06.06 H Segment Exam Honors Part A

31 December 2022
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question
Look at the graph. A medical device company is selling a new diagnostic tool at the equilibrium price of $15. the company hires a marketing firm to run an advertising campaign to publicize recent positive findings regarding the effectiveness of the tool. Based on the graph, what would be the result?
answer
A new equilibrium point, because the demand would increse . Correct .
question
Global free trade zones: Supporters of free trade zones would most likely argue that this map demonstrates how free trade
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Breaks down barriers among nations. Correct.
question
(03.06)Based on the charted data, which of these statements are true?
answer
Being a attorney requires more education than being an administrative assistant. Correct.
question
(05.02) Given the data in the chart, which of the following statements are true?
answer
India and Namibia are less developed than Russia. Correct.
question
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?
answer
Day 6. Correct.
question
Andy compares mattresses. A twin-sized NightSoft mattress at the large chain BuyRite costs $1,500. The BuyRite saleswoman tells Andy that the company's 24-hour customer service, free mattress cleaning, and 60-day return policies are the best in the business. A similar twin-sized model, the DarkNights mattress, at the small store Joe's Bed and Linens, costs $1,495. The salesman at Joe's tells Andy that this store offers a 30-day money-back guarantee, plus free delivery. Which of these is Andy experiencing?
answer
Non-price competition in a monopolistically competitive market. Correct.
question
Given the data in the chart, which two countries enjoy an absolute advantage in oil production over the United States?
answer
Russia and Saudi Arabia. Correct.
question
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?
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Permit limited private ventures. Correct.
question
Which of the following is a potential benefit of inflation?
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More business profits. Correct.
question
A game store sells the latest Dungeoncrawl game at the suggested retail value. Initially, the game sells well, until a combination of bad reviews and word of mouth reduce demand drastically. What should the store do to sell the remaining Dungeoncrawl games?
answer
Reduce the price until the games are sold. Correct.
question
The United States raises taxes on imported electronic goods. This type of trade barrier is known as a(n)
answer
Tariff. Correct.
question
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?
answer
Lack of basic infrastructure. Correct.
question
Which of the following statements reflects the broad economic goal of equity?
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Removing funding from public universities that refuse to accept women, minorities, or economically disadvantaged applicants as students. Correct.
question
Rod has a business making silver and gold jewelry charms in the shapes of molecules. He has five metalsmiths who work for him. One week, his production possibilities curve shifts inward. What could explain this shift?
answer
Two metalsmiths catch a viral infection and take sick days. Correct.
question
(01.05) Which scenario does this graph illustrate?
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Companies want to make money, so they increase production as price increases. Correct.
question
(05.04)Given the data in the chart above, which of the following statements is true?
answer
Italy has an absolute advantage in wine and olive oil production. Correct.
question
In the rural farming town of York Springs, Smith's was the only grocery store and Lehman's was the only animal feed mill. How would you describe these businesses?
answer
Natural monopolies. Correct.
question
Niall wants to expand his science-fiction webzine to provide academic articles on science used in science fiction. He hires four new articles editors, as well as a copy editor. He also replaces his old webmaster. Niall is increasing which resource?
answer
Labor. Correct.
question
Trevor's company makes fine chocolates. He has figured out how to maximize his profit What letter on the graph represents Trevor's situation?
answer
C . Correct
question
Adam Smith's quotation would most likely be used to defend which of the following policies?
answer
Less stringent regulation of commerce. Correct.
question
Ming is starting a business and she would like her personal assets to be protected. Which organizational structures should she consider?
answer
Corporation or limited liability corporation. Correct.