Question 1 (Multiple Choice Worth 4 points)
Marginal Cost Analysis Graph
© Jarry1250 2010
Creative Commons Attribution-Share Alike 3.0 Unported
Trevor’s company makes fine chocolates. He has figured out how to maximize his profit What letter on the graph represents Trevor’s situation?
Question 2 (Multiple Choice Worth 4 points)
|Elemetary school teacher||$40,000|
|Construction project manager||$72,000|
Which of these is likely true, based on the charted data?
Question 3 (Multiple Choice Worth 4 points)
© 2013 FLVS
Given the data in the chart, which two countries enjoy an absolute advantage in oil production over the United States?
Question 4 (Multiple Choice Worth 4 points)
Merv’s Hardware, a small family-owned store in Middletown, sells a 100-pack of garnet sandpaper for $35. The Home Shoppe, a large retail hardware chain in neighboring Morristown, sells the same product for $29. Based on this scenario, what would you expect Merv’s immediate response to be?
Question 5 (Multiple Choice Worth 4 points)
Marcie wants to work as a freelance editor. She purchases a desk, computer, widescreen monitor, and ergonomic keyboard. What kind of resources are these?
Question 6 (Multiple Choice Worth 4 points)
Bill and his wife, Vickie, want to start a company that develops training sessions for corporate clients. They would like to share the decisions, have few start-up costs, and protect their personal assets. Which of these would suit their needs best?
Question 7 (Multiple Choice Worth 4 points)
In 2011, Cambodia had a GDP of $33.8 billion and a per capita GDP of $2,200. Nearly a third of its people lived below the poverty level, and average life expectancy was 62.5 years. Which of these additional factors would most support the conclusion that Cambodia is a developing economy rather than an emerging economy?
Question 8 (Multiple Choice Worth 4 points)
© 2013 FLVS
Given the data in the chart, which of the following statements is true?