03.08 Module Three Exam – Flashcards
Unlock all answers in this set
Unlock answersquestion
Based on this chart, what is the marginal revenue, in dollars, at quantity six jackets?
answer
10
question
Which of the following is the least profitable investment for a game shop earning $2 profit from every game sold?
answer
Electronic billboard with $20 daily operating cost, increasing sales by 20 games per day
question
Marco works as a freelance science writer. He wants to improve his productivity. Which of the following steps is he most likely to take?
answer
Invest in a better computer and a faster Internet connection
question
A company will continue to hire workers until
answer
the additional profit is less than the cost of hiring
question
Which of the following is the most profitable investment for a candy shop that earns $1 profit per pound of candy?
answer
Machine with $8 per hour operating cost, producing 14 pounds of candy per hour
question
Samuel F.B. Morse patented the
answer
telegraph
question
Antonia runs her own business as a cabinetmaker. What benefit and what drawback does her sole proprietorship entail?
answer
Total control, but total liability
question
Your friend lacks the financial capital to start a business. You offer to help him and he accepts. You and your friend create a
answer
Partnership
question
Based on this chart, what is the marginal cost, in dollars, to produce four jackets?
answer
12
question
The owner of ProPhone has charted the company's marginal revenue and marginal cost for its latest line of smartphones, the Blazer. Use the chart to calculate the company's profit.
What is the difference between marginal cost and marginal revenue at the point when profits are maximized on the chart?
answer
10
question
"Buy our cell phone with built-in calendar and reminder features! This way you will never forget an appointment while on the go." This advertisement targets your
answer
Fears
question
A small town has few available workers, and unemployment is low. A family-owned restaurant in town has just had a very good year in profits and would like to hire additional wait staff to meet higher demand. Based on what you know of how worker earnings are determined, which of the following will most likely happen?
answer
he restaurant will offer a higher wage than other comparable businesses in the area.
question
A firm's purpose in nonprice competition is to
answer
distinguish their products from those of other companies
question
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?
answer
24
question
You are starting a lawn care business. Which of the following would be a needed land resource?
answer
oil
question
Why do purely competitive markets tend to benefit consumers over producers?
answer
Consumers control price through demand.
question
Jessica is a violinist who believes she can extend her method of learning music to early childhood education. She opens a preschool in her hometown, using her expertise to form an arts-based program. What factor of production is this?
answer
Entrepreneurship
question
Use this image to answer the following question. The ice cream shop knows it can sell at least 12 gallons of chocolate ice cream per week. What would be the most efficient number of gallons of strawberry ice cream for the shop to produce?
answer
8
question
Mad Hatter Publishing specializes in genre fiction for young adults. Recently, several employees have left the company due to a salary dispute. What change to the graph would reflect this change?
answer
The curve shifts left and inwards
question
An oligopoly is a market for a good or service that
answer
Has few competitive firms
