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?
Marginal Cost Analysis Graph
Trevor's company makes fine chocolates. He has figured out how to maximize his profit What letter on the graph represents Trevor's situation?
Which of the following do consumers usually want to see rise with inflation?
Which of the following statements most directly relates to the broad economic goal of freedom?
-Allowing parents to choose between public and private schooling for their children, through vouchers
-Allowing the National Park Service to initiate a program of controlled forest fires to clear undergrowth
-Increasing funding for space exploration to boost high-tech employment and develop new technologies
-Increasing income taxes for the rich so that tax money can fund aid for the economically disadvantaged
Allowing parents to choose bewteen public and private schooling for their children, through vouvhers
Given the data in the chart above, which of the following trade scenarios is the most efficient?
-France produces olive oil; Greece and Italy produce wine.
-Greece and Italy produce olive oil; France produces wine.
-Greece and France produce olive oil; Italy produces wine.
-Italy produces olive oil; France and Greece produce wine.
Greece and Italy produce olive oil; France produces wine.
In 2011, Finland had a GDP of $195 billion and a per capita GDP of $36,000. Life expectancy was about 79 years. Which of these additional factors would most support the conclusion that Finland has a developed rather than an emerging economy?
-Finland has a low population density.
-Finland has a free-market economy.
-Finland exports more than it imports.
-Finland's unemployment rate is 9.6 percent.
Finland has a free-market economy.
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?
-Impose stricter divisions of labor
-Increase production quotas
-Loosen certain trade regulation
-Permit limited private ventures
Permit limited private ventures
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?
-A new equilibrium point, because the demand would increase
-A shortage, because the price is higher than equilibrium price
-A surplus, because the price is higher than equilibrium price
-Selling fewer devices, because demand would decrease
A new equilibrium point, because the demand would increase
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.
An Wang invented computers-- magnetic core memory
Sayuri's Asian Café needs to make pot stickers faster, so Sayuri buys a new machine to speed production, and the team starts using it on Day 4. Sayuri tracks production over the course of seven days. Which of these statements summarizes how the machine affects productivity?
-It initially slows production, but then production improves greatly.
-It initially slows production, but then production returns to its normal rate.
-It initially speeds up production, but then production returns to its normal rate.
-It initially speeds up production, but then production slows down again.
It initially slows production, but then production improves greatly.
Given the data in the chart, which of the following statements is true?
-Australia is more developed than the United States.
-China and Ecuador are more developed than Australia.
-India and Namibia are less developed than Russia.
-The United States is less developed than India.
India and Namibia are less developed than Russia.
Kelen wants to open a toy store. He buys the leftover stock of a store going out of business. He opens the boxes and counts the toys. There are 10 Nnedi action figures, 25 Ramez action figures, and 60 Slimeball action figures. Based on the graph, how should he set his prices?
-Kelen should start with the same price for all action figures.
-Nnedi action figures should be $10, Ramez $35, and Slimeball $50.
-Nnedi action figures should be $42, Ramez $30, and Slimeball $10.
-Nnedi action figures should be $60, Ramez $35, and Slimeball $1.
Nnedi action figures should be $42, Ramez $30, and Slimeball $10.
Based on the chart, which of these statements is true?
-Administrative assistants and attorneys require the most training.
-Attorneys and construction managers are in high demand.
-Attorneys and teachers have the least amount of training.
-Nurses and software engineers are in low demand.
Attorneys and construction managers are in high demand.
To protect consumers from potentially dangerous manufactured goods, the U.S. government is most likely to use which kind of trade barrier?
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?
-The shop would decrease the brake-check price to eliminate scarcity.
-The shop would increase worker pay to make up for the opportunity cost of not doing brake checks.
-The shop would shift production to oil changes and away from brake checks.
-The shop would shift production to brake checks and away from oil changes.
The shop would shift production to oil changes and away from brake checks.
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?
-Non-price competition in a monopolistically competitive market
-Non-price competition in a purely competitive market
-Price competition in a monopolistically competitive market
-Price competition in a purely competitive market
Non-price competition in a monopolistically competitive market
According to the map, which of the following statements is true?
-Russia remains heavily interdependent with nations of both Europe and Asia.
-The nations of Africa are heavily dependent upon one another for trade.
-Economically speaking, the nations of Europe operate independently from one another.
-The nations of South America have a high level of interdependence.
The nations of South America have a high level of interdependence.
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?
-Limited liability corporation
Limited liability corporation
Given this statement, Adam Smith would be most likely to oppose
-encouraging trade competition
-getting rid of trade tariffs
-removing farm subsidies
-using taxes to help failing banks
using taxes to help failing banks
Which scenario does this graph illustrate?
-Companies need to maximize production, so they will produce less and charge more.
-Companies want to make money, so they increase production as price increases.
-Consumers need to spend wisely, so they will purchase more goods at a lower cost.
-Consumers want a good deal and will pay more money for a quality product.
Companies want to make money, so they increase production as price increases.
Given the data in the chart, over which country does the United States have a comparative advantage in oil production?
Which of these businesses are in monopolistic competition?
-Two clothing shops, one selling women's clothing and the other selling kids' clothing
-Two agricultural producers, each selling a variety of kinds of citrus fruit
-Two pet stores, one of which sells dog products and the other of which sells bird products
-Two phone providers, each offering benefits to customers who switch to its service
Two phone providers, each offering benefits to customers who switch to its service
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