# FINANCE

#### Question 10 (Multiple Choice Worth 5 points)

(03.06 MC)<object:standard:ss.912.e.1.2>

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?

#### Question 11 (Multiple Choice Worth 5 points)

(03.06 MC)<object:standard:ss.912. e.1.9=””>

Sam works as a transcriptionist for \$30,000 per year, and Janet works as a jet propulsion specialist for \$73,000 per year. Which of the following statements couldbest explain the disparity in their incomes?

#### Question 12 (Multiple Choice Worth 5 points)

(03.06 MC)<object:standard:ss.912.e.1.9>

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?

#### Question 13 (Multiple Choice Worth 5 points)

(03.06 HC)<object:standard:ss.912.e.1.2>

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?

#### Question 14 (Multiple Choice Worth 5 points)

(03.06 MC)<object:standard:ss.912.e.1.2>

Use this image to answer the following question. The ice cream shop

#### Question 15 (Multiple Choice Worth 5 points)

(03.04 LC)<object:standard:ss.912.e.1.6>

An oligopoly is a market for a good or service that

#### Question 16 (Multiple Choice Worth 5 points)

(03.04 LC)<object:standard:ss.912.e.1.8>

The most common form of nonprice competition is

#### Question 17 (Multiple Choice Worth 5 points)

(03.04 MC)<object:standard:ss.912.e.1.8>

“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

#### Question 18 (Multiple Choice Worth 5 points)

(03.01 LC)<object:standard:ss.912.e.2.3>

An entrepreneur is best defined as a person who

#### Question 19 (Multiple Choice Worth 5 points)

(03.02 MC)<object:standard:ss.912.e.1.1>

Your friend wants to open a clothing shop. A necessary capital resource is a

#### Question 20 (Multiple Choice Worth 5 points)

(03.05 HC)<object:standard:ss.912.e.1.7>

 Quantity of Jackets Price (in whole dollars) Total Revenue Marginal Revenue Total Cost Marginal Cost Profit (or loss) 0 220 0 0 90 0 1 200 200 200 170 80 2 180 360 160 200 30 3 160 480 120 290 90 4 150 600 120 340 50 5 140 700 100 400 60 6 135 810 90 500 100 7 130 910 100 620 120

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. How many phones will ProPhone need to sell to maximize profit?

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