Reference no: EM13317938
An Wang is a pioneer of
digital technology.
medical research.
beauty products.
coffee cafes.
Question 2(Multiple Choice Worth 2 points)
[03.01]Margaret Rousseau developed techniques to mass-produce
cookies.
penicillin.
ammunitions.
beauty products.
Question 3(Multiple Choice Worth 2 points)
[03.01]James Cash Penney created a chain of
coffee houses.
upscale restaurants.
department stores.
commercial websites.
Question 4(Multiple Choice Worth 2 points)
[03.01]Samuel F.B. Morse patented the
telegraph.
automobile.
audio recorder.
radio transmitter.
Question 5(Multiple Choice Worth 2 points)
[03.01]Who contributed to the development of the United States?
men only
British only
a variety of people
a variety of just native-born people
Question 6(Multiple Choice Worth 2 points)
[03.02]You are starting a lawn-care business. Which of the following would be a needed land resource?
lawns
oil
lawnmower
hedge clippers
Question 7(Multiple Choice Worth 2 points)
[03.02]A delivery truck is an example of
land.
labor.
capital.
entrepreneurship.
Question 8(Multiple Choice Worth 2 points)
[03.02]An employee-training workshop is an example of
land.
labor.
capital.
entrepreneurship.
Question 9(Multiple Choice Worth 2 points)
[03.02]Which of the following is an example of physical capital?
gasoline
cash
labor
truck
Question 10(Multiple Choice Worth 2 points)
[03.02]Water is an example of
land.
labor.
capital.
entrepreneurship.
Question 11(Multiple Choice Worth 3 points)
[03.06]Which of the following is the least profitable investment for a cell phone company earning $10 per plan contract?
opening a new store location with $200 daily operating cost, generating 30 new plans per day
redesigning web site at $50 daily operating cost, generating 10 new plans per day
creating television commercial at $25 daily operating cost, generating 15 new plans per day
offering free $10 gift for every new plan, generating 40 new plans per day
Question 12(Multiple Choice Worth 3 points)
[03.06]Which of the following produces a $100 daily profit for a cell phone company earning $10 per plan contract?
opening a new store location with $200 daily operating cost, generating 30 new plans per day
redesigning web site at $50 daily operating cost, generating 10 new plans per day
creating television commercial at $25 daily operating cost, generating 15 new plans per day
offering free $10 gift for every new plan, generating 40 new plans per day
Question 13(Multiple Choice Worth 3 points)
[03.06]Usually capital investments
increase productivity.
decrease productivity.
cost too much to be worthwhile.
are outdated before the company can afford them.
Question 14(Multiple Choice Worth 3 points)
[03.06]Which is the least profitable investment for a candy shop that earns $1 profit per pound of candy?
worker at $10 per hour, producing 8 pounds of candy per hour
worker at $12 per hour, producing 16 pounds of candy per hour
machine with $5 per hour operating cost, producing 10 pounds of candy per hour
machine with $8 per hour operating cost, producing 14 pounds of candy per hour
Question 15(Multiple Choice Worth 3 points)
[03.04]The market structure that relies most heavily on nonprice competition is
monopolistic competition.
pure competition.
monopoly.
oligopoly.
Question 16(Multiple Choice Worth 3 points)
[03.04]"You can’t make a great peanut butter sandwich without Smuckers® jelly!" This advertisement targets your
fears.
rituals.
emotions.
social values.
Question 17(Multiple Choice Worth 3 points)
[03.04]"Don’t forget your sweetheart this Valentine’s Day. We’re having a sale on all chocolate!" This advertisement targets your
fears.
rituals.
emotions.
social values.
Question 18(Multiple Choice Worth 3 points)
[03.04]A firm’s purpose in nonprice competition is to
produce at the lowest cost possible.
encourage other firms to cooperate in setting prices.
establish extensive control of their particular market.
distinguish their products from those of other companies.
Question 19(Multiple Choice Worth 3 points)
[03.06]Graph shows gallons of strawberry ice cream along the horizontal axis and gallons of chocolate ice cream along the vertical axis. Five points are plotted on the graph. Point A shows four strawberry and eight chocolate. Point B shows 15 chocolate and two strawberry. Point C shows four chocolate and twelve strawberry. Point D shows twelve chocolate and eight strawberry. Point X shows twelve chocolate and twelve strawberry.
Use this image to answer the following question. If there are only enough strawberries to produce 2 gallons of strawberry ice cream, how many gallons of chocolate ice cream can the shop efficiently produce?
0
4
12
15
Question 20(Multiple Choice Worth 3 points)
[03.06]Graph shows college classes on the horizontal axis and shifts at Burger World along the vertical axis. Five points are plotted on the graph. Point A shows four shifts at Burger World and three college classes. Point B shows twelve shifts at Burger World and one college class. Point C shows two shifts at Burger World and six college classes. Point D shows eight shifts at Burger World and four college classes. Point X shows eight shifts at Burger World and six college classes.
Use this image to answer the following question. If Marcy quits her job, how many classes can she efficiently take?
0
4
6
8
Question 21(Multiple Choice Worth 3 points)
[03.06]
Graph shows gallons of strawberry ice cream along the horizontal axis and gallons of chocolate ice cream along the vertical axis. Five points are plotted on the graph. Point A shows four strawberry and eight chocolate. Point B shows 15 chocolate and two strawberry. Point C shows four chocolate and twelve strawberry. Point D shows twelve chocolate and eight strawberry. Point X shows twelve chocolate and twelve strawberry.
Use this image to answer the following question. The ice cream shop needs about 2 pounds of cocoa for each gallon of chocolate ice cream. If the shop produces 8 gallons of strawberry ice cream, how many pounds of cocoa will it need for the most efficient production of chocolate ice cream?
12
16
24
30
Question 22(Multiple Choice Worth 3 points)
[03.05]Graph shows quantity values along the horizontal axis and price values along the vertical axis. Coordinates are plotted to produce a J shaped curve labeled 1. Coordinates are plotted to produce a downward sloping line labeled 2. A line stretching from the point P1 along the vertical axis and Q1 along the horizontal axis intersect at a point.
Use this image to answer the following question. The curve labeled "2" represents marginal
supply.
demand.
cost.
revenue.
Question 23(Multiple Choice Worth 3 points)
[03.05]Quantity of cost chart for jackets
If you graph this data, between which two quantities will marginal revenue intersect marginal cost?
1 and 2
2 and 3
3 and 4
4 and 5
Question 24(Multiple Choice Worth 3 points)
[03.05]Graph shows quantity values along the horizontal axis and price values along the vertical axis. Coordinates are plotted to produce a J shaped curve labeled 1. Coordinates are plotted to produce a downward sloping line labeled 2. A line stretching from the point P1 along the vertical axis and Q1 along the horizontal axis intersect at a point.
Use this image to answer the following question. The curve labeled "1" represents marginal
supply.
demand.
cost.
revenue.
Question 25(Multiple Choice Worth 3 points)
[03.05]Quantity of cost chart for jackets
Use this image to answer the following question. How many jackets should the firm produce to earn the most profit?
2
4
6
8
Question 26(Multiple Choice Worth 2 points)
[03.02]The easiest form of business organization to start and stop is the
limited liability company.
sole proprietorship.
corporation.
partnership.
Question 27(Multiple Choice Worth 2 points)
[03.03]A corporation is the best form of business for
expansion.
local business.
hard-to-find products.
taxation purposes.
Question 28(Multiple Choice Worth 2 points)
[03.03]Your friend lacks the financial capital to start a business. You offer to help him and he accepts. You and your friend create a
sole proprietorship.
conglomerate.
corporation.
partnership.
Question 29(Multiple Choice Worth 2 points)
[03.02]The least expensive form of business organization is the
limited liability company.
sole proprietorship.
corporation.
partnership.
Question 30(Multiple Choice Worth 2 points)
[03.03]Your friend likes to direct all the activities of his business. It would be best for him to create a
limited liability company.
sole proprietorship.
corporation.
partnership.
Question 31(Multiple Choice Worth 2 points)
[03.04]An example of horizontal consolidation is when a bank
acquires a company that produces vaults.
purchases a share of the U.S. Treasury.
divides into two new banks.
combines with another bank.
Question 32(Multiple Choice Worth 2 points)
[03.04]A cost of a purely competitive market is that
buyers lack product information.
buyers are victim to artificially high prices.
sellers have little to no price control.
sellers must spend a great deal on advertising.
Question 33(Multiple Choice Worth 2 points)
[03.04]The level of competition most beneficial to consumers is
oligopoly.
monopoly.
pure competition.
monopolistic competition.
Question 34(Multiple Choice Worth 2 points)
[03.04]Horizontal and vertical consolidations are ways firms attempt to
gain more control of the product market.
avoid government regulation of business.
reduce the costs of production.
increase the level of competition.
Question 35(Multiple Choice Worth 2 points)
[03.04]Pure competition is a market structure that has
few competitive firms with the same products.
many sellers with differentiated products.
a perfectly elastic demand curve.
one seller.
Question 36(Multiple Choice Worth 3 points)
[03.06]Graph shows number of workers along the horizontal axis and wages along the vertical axis. Coordinates are plotted to indicate a downward-sloping diagonal line (D1) with a centerpoint at A. A second downward sloping line (D2) is graphed with a centerpoint at B. An upward-sloping line intersects with both D1 and D2 at point A and B.
Use this image to answer the following question. If the demand for labor moves from D2 to D1, worker wages will
increase.
decrease.
stay the same.
reflect inflation.
Question 37(Multiple Choice Worth 3 points)
[03.06]Graph shows number of workers along the horizontal axis and wages along the vertical axis. Coordinates are plotted to indicate a downward-sloping diagonal line (D1) with a centerpoint at A. A second downward sloping line (D2) is graphed with a centerpoint at B. An upward-sloping line intersects with both D1 and D2 at point A and B.
In the labor market image, which would move the demand curve from D1 to D2?
Workers are not applying for this job.
Company owners expect to lose business.
The government decreases the minimum wage.
The job requires workers to have special certification.
Question 38(Multiple Choice Worth 3 points)
[03.06]A company will pay workers at a level that maximizes the company
costs.
taxes.
profits.
marginal revenue.
Question 39(Multiple Choice Worth 3 points)
[03.06]A company will continue to hire workers until
there is no more room in the facility.
the government restriction on workforce is reached.
the additional profit is less than the cost of hiring.
there is no more money available for capital investment.
Question 40(Multiple Choice Worth 3 points)
[03.06]Graph shows number of workers along the horizontal axis and wages along the vertical axis. Coordinates are plotted to indicate a downward-sloping diagonal line (D1) with a centerpoint at A. A second downward sloping line (D2) is graphed with a centerpoint at B. An upward-sloping line intersects with both D1 and D2 at point A and B.
Use this image to answer the following question. If the demand for labor moves from D1 to D2, worker wages will
increase.
decrease.
stay the same.
reflect inflation.