Question 1 (Multiple Choice Worth 4 points) (03.05 MC) Marginal

Question 1 (Multiple Choice Worth 4 points) (03.05 MC) Marginal Cost Analysis Graph © Jarry1250 2010 Creative Commons Attribution-Share Alike 3.0 Unported Trevor’s company makes fine chocolates. He has figured out how to maximize his profit What letter on the graph represents Trevor’s situation?   Question 2 (Multiple Choice Worth 4 points) (03.06 MC) Occupation Salary Attorney $77,000 Software Engineer $63,000 Administrative assistant $33,000 Elemetary school teacher $40,000 Registered Nurse $53,000 Construction project manager $72,000 Which of these is likely true, based on the charted data?   Question 3 (Multiple Choice Worth 4 points) (05.04 MC) © 2013 FLVS Given the data in the chart, which two countries enjoy an absolute advantage in oil production over the United States?   Question 4 (Multiple Choice Worth 4 points) (03.04 MC) Merv’s Hardware, a small family-owned store in Middletown, sells a 100-pack of garnet sandpaper for $35. The Home Shoppe, a large retail hardware chain in neighboring Morristown, sells the same product for $29. Based on this scenario, what would you expect Merv’s immediate response to be?   Question 5 (Multiple Choice Worth 4 points) (03.02 MC) Marcie wants to work as a freelance editor. She purchases a desk, computer, widescreen monitor, and ergonomic keyboard. What kind of resources are these?   Question 6 (Multiple Choice Worth 4 points) (03.03 MC) Bill and his wife, Vickie, want to start a company that develops training sessions for corporate clients. They would like to share the decisions, have few start-up costs, and protect their personal assets. Which of these would suit their needs best?   Question 7 (Multiple Choice Worth 4 points) (05.02 MC) In 2011, Cambodia had a GDP of $33.8 billion and a per capita GDP of $2,200. Nearly a third of its people lived below the poverty level, and average life expectancy was 62.5 years. Which of these additional factors would most support the conclusion that Cambodia is a developing economy rather than an emerging economy?   Question 8 (Multiple Choice Worth 4 points) (05.02 MC) © 2013 FLVS Given the data in the chart, which of the following statements is true?   Question 9 (Multiple Choice Worth 4 points) (05.05 LC) To protect consumers from potentially dangerous manufactured goods, the U.S. government is most likely to use which kind of trade barrier?   Question 10 (Multiple Choice Worth 4 points) (05.01 MC) © 2013 FLVS Which of the following entities would most likely agree with Adam Smith’s statement?   Question 11 (Multiple Choice Worth 4 points) (01.06 HC) © 2013 FLVS Look at the graph. A bookstore owner increases the price of art books to $25. Which of these would occur?   Question 12 (Multiple Choice Worth 4 points) (01.05 MC) © 2013 FLVS In anticipation of a hurricane, demand for tortillas goes up. Oyama’s store produces tortillas. Based on the chart, how will Oyama respond to the new demand for tortillas?   Question 13 (Multiple Choice Worth 4 points) (05.05 MC) Global Free Trade Zones Public Domain Opponents of free trade zones might use this map to argue that free trade   Question 14 (Multiple Choice Worth 4 points) (03.06 MC) © 2013 FLVS Sayuri’s Asian Café makes the best pot stickers in town. The kitchen’s production is usually between 20 and 22 pot stickers per hour. Sayuri buys a new machine to help the team make pot stickers faster. She tracks production over the course of seven days. On which day does the machine make a positive impact on production?   Question 15 (Multiple Choice Worth 4 points) (01.04 MC) © 2013 FLVS The bookstore is overstocked with old fantasy novels. It needs to get rid of the novels to make room for newly published fantasy novels. Based on the chart, what could the bookstore do to increase quantity demanded for fantasy novels?   Question 16 (Multiple Choice Worth 4 points) (05.03 LC) Which of the following statements most directly relates to the broad economic goal of freedom?   Question 17 (Multiple Choice Worth 4 points) (05.02 HC) Country A has an absolute command economy. Country B has a mixed economy and a population that favors market trade. Both want to increase trade to generate more wealth. Which action would Country B most likely take that Country A would not?   Question 18 (Multiple Choice Worth 4 points) (03.04 MC) Which of these businesses are in monopolistic competition?   Question 19 (Multiple Choice Worth 4 points) (03.06 MC) Auto Bull’s-Eye offers a 10-minute oil change and 30-minute brake check. There are two technicians who perform each of these services. Next week, the shop is offering a discounted oil change. How might this affect the production possibilities curve for next week?   Question 20 (Multiple Choice Worth 4 points) (05.06 LC) Which of the following is a potential benefit of inflation?   Question 21 (Multiple Choice Worth 4 points) (05.04 MC) © 2013 FLVS Given the data in the chart above, which of the following trade scenarios is the most efficient?   Question 22 (Essay Worth 4 points) (03.01 MC) Entrepreneurs An Wang Madame C. J. Walker Samuel F. B. Morse Joseph A. Unanue Choose one of the entrepreneurs from this list. Write an essay about how your chosen entrepreneur has affected life today. Detail challenges he or she faced and explain how this person embodies one or more characteristics from the HUNT. Present your response in a clear, organized manner and cite examples as needed.   Question 23 (Essay Worth 4 points) (03.03 MC) Write a paragraph in response to the following statement: Business organization is a critical part of successful entrepreneurship.

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