Your friend wants to open a clothing shop. A necessary capital resource is a
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place to open the shop
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Passerine runs a tapestry shop in Rome, weaving historical images for the tourism industry. Lately, her arthritis has gotten worse, so she brings in several young workers and begins to teach them how to weave her images. Which factor of production did Passerine enhance?
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Labor
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Your friend likes to direct all the activities of his business. It would be best for him to create a
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sole proprietorship
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Antonia runs her own business as a cabinetmaker. What benefit and what drawback does her sole proprietorship entail?
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Total control, but total liability
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An oligopoly is a market for a good or service that
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has few competitive firms
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The most common form of nonprice competition is
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advertising
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"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
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fears
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Why do purely competitive markets tend to benefit consumers over producers?
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Consumers control price through demand.
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Based on this chart, what is the marginal cost, in dollars, to produce two jackets?
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15-
For marginal cost, subtract the number on top with the number on bottom from the total cost column. Start from the last row, and work your way up to the top.
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Based on this chart, what is the marginal revenue, in dollars, at quantity five jackets?
answer
12-
Do the same with marginal cost, except subtract the numbers from the total revenue column.
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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. If ProPhone sells four phones, the company will
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make some profit
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Use this image showing the production possibilities curve for shifts at Burger World and college classes to answer the following question. Marcy needs about 6 hours per week for each college class. If she works two shifts each week, how many hours will she spend on her classes if working efficiently?
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36
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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?
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60
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A company will continue to hire workers until
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the additional profit is less than the cost of hiring
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Which of the following is the most profitable investment for a candy shop that earns $1 profit per pound of candy?
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Machine with $8 per hour operating cost, producing 14 pounds of candy per hour
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Which of the following is the least profitable investment for a game shop earning $2 profit from every game sold?
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Electronic billboard with $20 daily operating cost, increasing sales by 20 games per day
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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?
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Q or R
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A university has just hired additional faculty and staff. Who of the following is most likely to earn the highest pay?
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Chemistry professor with a doctoral degree
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Marco works as a freelance science writer. He wants to improve his productivity. Which of the following steps is he most likely to take?
answer
Invest in a better computer and a faster Internet connection
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