03.00 Taking Care of Business Pre-Assessment – Flashcards
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Production Possibilities Curve—Gallons of Ice Cream
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 two gallons of strawberry ice cream, how many gallons of chocolate ice cream can the shop efficiently produce?
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15
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What do Larry Page and Jessica Jackley have in common?
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They are Internet entrepreneurs.
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"Show your sweetheart how much you love her on Valentine's Day. We're having a sale on all chocolate!" This advertisement targets your
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emotions
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Howard Schultz is the founder of
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Starbucks®
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Which of the following produces a $100 daily profit for a cell phone company earning $10 per plan contract?
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Opening a new store location with $200 daily operating cost, generating 30 new plans per day
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A benefit of a purely competitive market is
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equal product information for buyers and sellers
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Madame C.J. Walker made her fortune through the development of
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beauty products
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Which of the following are shared by a typical corporation and a limited liability corporation?
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Protect personal assets and can sell stock to the public
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The point where P1 and Q1 intersects represents the
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most profitable price and quantity levels
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Use this image to answer the following question. If Marcy quits her job, how many classes can she efficiently take?
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Four
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The first step in marginal analysis is to determine
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fixed and variable costs for specified quantities of product
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John wants to buy a cow and sell milk. Which of John's needs are considered capital resources?
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Investment money, milking stool, cowbell
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Sid is a computer programmer who wants to earn more money. How could he accomplish this?
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Become an expert in a very difficult programming language
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A country needs to decide if it will defend itself ("guns") or feed its population ("butter"). Look at the graph. Under what conditions might a country move from Point D to Point C?
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If the country is in famine
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This is Pete's PPC curve for staying in touch with friends via phone vs. his weblog during one week. Which of the following is a true statement?
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When Pete writes one weblog entry he has time for six phone calls.
