06.06 H Segment Exam Honors Part A

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 increse . Correct .

Global free trade zones: Supporters of free trade zones would most likely argue that this map demonstrates how free trade

Breaks down barriers among nations. Correct.

(03.06)Based on the charted data, which of these statements are true?

Being a attorney requires more education than being an administrative assistant. Correct.

(05.02) Given the data in the chart, which of the following statements are true?

India and Namibia are less developed than Russia. Correct.

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?

Day 6. Correct.

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. Correct.

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

Russia and Saudi Arabia. Correct.

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?

Permit limited private ventures. Correct.

Which of the following is a potential benefit of inflation?

More business profits. Correct.

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?

Reduce the price until the games are sold. Correct.

The United States raises taxes on imported electronic goods. This type of trade barrier is known as a(n)

Tariff. Correct.

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?

Lack of basic infrastructure. Correct.

Which of the following statements reflects the broad economic goal of equity?

Removing funding from public universities that refuse to accept women, minorities, or economically disadvantaged applicants as students. Correct.

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?

Two metalsmiths catch a viral infection and take sick days. Correct.

(01.05) Which scenario does this graph illustrate?

Companies want to make money, so they increase production as price increases. Correct.

(05.04)Given the data in the chart above, which of the following statements is true?

Italy has an absolute advantage in wine and olive oil production. Correct.

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?

Natural monopolies. Correct.

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?

Labor. Correct.

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

C . Correct

Adam Smith’s quotation would most likely be used to defend which of the following policies?

Less stringent regulation of commerce. Correct.

Ming is starting a business and she would like her personal assets to be protected. Which organizational structures should she consider?

Corporation or limited liability corporation. Correct.