers b. wholesalers c. manufacturers d. all entities 6. The relevant range of activity refers to the a. geographical areas where the company plans to operate b. activity level where all costs are curvilinear c. levels of activity over which the company expects to operate d. evel of activity where all costs are constant 7. Which of the following is not a plausible explanation of why variable costs often behave in a curvilinear fashion? a. Labor specialization b. Overtime wages c. Total variable costs are constant within the relevant range d. Availability of quantity discounts 8. Firms operating constantly at 100% capacity a. are common b. are the exception rather than the rule c. have no fixed costs d. have no variable costs 9. Which one of the following is a name for the range over which a company expects to operate? a. Mixed range b. Fixed range c. Variable range d.Relevant range 10 The graph of variable costs that behave in a curvilinear fashion will a. approximate a straight line within the relevant range b. be sharply kinked on both sides of the relevant range c. be downward sloping d. be a stair-step pattern 11. A mixed cost contains a. a variable cost element and a fixed cost element b. both selling and administrative costs c. both retailing and manufacturing costs d. both operating and non-operating costs 12. The variable costing method is also known as the direct costing method indirect costing approach absorption costing method period costing approach 13.The costing approach that charges all manufacturing costs to the product is referred to as a. variable costing b. contribution margin costing c. direct costing d. absorption costing 14. Variable costing is acceptable for a. financial statement purposes b. profit tax purposes c. internal use by management only d. profit tax purposes and for internal use by management 15. CVP analysis does not consider a. level of activity b. fixed cost per unit c. variable cost per unit d. sales mix 16. Which of the following is not an underlying assumption of CVP analysis? a. Changes in activity are the only factors that affect costs b.Cost classifications are reasonably accurate c. Beginning inventory is larger than ending inventory d. Sales mix is constant 17. Which of the following would not be an acceptable way to express contribution margin? a. Sales minus variable costs b. Sales minus unit costs a. b. c. d. c. d. Unit selling price minus unit variable costs Contribution margin per unit divided by unit selling price a. b. c. d. 18. The level of activity at which total revenues equal total costs is the variable point fixed point semi-variable point break-even point 19. The break-even point is where a. otal sales equals total variable costs b. contribution margin equals total fixed costs c. total variable costs equal total fixed costs d. total sales equals total fixed costs 20. Gross profit also includes rent that arises from the entrepreneur’s own land used in his production of output. a. True b. False Answers for Self Assessment Questions 1. (c) 2. (a) 3. (d) 4. (c) 7. (c) 8. (b) 9. (d) 10. (a) 11. (a) 14. (c) 15. (b) 16. (b) 17. (b) 18. (d) 5. (d) 12. (a) 19. (b) 6. (c) 13. (d) 20. (a) Chapter-15 1. There are †¦Ã¢â‚¬ ¦. methods which can be used to appraise any investment project: (a) 1 (b) 2 (c) 3 (d) 4 2.National income is the total of the value of the goods and the services which are produced in an economy. (a) True (b) False 3. Which two of the following are likely to raise the equilibrium value of National Income? (a) Rise in savings. (b) Rise in imports. (c) Rise in government spending. (d) Rise in exports. 4. Which two of the following are excluded when measuring National Income? (a) Value added in the output method. (b) Value of intermediate inputs in the output method. (c) Consumer spending in the expenditure method. (d) Transfer payments in the income method. 5.The return on an investment comes in the form of a stream of earnings in the future. (a) True (b) False 6. Cost-benefit analysis is a process for evaluating the merits of a particular project or course of action in a systematic and rigorous way. (a) True ` (b) False 7. ‘Real’ investment is not (a) the amount that shareholders are willing to provide for shares in a company (b) the cost of development of a new product (c) expenditure on public relations, staff training or research and development (d) expenditure on non-current assets such as plant, machinery, land and buildings 8.Which of the following statements about IRR and NPV is not correct? (a) NPV always gives the correct investment decision. (b) IRR gives an unreliable answer with non-conventional projects. (c) IRR can accommodate changes in the cost of capital. (d) IRR is a useful relative measure if comparing projects of differing sizes. 9. Gross Domestic Product (GDP) is the total market value of all final goods and services currently produced within the domestic territory of a country in a year. (a) True (b) False 10. Which of the following will not be a relevant factor when using the payback method of capital investment appraisal? a) The timing of the first cash inflow (b) The total cash flows generated by the asset (c) The cash flows generated by the asset up to the payback period (d) The cost of the asset 11. Why the payback method is often considered inferior to discounted cash flow in capital investment appraisal? (a) I is more difficult to calculate (b) It does not calculate how long it will take to recoup the money invested (c) It does not take account of the time value of money (d) It only takes into account the future income of a project 12.Gross National Product is the total market value of all final goods and services produced in a year. (a) True (b) False 13. In 2005†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. was the least significant liability of U. S. nonfinancial businesses i n terms of total value. (a) bonds and mortgages (b) bank loans (c) inventories (d) trade debt 14. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. are examples of financial intermediaries. (a) Commercial banks (b) Insurance companies (c) Investment companies (d) All of the above 15. Financial assets †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. a) directly contribute to the country's productive capacity (b) indirectly contribute to the country's productive capacity (c) contribute to the country's productive capacity both directly and indirectly (d) do not contribute to the country's productive capacity either directly or indirectly 16. The means by which individuals hold their claims on real assets in a welldevelopedeconomy are (a) investment assets. (b) depository assets. (c) derivative assets (d) financial assets 17. Capital budgeting is the process of evaluating and selecting long-term investments that are consistent with the goal of the firm. a) True (b) False 18. Although derivatives can be used as speculative instru ments, businesses most often use them to (a) attract customers. (b) appease stockholders. (c) offset debt. (d) hedge 19. The investment in fixed assets increases the fixed cost of the firm which must be recovered from the benefit of the same project. (a)True (b) False 20. National Income is defined as the sum total of all the goods and services produced in a country, in a particular period of time. (a) True (b) False Answer 1. (c) 2. (a) 3. (c) 4. (b) 5. (a) 6. (a) 7. (a) 8. (c) 9. (a) 10. (b) 11. (c) 12. (a) 13. (b) 14. (d) 15. b) 16. (d) 17. (a) 18. (d) 19. (a) 20. (a) Chapter-16 1. In period of inflation, phantom or paper profits may be reports as a result of using the: (a) FIFO costing assumption (b) Perpetual inventory method (c) LIDO costing assumption (d) Periodic inventory method 2. Inflation is: (a) an increase in the overall price level. (b) an increase in the overall level of economic activity. (c) a decrease in the overall level of economic activity. (d) a decrease in th e overall price level. 3. Aggregate supply is the total amount: (a) produced by the government. (b) of goods and services produced in an economy. c) of labour supplied by all households. (d) of products produced by a given industry. 4. The value of a dollar does not stay constant when there is inflation. (a) True (b) False 5. The inflation rate in India was recorded at 7. 23% in†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ (a) April of 2009 (b) April of 2010 (c) April of 2011 (d) April of 2012 6. The function of money that helps assess the opportunity cost of an activity is money's use as a (a) medium of exchange. (b) store of value. (c) unit of account. (d) store of debt. 7. An official measure of money in the United States is M1, which consists of the sum of (a) currency plus traveler's checks. b) currency plus checkable deposits. (c) currency plus traveler's checks plus checkable deposits. (d) currency plus traveler's checks plus time deposits. 8. Implies no trade-off between unempl oyment and inflation. (a) GDP deflator (b) Shoe leather’ costs (c) Long-run Phillips curve (d) ‘Menu’ costs 9. The inflation rate is used to calculate the real interest rate, as well as real increases in wages. (a) True (b) False 10†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ the quantity of money in the United States. (a) The State Department controls (b) The Department of Treasury controls (c) The Federal Reserve System controls (d) Commercial banks control 11.There are broadly †¦.. ways of controlling inflation in an economy. (a) 2 (b) 3 (c) 4 (d) 5 12. The balance of payments of a country is said to be in equilibrium when the demand for foreign exchange in exactly equivalent to the supply of it. (a) True (b) False 13. A general decline in prices is often caused by a reduction in the supply of†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. (a) money or debit (b) money or credit (c) money (d) None of these 14. The opportunity cost of holding money is the (a) inflation rate minus th e nominal interest rate. (b) nominal interest rate. (c) real interest rate. (d) unemployment rate. 15.If the Fed is worried about inflation and wants to raise the interest rate, it (a) increases the demand for money. (b) increases the supply of money. (c) decreases the demand for money. (d) decreases the supply of money. 16. The circular flow of goods and incomes shows the relationship between: (a) income and money. (b) goods and services. (c) firms and households. (d) wages and salaries. 17. Fiscal measures to control inflation include taxation, government expenditure and public borrowings. (a) True (b) False 18. Hyperinflation (a) occurs in the United States during each business cycle. b) occurs only in theory, never in reality. (c) has never occurred in the United States. (d) happens in all countries at some time during their business cycle. 19. Hyperinflation refers to a situation where the prices rise at an alarming high rate. (a) True (b) False 20. The inflation rate is used t o calculate the real interest rate, as well as real increases in wages. (a)True (b) False Answer 1. (b) 2. (a) 3. (b) 4. (a) 11. (a) 12. (a) 13. (b) 14. (c) 5. (d) 6. (c) 15. (d) 16. (c) 7. (c) 8. (c) 17. (a) 18. (c) 9. (a) 10. (c) 19. (a) 20. (a)