PASSAGE 1
A good is an object whose consumption increases the utility of the consumer, for which the quantity demanded exceeds the quantity supplied at zero price. Goods are usually modeled as having decreasing marginal utility. The first car an individual purchases is very valuable; the fourth is much less useful. Thus, in these and similar goods, the marginal utility of additional units approaches zero as the quantity consumed increases. Assuming that one cannot re-sell it, there is a point at which a consumer would decline to purchase an additional car, even at a price very near zero. This is the consumer’s satiation point.
In some cases, such as the above example of a car, the lower limit of utility as quantity increases is zero. In other goods, the utility of a good can cross zero, changing from positive to negative through time. This means that what initially is a good can become a bad if too much of it is consumed. For example, shots of vodka can have positive utility, but beyond some point, additional units make the consumer less happy, that is, they would not be chosen.
In economics a bad is the opposite of a good. Ultimately, whether an object is a good or a bad depends on each individual consumer, and therefore, it is important to realize that not all goods are good all the time, and not all goods are goods to all people.
16- What would the best title be for the above passage?
1) Consumer’s Satiation point
2) Utility Characteristics of Goods
3) Not All Goods are Goods to All People
4) Production and Consumption of Goods
17- According to the passage, the first things a person buy is more useful than the fourth, which means………
1) goods have increasing marginal utility
2) goods have falling marginal value
3) quantity demanded exceeds quantity supplied
4) quantity demanded exceeds quality provided
18- If a consumer cannot re-sell a good, he or she would………..another at some point, which is called satiation point.
1) refuse to sell
2) decrease to sell
3) refuse to buy
4) decrease to buy
19- According to the passage, the lower limit of utility as quantity increase…………
1) is always zero
2) is sometimes below zero
3) always crosses zero and becomes positive
4) always crosses zero and becomes negative
20- The author finally concludes that an object is……….
1) relatively good based on the user
2) absolutely good based on the time.
3) definitely good based on the user and the time.
4) unconditionally good at all times and to all people
PASSAGE2:
A good or commodity in economics is any object or service that increases utility, directly or indirectly, not to be confused with good in a moral or ethical sense (see Utilitarianism and consequentialist ethical theory). A good that cannot be used by consumers directly, such as an office building or capital equipment, can also be referred to as a good as an indirect source of utility through resale value or as a source of income. A 'good' in economic usage does not imply moral acceptance or even legality.
If an object or service is sold for a positive price, then it is a good since the purchaser considers the utility of the object or service more valuable than the money. Some things are useful but not scarce such as air and are referred to as free goods.
In macroeconomics and accounting, a good is contrasted with a service. A good here is defined as a physical (tangible) product capable of being delivered to a purchaser and involves the transfer of ownership from seller to customer, as opposed to an (intangible) service. A more general term that preserves the distinction between goods and services is 'commodities' .In microeconomics a 'good' is often used in this more inclusive sense of a commodity.
21- What does the passage mainly discuss?
1) Utility of an Object or Service
2) Good in a Moral or Ethical Sense
3) Good in Economics and Accounting
4) Distinction between Goods and Services
22- Office building and capital equipment adds to utility ……..
1) by means of resale value
2) through moral acceptance
3) indirectly by means of legality
4) directly as a source of earnings
23- According to the passage, -- be regarded as goods.
1) plentiful objects like air can
2) scarce things such as water can
3) useful objects like wild animals cannot
4) precious things such as gold cannot
24- In accounting, there is……… between a good and a service.
I) a minor difference
2)a great distinction
3) no significant distinction
4) no remarkable difference
25- As far as microeconomics is considered, the author finally concludes that 'good' is ……..
1) a touchable product
2) contrasted with 'service'
3) an object delivered to a buyer
4) frequently employed in the sense of 'commodity'
PASSAGE 3
In the late 1980s, accounting practitioners and educators were heavily criticized on the grounds that management accounting practices (and, even more so, the curriculum taught to accounting students) had changed little over the preceding 60 years, despite radical changes in the business environment. Professional accounting institutes, perhaps fearing that management accountants would increasingly be seen as superfluous in business organizations, subsequently devoted considerable resources to the development of a more innovative skills set for management accountants.
The distinction between 'traditional' and 'innovative' management accounting practices can be illustrated by reference to cost control techniques. Traditionally, management accountants' principal technique was variance analysis, which is a systematic approach to the comparison of the actual and budgeted costs of the raw. Materials and labor used during a production period.
While some form of variance analysis is still used by most manufacturing firms, it nowadays tends to be used in conjunction with innovative techniques such as life cycle cost analysis and activity-based costing, which are designed with specific aspects of the modern business environment in mind. Lifecycle costing recognizes that managers' ability to influence the cost of manufacturing a product is at its greatest when the product is still at the design stage of its product lifecycle.
26- What would the possible topic be for the above passage?
1) Professional Accounting Institutes
2) Accounting Practitioners and Educators
3) Life Cycle Cost Analysis and Activity-based Costing
4) Traditional vs. Innovative Management Accounting Practices
27- According to accounting practitioners and educators, the subjects provided for accounting students have ………
1) changed little over the subsequent 60' years
2) changed largely during the following 60 years
3) not changed much during the past six decades
4) not changed at all over the previous six decades
28-Prefessiuual accounting institutes allocate remarkable resources to new skills so that management accountants …….
1) could not easily be deceived
2) could not easily be betrayed
3) would not be regarded as supervisors .
4) would not be considered redundant
29- The author refers to cost control approaches so as to --- between 'traditional' and 'innovative· practices.
1) ignore the difference
2) overlook the similarity
3) explain the similarity
4) demonstrate the difference
30- It can be concluded from the passage that many businesses ……. ones.
1) uses innovative techniques without referring to traditional
2) apply conventional approaches to modern
3) direct modern techniques towards conventional
4) employ traditional approaches together with innovative
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