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<object:standard:ss.912.e.2.5>Which of the following is the least profitable investment for a candy shop that earns $1 profit per pound of candy?

 Question 3 (Multiple Choice Worth 5 points)

 

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

© FLVS 2013

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

 

 

 

 Question 4 (Multiple Choice Worth 5 points)

 

(03.06 MC)<object:standard:ss.912.e.2.5>

Which of the following is the most profitable investment for a game shop earning $2 profit from every game sold?

 

 

 Question 5 (Multiple Choice Worth 5 points)

 

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

“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

 

 

 Question 6 (Multiple Choice Worth 5 points)

 

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

Your friend wants to open a hamburger stand. A necessary labor resource is

 

 

 Question 7 (Multiple Choice Worth 5 points)

 

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

Quantity of JacketsPrice (in whole dollars)Total RevenueMarginal RevenueTotal CostMarginal CostProfit (or loss)020     12020 18  21938 33  31854 43  41768 55  51680 68  61590 83  71498 101  813104 120  

Based on this chart, what is the marginal revenue, in dollars, at quantity three jackets?

 

 

 

 Question 8 (Multiple Choice Worth 5 points)

 

(03.06 MC)<object:standard:ss.912.e.2.5>

Marco works as a freelance science writer. He wants to improve his productivity. Which of the following steps is he most likely to take?

 

 

 Question 9 (Multiple Choice Worth 5 points)

 

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

Quantity of JacketsPrice (in whole dollars)Total RevenueMarginal RevenueTotal CostMarginal CostProfit (or loss)020     12020 18  21938 33  31854 43  41768 55  51680 68  61590 83  71498 101  813104 120  

Based on this chart, what is the marginal cost, in dollars, to produce two jackets?

 

 

 

 Question 10 (Multiple Choice Worth 5 points)

 

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

John sells pizzas for $10 each and earns $2 profit per pizza. He pays workers $8 per hour. What is the minimum number of pizzas a worker should produce per hour to be beneficial to John?

 

 

 Question 11 (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 12 (Multiple Choice Worth 5 points)

 

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

The most common form of nonprice competition is

 

 

 Question 13 (Multiple Choice Worth 5 points)

 

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

© FLVS 2013

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?

 

 

 

 Question 14 (Multiple Choice Worth 5 points)

 

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

Marginal Cost Analysis Chart: ProPhone BlazerQuantity of JacketsPrice (in whole dollars)Total RevenueMarginal RevenueTotal CostMarginal CostProfit (or loss)022000900 120020020017080 218036016020030 316048012029090 415060012034050 514070010040060 613581090500100 7130910100620120 

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?

 

 

 

 Question 15 (Multiple Choice Worth 5 points)

 

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

Why do purely competitive markets tend to benefit consumers over producers?

 

 

 Question 16 (Multiple Choice Worth 5 points)

 

(03.03 MC)<object:standard:ss.912.e.1.5>

Root and Vine is a gardening collective and local delivery service started by two friends. Their clientele has grown, and they want to expand. The owners like the idea of protecting their personal property, but they want to maintain control of the business. Which type of organization might best suit their growth?

 

 

 Question 17 (Multiple Choice Worth 5 points)

 

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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 could best explain the disparity in their incomes?

 

 

 Question 18 (Multiple Choice Worth 5 points)

 

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

© FLVS 2013

Mad Hatter Publishing specializes in genre fiction for young adults. A popular mystery author has just completed the final book in a trilogy. Currently, production at Mad Hatter Publishing is at point R. To which point or points is production likely to shift?

 

 

 

 Question 19 (Multiple Choice Worth 5 points)

 

(03.03 MC)<object:standard:ss.912.e.1.5>

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

 

 

 Question 20 (Multiple Choice Worth 5 points)

 

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

Meg and her mother are opening a cupcake shop. They buy an oven, a walk-in cooler, and a decorating table. In terms of factors of production, what are these items?

 

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