Let’s work on question 16-20 from the 2015 First-Class Constructor Examination, related to \"Engineering Economics\": multiple-choice questions 03-04

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I’ve gathered some questions from this year’s First-Class Constructor exam, along with their answers. I’m sharing them here to boost everyone’s interest in participating. Instead of posting them all at once, I’ll present a few multiple-choice questions or one case study at a time, with the answers hidden. The answer will be visible after responding. Everyone is welcome to participate; the moderator will give a reward for correct answers. ****************************************** 3. A construction company needs material Type A for its operations. The annual total purchase volume for this material is 200 tons, with a unit price of 1,000 yuan per ton. The cost of placing an order once is 100 yuan, and the average holding cost per ton is 400 yuan. What is the economic order quantity for this material in tons? A.6.32 B.7.07 C.10.00 D.1,000 Answer: C. By using the calculation formula provided in the example on page 155 of the textbook, and by plugging in the relevant values, it can be determined that the purchase quantity should be 10 tons. 4. In accordance with the \"Code for Valuation of Construction Projects using Bill of Quantities\" (GB50500-2013), daily rates incurred during the construction process shall be applied for valuation. A. The unit price for daily work listed in the priced bill of quantities B. The comprehensive unit price proposed by the contractor when daily work is carried out C. The market wage rate for labor in the month in which the daily work takes place D. The wage guideline issued by the cost management authority in the month in which the daily work takes place Answer: A 【Expert Explanation】For such daily work, the pricing is based on the unit price for daily work that was submitted by the contractor during the bidding process; in other words, the quantity remains unchanged while the price stays the same, as mentioned several times in the textbook. P231, Item 3: Daily rate items. Daily rate work refers to miscellaneous tasks outside the contract that are additional tasks for which no price can be agreed upon in advance; the list compiler specifies the names of these daily rate items along with provisional quantities. In item (IV) Other project costs in P246, daily rates are to be quoted by the contractor themselves. P259 VI, in the penultimate paragraph, second line: Daily rates are calculated based on the verified quantity of work and the daily rate rates specified in the contractor’s priced schedule.