Question 1 5 pts Samuel F.B. Morse patented the (5 points) Flag this Question Qu

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Question 1 5 pts

Samuel F.B. Morse patented the (5 points)

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Question 2 5 pts

You are starting a lawn care business. Which of the following would be a needed land resource? (5 points)

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Question 3 5 pts

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? (5 points)

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Question 4 5 pts

Your friend likes to direct all the activities of his business. It would be best for him to create a (5 points)

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Question 5 5 pts

Stefan has inherited a large amount of money and decides he wants to start a skateboard shop. He has money to invest up front, but he lacks business expertise. Which of the following would be his best business options, depending on what he is willing to risk? (5 points)

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Question 6 5 pts

An oligopoly is a market for a good or service that (5 points)

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Question 7 5 pts

The most common form of nonprice competition is (5 points)

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Question 8 5 pts

"Don't be like John, who had no health insurance when he needed emergency surgery. We make health insurance easy and affordable." This advertisement targets your (5 points)

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Question 9 5 pts

Why do monopolies and oligopolies benefit producers over consumers? (5 points)

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Question 10 5 pts

Based on this chart, what is the marginal cost, in dollars, to produce seven jackets? (5 points)

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Question 11 5 pts

Based on this chart, what is the marginal revenue, in dollars, at quantity five jackets? (5 points)

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Question 12 5 pts

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. If ProPhone sells four phones, the company will (5 points)

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Question 13 5 pts

© FLVS 2013

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? (5 points)

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Question 145 pts

© FLVS 2013

Use this image to answer the following question. The ice cream shop needs 5 pounds of strawberries for every gallon of strawberry ice cream. The shop chose to produce 4 gallons of chocolate ice cream. How many pounds of strawberries should the shop purchase? (5 points)

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Question 15 5 pts

Stacy owns a hair salon and haircuts are $10. She charges hairdressers $20 per hour to rent a chair and serve clients. What is the minimum number of haircuts a hairdresser should give per hour to earn money at Stacy's salon? (5 points)

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Question 16 5 pts

Which of the following is the least profitable investment for a candy shop that earns $1 profit per pound of candy? (5 points)

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Question 17 5 pts

Which investment produces a $40 daily profit for a game shop earning $2 profit from every game sold? (5 points)

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Question 18 5 pts

© FLVS 2013

Mad Hatter Publishing specializes in genre fiction for young adults. A movie company decides to make an adaptation of one of its popular science-fiction novels. Currently, production at Mad Hatter is at point T. To which point or points is production likely to shift? (5 points)

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Question 19 5 pts

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? (5 points)

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Question 20 5 pts

Adalet runs a newsstand in a busy office complex. Which option would best help her business to grow? (5 points)

Explanation / Answer

1) THE TELEGRAPH.

2) LAWNS.

3) ENTREPRENEURSHIP.

4) SOLE PROPRIETORSHIP.

5) LIMITED LIABILITY COMPANY OR CORPORATION.

6) HAS FEW COMPETITIVE FIRMS.

7) COLLUSION

8) EARS

9) FEW PRODUCERS CAN GENERALLY CONTROL PRICES.

10) 101 - 83 = 18

11) 80 - 68 = 12

12) MAKE SOME PROFIT

13) IMAGE NOT FOUND.

14) IMAGE NOT FOUND

15) 3 HAIR CUTS, REVENUE WILL BE 10 * 3 = 30 - 20 = $10 PROFIT

16) MACHINE WITH DOLLAR 8 PER HOUR AND 14 POUND, PROFIT WILL BE 14 - 8 = 6 POUND.

17) VEHICLE WITH $ 120 OPERATING COST AND GIVING 80 GAMES PER DAY, 80 *2 - 120 = 160 -140 = 40

18) IMAGE NOT FOUND.

19) THE RESTAURANT WILL OFFER HIGHER WAGES AS COMPARED TO THE OTHER BUSINESSES IN THE AREA.

20) BUY A NEW CASH REGISTER WITH CREDIT CARD CAPABILITY.

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