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Question 1: Trevor’s company makes fine chocolates. He has figured out how to maximize his profit What letter on the graph represents Trevor’s situation?

A

B

C

D

Answer; C

 Question 2: Occupation Salary

• Attorney $77,000
• Software Engineer $63,000
• Administrative assistant $33,000
• Elemetary school teacher $40,000
• Registered Nurse $53,000
• Construction project manager $72,000

Based on the chart, which of these statements is true?

A). Administrative assistants and attorneys require the most training.
B). Attorneys and construction managers are in high demand.
C). Attorneys and teachers have the least amount of training.
D). Nurses and software engineers are in low demand.

Answer; B). Attorneys and construction managers are in high demand.

Explanation;

The greater your income, the more talents you’ll need to get the position. So, just by glancing at the answer possibilities, it is clear that it is NOT A, so while attorneys are paid most of the jobs listed, administrative assistants are paid the least.

• B might be correct since both have the highest-paying employment, but I’ve heard the jobs in law are scarce, so I’ll stick with B.
• It is not C since teaching doesn’t demand the very same level of ability as technology occupations.
• Because of technological improvements, doctors (and the healthcare field in general) are in great demand, as are software programmers.
• I believe the answer is B since those require a great deal of ability, expertise, and months of practice to be good at.

 Question 3: Given the data in the chart, which two countries enjoy an absolute advantage in oil production over the United States?

A. Canada and Venezuela
B. Russia and Canada
C. Saudi Arabia and Venezuela
D. Russia and Saudi Arabia

Answer; D. Russia and Saudi Arabia

 Question 4: 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?

A. Merv will remove his advertisements and rely on word of mouth.
B. Merv will reduce his price to respond to the price competition from the HomeShoppe.
C. The HomeShoppe will initiate non-price competition with Merv.
D. The HomeShoppe will raise its price to respond to the price compet

Answer; B. Merv will reduce his price to respond to the price competition from the HomeShoppe.

Question 5: Marcie wants to work as a freelance editor. She purchases a desk, computer, widescreen monitor, and ergonomic keyboard. What kind of resources are these?

A. Capital

B. Entrepreneurship

C. Labor

D. Land

Answer; A. Capital

 Question 6: 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?

A. Corporation
B. Limited liability corporation
C. Partnership
D. Sole proprietorship.

Answers; B. Limited liability corporation

 Question 7: 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?

A. A rapidly increasing GDP
B. Decreasing illiteracy rates
C. Increased foreign investment
D. Lack of basic infrastructure

Answer; D. Lack of basic infrastructure

Question 8 ): Given the data in the chart, which of the following statements is true?

A. Australia and the United States are more developed than India.

B. Namibia and Australia are much less developed than the United States.

C. Russia and the United States have about the same degree of development.

D. The United States is less developed than Russia and China

Answer; A. Australia and the United States are more developed than India.

Question 9: To protect consumers from potentially dangerous manufactured goods, the U.S. government is most likely to use which kind of trade barrier?

A. License
B. Quota
C. Regulation
D. Tariff

Answer; C. Regulation

 Question 10: Which of the following entities would most likely agree with Adam Smith’s statement?

A. encouraging trade competition
B. getting rid of trade tariffs
C. removing farm subsidies
D. using taxes to help failing banks

Answer; D. using taxes to help failing banks

 Question 11: Look at the graph. A bookstore owner increases the price of art books to $25. Which of these would occur?

A). A higher equilibrium point, because demand and price increased
B). A lower equilibrium point, because the supply will increase
C). A shortage, because the price is lower than equilibrium price
D). A surplus, because the price is higher than equilibrium price

Answer; D). A surplus, because the price is higher than equilibrium price

 Question 12: In anticipation of a hurricane, demand for tortillas goes up. Oyama’s store produces tortillas. Based on the chart, how will Oyama respond to the new demand for tortillas?

A. Price and quantity supplied will decrease.
B. Price will increase as quantity supplied decreases.
C. Price will decrease as quantity supplied increases.
D. Price and quantity supplied will increase.

Answer; D. Price and quantity supplied will increase.

Explore Liberty University Bible 104 Quiz 2.

Question 13: Global Free Trade Zones

Opponents of free trade zones might use this map to argue that

A. free trade encourages conflict among market and command economies

B. leads to greater mobility among populations

C. organizes nations into regional exclusionary blocs

D. redraws traditional geographic boundaries

Answers; C. organizes nations into regional exclusionary blocs.

Question 14: Sayuri’s Asian Café makes the best pot stickers in town. The kitchen’s production is usually between 20 and 22 pot stickers per hour. Sayuri buys a new machine to help the team make pot stickers faster. She tracks production over the course of seven days. On which day does the machine make a positive impact on production?

A. Day 3
B. Day 4
C. Day 5
D. Day 6

Answer; D. Day 6

Useful tips to help you get a good grade in your economics assignments.

 Question 15: The bookstore is overstocked with old fantasy novels. It needs to get rid of the novels to make room for newly published fantasy novels. Based on the chart, what could the bookstore do to increase quantity demanded for fantasy novels?

Answer; decrease price on the old fantasy novels

Question 16: Which of the following statements most directly relates to the broad economic goal of freedom?

A. Allowing parents to choose between public and private schooling for their children, through vouchers. .

B. Allowing the National Park Service to initiate a program of controlled forest fires to clear undergrowth. .

C. Increasing funding for space exploration to boost high-tech employment and develop new technologies.

D. Increasing income taxes for the rich so that tax money can fund aid for the economically disadvantaged

Answer; A. Allowing parents to choose between public and private schooling for their children, through vouchers.

 Question 17: Country A has an absolute command economy. Country B has a mixed economy and a population that favors market trade. Both want to increase trade to generate more wealth. Which action would Country B most likely take that Country A would not?

A. Impose stricter divisions of labor

B. Increase production quotas

C. Loosen certain trade regulation

D. Permit limited private ventures

Answers; D. Permit limited private ventures

Question 18: Which of these businesses are in monopolistic competition?

A. Two clothing shops, one selling women clothing and the other selling kids clothing

B. Two agricultural producers, each selling a variety of kinds of citrus fruit

C. Two pet stores, one of which sells dog products and the other of which sells bird products

D. Two phone providers, each offering benefits to customers who switch to its service

Answers; D. Two phone providers, each offering benefits to customers who switch to its service

Explore more on what is natural monopoly.

 Question 19: Auto Bull’s-Eye offers a 10-minute oil change and 30-minute brake check. There are two technicians who perform each of these services. Next week, the shop is offering a discounted oil change. How might this affect the production possibilities curve for next week?

A. The shop would decrease the brake-check price to eliminate scarcity.

B. The shop would increase worker pay to make up for the opportunity cost of not doing brake checks.

C. The shop would shift production to oil changes and away from brake checks.

D. The shop would shift production to brake checks and away from oil changes.

Answer; C. The shop would shift production to oil changes and away from brake checks.

Question 20: Which of the following is a potential benefit of inflation?

A. Higher unemployment

B. Higher prices

C. Less government revenue

D. More business profits

Answer; D. More business profits

Question 21: Given the data in the chart above, which of the following trade scenarios is the most efficient?

A. France has a comparative advantage in olive oil production.
B. Greece has an absolute advantage in wine and olive oil production.
C. Greece has a comparative advantage in wine production.
D. Italy has an absolute advantage in wine and olive oil production.

Answer; D. Italy has an absolute advantage in wine and olive oil production.

 Question 22: Entrepreneurs;

• An Wang
• Madame C. J. Walker
• Samuel F. B. Morse
• Joseph A. Unanue

Choose one of the entrepreneurs from this list. Write an essay about how your chosen entrepreneur has affected life today. Detail challenges he or she faced and explain how this person embodies one or more characteristics from the HUNT. Present your response in a clear, organized manner and cite examples as needed.

Answer; Madame C. J. Walker

Question 23: Write a paragraph in response to the following statement: Business organization is a critical part of successful entrepreneurship.

Answer;

I agree that a business organization is a critical part of successful entrepreneurship. Without a clear business plan and goals, it is difficult to create and maintain a successful business. An entrepreneur needs to be able to wear many hats and juggle many tasks, and having a well-organized business can help make this possible. Additionally, a strong business foundation can attract investors and customers, which are both essential for long-term success. Businesses may save time and money by focusing on customer service, strategy development, and other high-level duties with the correct structure. Each company has its own set of organizational requirements. Businesses may develop an effective, streamlined operation that will help them succeed by following the measures that every firm should take to arrange its operations.

Reference

Lüdeke‐Freund, F. (2020). Sustainable entrepreneurship, innovation, and business models: Integrative framework and propositions for future research. Business Strategy and the Environment, 29(2), 665-681. Retrieved from; https://onlinelibrary.wiley.com/doi/full/10.1002/bse.2396

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