Part A: Answer each of the following questions. Be sure to show all of your work and calculations.

1) In what situations will a static budget be most effective in evaluating a manager's effectiveness?

A. The planned activity levels match actual activity levels.
B. The company has no fixed costs.
C. The company has substantial variable costs.
D. The company has substantial fixed costs.

2) Sam's Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March?

A. $750
B. $4,500
C. $8,250
D. $5,250

3) One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?

A. $75,000
B. $60,000
C. $90,000
D. $150,000

4) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals: 

Income Statement Balance Sheet
Dr. Cr. Dr. Cr.
Totals $58,000 $48,000 $34,000 $44,000
The net income (or loss) for the period is __________.

A. $10,000 loss
B. $10,000 income
C. not determinable
D. $48,000 income

5) Managerial accounting __________.

A. pertains to the entity as a whole and is highly aggregated
B. is governed by generally accepted accounting principles
C. places emphasis on special-purpose information
D. is concerned with costing products

6) Of the following companies, which one would not likely employ the specific identification method for inventory costing?

A. Antique shop
B. Farm implement dealership
C. Hardware store
D. Music store specializing in organ sales

7) The first step in activity-based costing is to __________.

A. identify and classify the major activities involved in the manufacture of specific products
B. compute the activity-based overhead rate per cost driver
C. identify the cost driver that has a strong correlation to the activity cost pool
D. assign manufacturing overhead costs for each activity cost pool to products

8) A well-designed activity-based costing system starts with __________.

A. assigning manufacturing overhead costs for each activity cost pool to products
B. computing the activity-based overhead rate
C. analyzing the activities performed to manufacture a product
D. identifying the activity-cost pools

9) What is the preparation of reports for each level of responsibility in the company’s organization chart called?

A. Exception reporting
B. Static reporting
C. Master budgeting analysis
D. Responsibility reporting

10) The conceptual framework developed by the Financial Accounting Standards Board __________.

A. is viewed as providing a constitution for setting accounting standards for financial reporting
B. was approved by a vote of all accountants
C. is legally binding on all accountants
D. are rules that all accountants must follow

11) The major reporting standard for management accounts is __________.

A. relevance to decisions
B. the Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management
C. generally accepted accounting principles
D. the Sarbanes-Oxley Act of 2002

12) The cost of an asset and its fair market value are __________.

A. irrelevant when the asset is used by the business in its operations
B. never the same
C. the same on the date of acquisition
D. the same when the asset is sold

13) Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company's net income increase?

A. $12,000
B. $18,000
C. $6,000
D. $28,000

14) If a company reports a net loss, it __________.

A. will not be able to get a loan
B. may still have a net increase in cash
C. will not be able to make capital expenditures
D. will not be able to pay cash dividends

15) In order to be successful, a cartel must __________. A.   agree on the total level of production and on the amount produced by each member B.   find a way to encourage members to produce more than they would otherwise produce C.   agree on the prices charged by each member, but they need not agree on amounts produced D.   agree on the total level of production for the cartel, but they need not agree on the amount produced by each member
16) If a price ceiling is a binding constraint on the market, __________. A.   sellers cannot sell all they want to sell at the price ceiling B.   the equilibrium price must be below the price ceiling C.   buyers cannot buy all they want to buy at the price ceiling D.   there is excess supply
17) One characteristic of an oligopoly market structure is: A.   products typically sell at a price that reflects their marginal cost of production. B.   firms in the industry are typically characterized by very diverse product lines. C.   the actions of one seller have no impact on the profitability of other sellers. D.   firms in the industry have some degree of market power.
18) Maurice receives $100 as a birthday gift. In deciding how to spend the money, he narrows his options down to four choices: Option A, Option B, Option C, and Option D. Each option costs $100. Finally he decides on Option B. The opportunity cost of this decision is __________. A.   $100 B.   the value to Maurice of the option he would have chosen had Option B not been available C.   $300 D.   the value to Maurice of Options A, C and D combined
19) A rational decision maker __________. A.   takes an action only if the marginal benefit of that action exceeds the marginal cost of that action B.   takes an action only if the combined benefits of that action and previous actions exceed the combined costs of that action and previous actions C.   ignores the likely effects of government policies when he or she makes choices D.   ignores marginal changes and focuses instead on “the big picture”
20) Resources are __________. A.   scarce for households and scarce for economies B.   plentiful for households and plentiful for economies C.   plentiful for households but scarce for economies D.   scarce for households but plentiful for economies
21) Game theory is important for the understanding of __________. A.   oligopolies B.   all market structures C.   monopolies D.   competitive markets
22) The open-economy macroeconomic model examines the determination of __________. A.   the output growth rate and the inflation rate B.   the trade balance and the exchange rate C.   unemployment and the exchange rate D.   the output growth rate and the real interest rate
23) The Federal Open Market Committee __________. A.   is required to keep the interest rate within a range set by Congress B.   is required by its charter to change the money supply using a complex formula that concerns the tradeoff between inflation and unemployment C.   is required to increase the money supply by a given growth rate each year D.   operates with almost complete discretion over monetary policy
24) The model of aggregate demand and aggregate supply explains the relationship between __________. A.   wages and employment B.   real GDP and the price level C.   unemployment and output D.   the price and quantity of a particular good
25) The principal lag for monetary policy __________. A.   is the time it takes to implement policy. The principal lag for fiscal policy is the time it takes for policy to change spending B.   is the time it takes for policy to change spending. The principal lag for fiscal policy is the time it takes to implement it C.   and fiscal policy is the time it takes for policy to change spending D.   and fiscal policy is the time it takes to implement policy
26) Edward Prescott and Finn Kydland won the Nobel Prize in Economics in 2004. One of their contributions was to argue that if a central bank could convince people to expect zero inflation, then the Fed would be tempted to raise output by increasing inflation. This possibility is known as __________. A.   the time inconsistency of policy B.   the sacrifice ratio dilemma C.   the monetary policy reaction lag D.   inflation targeting
27) The political business cycle refers to __________. A.   the part of the business cycle caused by the reluctance of politicians to smooth the business cycle B.   changes in output created by the monetary rule the Fed must follow C.   the potential for a central bank to increase the money supply and therefore real GDP to help the incumbent get re-elected D.   the fact that about every four years some politician advocates greater government control of the Fed

28) The term used to refer to all kinds of differences including religious affiliation, age, disability status, economic class and lifestyle in addition to gender, race, ethnicity and nationality is: A.   Selection B.   Managerial ethics C.   Employment D.   Diversity E.   Recruiting

29) One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States. A.   Less than $1; about 25 B.   $2; about 25 C.   About $2; about 15 D.   Less than $1; about 40 E.   Less than $1; about 15

30) Which of the following statements does NOT support Total Quality Management? A.   Build long-term relationships instead of awarding business on price tag alone B.   Use numerical quotas C.   Break down barriers among departments D.   Creating silos between departments E.   Strive for long-term improvement rather than short-term profit

31) The most dominant areas in the global economy include: A.   North America, South America and Western Europe B.   North America, Asia and Africa C.   North America, Mexico and Asia D.   Western Europe, Asia and Africa E.   North America, Western Europe and Asia

32) Which of the following best describes a mental image of a possible and desirable future state of the organization? A.   Leadership B.   Vertical communication C.   Vision D.   Horizontal communication E.   Mission

33) An organization that is managed aggressively and has growth and high profits as primary objectives may be considered a(n): A.   Small business B.   Entrepreneurship venture C.   Large corporation D.   Online Business E.   Multinational corporation

34) A series of quality standards developed by a committee working under the International Organization for Standardization to improve total quality in all businesses for the benefit of both producers and consumers is: A.   ISO 9000 B.   Computer-integrated manufacturing (CIM) C.   Just-in-time control (JIT) D.   Customer-based integration E.   Total quality management

35) A manager's ability to stimulate people to be high performers is referred to as: A.   Leading B.   Controlling C.   Organizing D.   Supervising E.   Planning

36) A leader is: A.   A strategic level manager B.   Someone who influences others to attain goals C.   The top level manager in a firm or business D.   Someone well-respected by others E.   Someone with authority over others

37) Which of these refers to the practices aimed at discovering and harnessing an organization's intellectual resources? A.   Innovation B.   Competitiveness C.   Knowledge management D.   Effectiveness E.   Collaboration

38) Sebastian Stabilio just joined a team of people from throughout his organization whose primary task is to recommend valuable uses for the scrap generated in the manufacturing process. The team meets twice per week; otherwise members work within the usual organizational structure. The team, not permanent, which Sebastian has joined, would be considered a: A.   Project group B.   Project team C.   Working group D.   Parallel team E.   Work team

39) Teams that operate separately from the regular work structure and exist temporarily are known as: A.   Self-designing teams B.   Self-managed teams C.   Parallel teams D.   Transnational teams E.   Management teams

40) Building a dynamic organization is another way of describing which function of management? A.   Leading B.   Planning C.   Controlling D.   Organizing E.   Staffing

41) __________ is the process of working with people and resources to accomplish organizational goals. A.   Controlling B.   Planning C.   Decision making D.   Management E.   Supervising

42) Jolly Blue Giant Health Insurance (JBGHI) is concerned about rising lab test costs and would like to know what proportion of the positive lab tests for prostate cancer are actually proven correct through subsequent biopsy. JBGHI demands a sample large enough to ensure an error of ± 2% with 90% confidence. What is the necessary sample size? A.   1,604 B.   609 C.   1,692 D.   2,401
43) Sampling error can be reduced by __________. A.   decreasing the sample size B.   increasing the sample size C.   utilizing simple random samples D.   none of the these affect sampling error
44) Use the following table to answer question: Are Service provider and county independent events? A.   No B.   Yes C.   Insufficient information to determine
45) Thirty patients are selected from a filing cabinet containing 812 patient folders by choosing every 27th patient folder. Which sampling method is this? A.   Stratified sample B.   Cluster sample C.   Systematic sample D.   Simple random sample
46) To estimate the average annual expenses of students on books and class materials a sample of size 36 is taken. The average is $850 and the standard deviation is $54. A 99% confidence interval for the population mean is __________. A.   $826.82 to $873.18 B.   $825.48 to $874.52 C.   $832.36 to $867.64 D.   $823.72 to $876.28
48) Suppose the estimated quadratic model Yt = 500 + 20 t - t2 is the best-fitting trend of sales of XYZ Inc. using data for the past twenty years (t = 1, 2,.., 20). Which statement is incorrect? A.   Latest year sales are no better than in year zero. B.   The trend was higher in year 10 than in year 20. C.   The turning point would be in period 10. D.   Sales are increasing by about 20 units per year.
49) Queuing models use an A/B/C notation. What do these variables represent? A.   average time between arrivals/average service time/number of parallel servers B.   distribution of time between arrivals/distribution of service times/number of parallel servers C.   maximum time between arrivals/maximum allowable service time/maximum number of parallel servers D.   minimum time between arrivals/minimum allowable service time/minimum number of parallel servers	48) Suppose the estimated quadratic model Yt = 500 + 20 t - t2 is the best-fitting trend of sales of XYZ Inc. using data for the past twenty years (t = 1, 2,.., 20). Which statement is incorrect? A.   Latest year sales are no better than in year zero. B.   The trend was higher in year 10 than in year 20. C.   The turning point would be in period 10. D.   Sales are increasing by about 20 units per year.
50) In a network diagram, an activity: A.   is the smallest unit of work effort consuming both time and resources that a project manager can schedule and control. B.   is the largest unit of work effort consuming both time and resources that a project manager can schedule and control. C.   should always be something the company has had experience with. D.   must always have a single, precise estimate for the time duration.	49) Queuing models use an A/B/C notation. What do these variables represent? A.   average time between arrivals/average service time/number of parallel servers B.   distribution of time between arrivals/distribution of service times/number of parallel servers C.   maximum time between arrivals/maximum allowable service time/maximum number of parallel servers D.   minimum time between arrivals/minimum allowable service time/minimum number of parallel servers
51) A computer analysis reveals that the best-fitting trend model is Yt = 4.12 e 0.987 t. The trend was fitted using year-end common stock prices for Melodic Kortholt Outlet for the last six years. The R2 is 0.8571. If we fit a linear trend to data that are growing exponentially __________. A.   at the end of year 3 the stock price would be nearly $80 B.   the absolute annual growth (in dollars per share) is increasing C.   the stock's true intrinsic value is $4.12 D.   few investments could match the astounding growth rate	50) In a network diagram, an activity: A.   is the smallest unit of work effort consuming both time and resources that a project manager can schedule and control. B.   is the largest unit of work effort consuming both time and resources that a project manager can schedule and control. C.   should always be something the company has had experience with. D.   must always have a single, precise estimate for the time duration.
52) Assume that the arrival of airplanes at a one-runway airport is a Poisson distribution with a mean rate of  = 8 planes per hour. The landing time is an exponential distribution with a mean of 5 minutes per plane. What is the mean number of planes in the system? A.   1.33 B.   2 C.   1 D.   1.67	51) A computer analysis reveals that the best-fitting trend model is Yt = 4.12 e 0.987 t. The trend was fitted using year-end common stock prices for Melodic Kortholt Outlet for the last six years. The R2 is 0.8571. If we fit a linear trend to data that are growing exponentially __________. A.   at the end of year 3 the stock price would be nearly $80 B.   the absolute annual growth (in dollars per share) is increasing C.   the stock's true intrinsic value is $4.12 D.   few investments could match the astounding growth rate
53) Fundamental points about network computing in organizations include all of the following except: A.   Computer data exchange provides significant advantages to organizations B.   Networks support new ways of doing business C.   Computers constantly exchange data D.   Networks have had limited impact on organizational productivity E.   Networks can be of any size, from small to enormous 54) A set of programs that enable the hardware to process data is _____. A.   software B.   procedures C.   hardware D.   network E.   database 55) The costs of delivering products in the _____ channel are much higher than delivering products in the _____ channel. A.   digital, e-commerce B.   physical, digital C.   e-commerce, digital D.   physical, financial E.   digital, physical 56) Which of the following statements is correct? A.   It is difficult to determine and enforce privacy regulations B.   The Internet has increased individuals’ privacy C.   An individual’s right to privacy is absolute D.   Advances in information technologies have not affected individual privacy E.   An individual’s right to privacy supersedes the needs of society 57) _____ is the integration of economic, social, cultural, and ecological facets of life, enabled by information. A.   nationalization B.   business environment C.   regionalization D.   globalization	52) Assume that the arrival of airplanes at a one-runway airport is a Poisson distribution with a mean rate of  = 8 planes per hour. The landing time is an exponential distribution with a mean of 5 minutes per plane. What is the mean number of planes in the system? A.   1.33 B.   2 C.   1 D.   1.67
58) Competitive advantage for an organization manifests as all of the following except: A.   higher quality B.   increased speed C.   lower costs D.   increased profits E.   increased time to market
59) The end result of the Data Life Cycle is the generation of _____. A.   data B.   decisions C.   information D.   wisdom E.   knowledge
60) Computer support is greatest for which of the following problems? A.   Unstructured and operational control B.   Structured and management control C.   Semistructured and strategic planning D.   Semistructured and management control E.   Structured and operational control
61) _____ provides users with a view of what is happening, where _____ addresses why it is happening. A.   Data mining, multidimensional data analysis B.   Multidimensional data analysis, data mining C.   Multidimensional data analysis, structured query language D.   Multidimensional data analysis, neural networks E.   Data mining, expert system
62) _____ is the efficient and effective execution of specific tasks. A.   Management control B.   Expertise C.   Operational control D.   Strategic planning E.   Wisdom

63) Dublin International Corporation’s marginal tax rate is 40%. It can issue three-year bonds with a coupon rate of 8.5% and par value of $1,000. The bonds can be sold now at a price of $938.90 each. The underwriters will charge $23 per bond in flotation costs. Determine the approximate after-tax cost of debt for Dublin International to use in a capital budgeting analysis. A.   6.0% B.   8.5% C.   5.1% D.   9.2%

64) The common stockholders are most concerned with: A.   the size of the firm’s beginning earnings per share. B.   the risk of the investment. C.   the percentage of profits retained. D.   the spread between the return generated on new investments and the investor’s required rate of return.

65) Given the following annual net cash flows, determine the IRR to the nearest whole percent of a project with an initial outlay of $1,520.  Year Net Cash Flow 1 $1,000 2 $1,500 3 $  500 A.   40% B.   32% C.   48% D.   28%

66) Which of the following represents an attempt to measure the earnings of the firm’s operations over a given time period? A.   Cash flow statement B.   Income statement C.   Balance sheet D.   Quarterly statement

67) A machine costs $1,000, has a three-year life, and has an estimated salvage value of $100. It will generate after-tax annual cash flows (ACF) of $600 a year, starting next year. If your required rate of return for the project is 10%, what is the NPV of this investment? (Round your answerwer to the nearest $10.) A.   $570 B.   $900 C.   $490 D.   -$150

68) Which of the following best represents operating income? A.   Earnings before interest and taxes B.   Income from capital gains C.   Income after financing activities D.   Income from discontinued operations

69) You hold a portfolio with the following securities:  Security Percent of Portfolio Beta Return X Corporation 20% 1.35 14% Y Corporation 35% .95 10% Z Corporation 45% .75 8% Compute the expected return and beta for the portfolio. A.   9.9%, 1.02 B.   34.4%, .94 C.   10.67%, 1.02 D.   9.9%, .94

70) Which of the following best represents the stream of income that is available to common stockholders? A.   Earnings before interest and taxes B.   Gross profit C.   Net profit after tax and after preferred dividend payments D.   Operating profit

71) At what rate must $400 be compounded annually for it to grow to $716.40 in 10 years? A.   5% B.   7% C.   6% D.   8%

72) Forward rates are quoted: A.   in an indirect form B.   by the FDIC C.   in direct form and at a premium or discount D.   daily E.   on financial statements

73) PepsiCo calculates unlevered betas for each peer group in order to: A.   eliminate competitive factors. B.   eliminate different business risks. C.   eliminate different financial risks. D.   eliminate judgment factors.

74) At 8% compounded annually, how long will it take $750 to double? A.   48 months B.   6.5 years C.   12 years D.   9 years

75) Tri State Pickle Company preferred stock pays a perpetual annual dividend of 2 1/2% of its par value. Par value of TSP preferred stock is $100 per share. If investors’ required rate of return on this stock is 15%, what is the value of per share? A.   $15.00 B.   $37.50 C.   $6.00 D.   $16.67 76) Coca-Cola is taking advantage of the new willingness of Chinese leaders to engage in international trade by marketing its soft drinks in China. What type of opportunity is Coke pursuing? A.   diversification B.   market development C.   test marketing D.   market penetration E.   product development 77) "Positioning": A.   helps strategy planners see how customers view competitors' offerings. B.   applies to new products--but not existing products. C.   eliminates the need for judgment in strategy planning. D.   is useful for combining but not for segmenting. E.   is concerned with obtaining the best shelf space in retail outlets. 78) When one considers the strategy decisions organized by the four Ps, branding is related to packaging as: A.   production is to marketing. B.   branding is to pricing. C.   pricing is to promotion. D.   personal selling is to mass selling. E.   store location is to sales force selection. 79) In comparison to the buying of final consumers, the purchasing of organizational buyers: A.   is always based on competitive bids from multiple suppliers. B.   is strictly economic and not at all emotional. C.   is always emotional. D.   is even less predictable. E.   leans basically toward economy, quality, and dependability. 80) Clustering techniques applied to segmenting markets __________. A.   remove the need for managerial judgment B.   usually require computers to group people based on data from market research C.   doesn’t apply to demographic data D.   is time consuming and expensive E.   eliminate the need for marketing managers to specify in advance what dimensions might be relevant for grouping consumers 81) When evaluating macro-marketing: A.   the best approach is to consider the profit generated by individual firms within the overall system. B.   the evaluation is necessarily subjective. C.   one must consider the society’s role in the marketing system. D.   one must consider each individual firm's role in the marketing system. E.   one must determine how efficiently the society's resources are used. 82) Marketing: A.   turns consumers into puppets. B.   not important if you have a good product. C.   is only propaganda. D.   creates materialistic values which did not exist before. E.   reflects existing social values in the short run--while reinforcing these values in the long run. 83) The difference between target marketing and mass marketing is that target marketing: A.   focuses on short-run objectives, while mass marketing focuses on long-run objectives. B.   aims at increased sales, while mass marketing focuses on increased profits. C.   does not rely on e-commerce but mass marketing does. D.   means focusing on a small market. E.   focuses on specific customers, while mass marketing aims at an entire market. 84) The managerial process of developing and maintaining a match between the resources of an organization and its market opportunities is called: A.   marketing programming. B.   market planning. C.   strategic (management) planning. D.   management by objective. E.   marketing strategy planning. 85) A cluster analysis of the "toothpaste market" would probably show that: A.   most consumers are mainly concerned about brightness of teeth. B.   most consumers are concerned about cost. C.   different market segments seek different product benefits. D.   the broad product-market can be served effectively with one marketing mix. E.   factors such as taste, price, and "sex appeal" are not important. 86) Good marketing strategy planners know that: A.   target marketing does not limit one to small market segments. B.   target markets cannot be large and spread out. C.   the terms "mass marketing" and "mass marketer" mean basically the same thing. D.   firms like Nabisco and Wal-Mart are too large to aim at clearly defined target markets. E.   mass marketing is often very desirable and effective. 87) When looking at demographic dimensions, marketers should: A.   know that it is illegal to segment markets based on membership in some racial or ethnic group. B.   understand that ethnic groups are generally homogeneous within. C.   always consider external influences. D.   recognize that demographics can be very useful for estimating the market potential of possible target markets. E.   know that demographics are especially helpful in explaining why specific people buy specific brands. 88) Overtime pay is required to be paid to nonexempt employees who work: A.   Over 8 hours per day. B.   Over 40 hours per week. C.   Over 50 hours per week. D.   Over 12 hours per day. E.   Over 10 hours per day. 89) Which of the following statements is not true under the Fair Labor Standards Act? A.   Children under 14 cannot work at all, except on farms. B.   Persons age 18 or over may work unlimited hours in nonhazardous jobs. C.   Persons age 18 or over may work unlimited hours in hazardous jobs. D.   Children ages 16 and 17 may work unlimited hours in nonhazardous jobs. E.   Children ages 14 and 15 may work limited hours in nonhazardous jobs. 90) Mary arrived at work one day, and her boss said to her, “That’s the ugliest dress I have ever seen. Because you wore that to work today, you are fired.” Assuming that Mary is an at-will employee, which of the following is true? A.   Mary can be fired for any reason. B.   If none of the exceptions to the at-will rule apply, Mary can be fired. C.   Mary can be fired only if it is in the best interest of the employer. D.   If Mary has the will to work, she cannot be fired without cause. 91) Product disparagement differs from defamation of a nonpublic figure in that: A.   Intent is required for the disparagement case, but not in the defamation case. B.   Publication to a third party is required in the defamation case, but not in the disparagement case. C.   Intent is only required in a disparagement case. D.   Publication to a third party is required in the disparagement case, but not in the defamation case. E.   Intent is required for the defamation case, but not in the disparagement case. 92) Which of the following activities by an administrative agency requires public notice and participation? A.   Substantive rule making only. B.   Statements of policy only. C.   Substantive rule making, interpretive rule making, and statements of policy. D.   Substantive rule making and statements of policy only. E.   Substantive rule making and interpretive rule making only.

93) Which of the following statements is true regarding the relationship of law and ethics? A.   The legal requirements will almost always be the same as the ethical requirement because the law is based on the ethical standards. B.   In some cases the law will require a higher standard of conduct than ethics, but never vice versa. C.   Depending on the circumstances, the law can require a higher, lower, or the same standard of conduct as ethics demands. D.   In some cases ethics will require a higher standard of conduct than the law, but never vice versa.
94) Which of the following is correct with regard to the relationship between law and ethics? A.   The rule of law and the golden rule of ethics demand the same response. B.   Lawful conduct is always ethical conduct. C.   Although much of law is based on ethical standards, not all ethical standards have been enacted as law. D.   The law may not .permit something that would be ethically wrong.
95) Which of the following is correct about the states’ powers regarding foreign affairs? A.   The states have no power over foreign affairs because the U.S. Constitution grants that power exclusively to the federal government. B.   The states can pass laws so long as they do not unduly burden foreign commerce, but the states have no authority to enter into treaties with foreign nations. C.   Because of the sharing of powers between the federal government and the states, states have powers over foreign affairs equal to the powers of the federal government. D.   The states can pass laws affecting foreign commerce and enter into treaties with foreign nations so long as they first obtain the consent of the Senate. E.   The states can pass laws and enter into treaties with foreign nations so long as they do not unduly burden foreign commerce.
96) An agent’s duty of notification can best be described as a duty to: A.   Notify any third parties that the agent is acting as an agent. B.   Notify the principal a reasonable period of time in advance of terminating the agency arrangement. C.   Notify the principle only if the principle if acting as an agent D.   Notify the principal about any material information that the agent learns relative to the subject matter of the agency. E.   Notify any third parties as to the identity of the principal.
97) For which of the following kinds of intellectual property is a filing or registration required in order to receive protection? A.   Copyrights B.   Patents and Trademarks C.   Service marks D.   Trademarks E.   Copyright and Service marks

98) Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA, _____ became the United States' second largest trading partner. A.   Canada, Venezuela B.   Canada, Mexico C.   Mexico, Venezuela D.   Mexico, Canada E.   Great Britain, Paraguay

99) One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States. A.   Less than $1; about 15 B.   About $2; about 15 C.   $2; about 25 D.   Less than $1; about 25 E.   Less than $1; about 40

100) Which country does the text describe as becoming the largest producer and consumer of many of the world's goods? A.   Japan B.   Canada C.   China D.   Mexico E.   Ecuador

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