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supporters of free trade zones would most likely argue that this map demonstrates how free trade

Question 2 (Multiple Choice Worth 4 points)

(05.03 LC) Which of the following statements reflects the broad economic goal of equity?

Congress increasing funding for space exploration in order to boost high-tech employment and develop new technologies

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

The National Park Service maintaining a program of controlled fires to burn off undergrowth and keep wildfires from happening

The president speaking about economic opportunities in giving better trade status to countries with command economies

Question 3 (Multiple Choice Worth 4 points)

(05.05 MC) Global Free Trade Zones  Public Domain Supporters of free trade zones would most likely argue that this map demonstrates how free trade

breaks down barriers among nations

encourages the spread of industrialization

expands national boundaries

reduces the influence of command economies

Question 4 (Multiple Choice Worth 4 points)

(03.04 MC) The Starfire Coffee chain was the only coffee-shop chain and meeting place in many American cities for more than 12 years. People paid $5 for a mug of peppermint coffee and the experience of sitting in front of a roaring fire, chatting with friends. Twelve years after Starfire’s appearance, a similar coffee-shop chain, Reindeer Brews, entered the marketplace. Reindeer charges $3 for a mug of hot cocoa and a similar community experience. How would you characterize this scenario?

Non-price competition in a monopolistic market

Non-price competition in a purely competitive market

Price competition in a monopolistically competitive market

Price competition in a purely competitive market

Question 5 (Multiple Choice Worth 4 points)

(01.04 MC)  © 2013 FLVS 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?

Buy more Dungeoncrawl games from the supplier.

Increase the price to increase demand.

Keep the price the same until demand goes up again.

Reduce the price until the games are sold.

Question 6 (Multiple Choice Worth 4 points)

(05.04 MC) © 2013 FLVS Based on this chart, which statement is true?

Saudi Arabia has an absolute advantage over the other countries in lumber production.

Russia has an absolute advantage over the other countries in oil production.

The United States has a comparative advantage over Russia in oil production.

Venezuela has a comparative advantage over Canada in oil production.

Question 7 (Multiple Choice Worth 4 points)

(03.02 MC) 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?

Capital

Entrepreneurship

Labor

Land

Question 8 (Multiple Choice Worth 4 points)

(03.05 MC) Marginal Cost Analysis Graph © Jarry1250 2010 Creative Commons Attribution-Share Alike 3.0 Unported Trevor’s company makes fine chocolates. He has figured out how to maximize his profit. What letter on the graph represents Trevor’s situation?

A

B

C

D

Question 9 (Multiple Choice Worth 4 points)

(03.06 MC) © 2013 FLVS Sayuri’s Asian Café makes the best pot stickers in town. Sayuri tracks her production over the course of seven days. What would explain the low production on days 4 and 5?

A new hire was being trained to make pot stickers.

Sayuri bought a better pot sticker machine.

The chef increased his pot sticker production.

Sayuri lowered the price of her pot stickers.

Question 10 (Multiple Choice Worth 4 points)

(05.02 HC) 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

Question 11 (Multiple Choice Worth 4 points)

(03.04 MC) 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

Question 12 (Multiple Choice Worth 4 points)

(05.01 MC)  © 2013 FLVS 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

Question 13 (Multiple Choice Worth 4 points)

(05.02 MC)  © 2013 FLVS 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.

Question 14 (Multiple Choice Worth 4 points)

(05.04 MC) © 2013 FLVS Given the data in the chart above, which of the following statements is true?

France has a comparative advantage in olive oil production.

Greece has an absolute advantage in wine and olive oil production.

Greece has a comparative advantage in wine production.

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

Question 15 (Multiple Choice Worth 4 points)

(05.05 LC) Diplomatic relations have broken down between the United States and another nation. To punish the other nation for treaty violations, the U.S. government bans all trade with that nation. This is an example of which kind of trade barrier?

Embargo

License

Regulation

Tariff

Question 16 (Multiple Choice Worth 4 points)

(03.03 MC) 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?

Corporation

Limited liability corporation

Partnership

Sole proprietorship

Question 17 (Multiple Choice Worth 4 points)

(01.06 HC)  © 2013 FLVS 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

Question 18 (Multiple Choice Worth 4 points)

(03.06 MC) 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?

A prominent actor begins displaying one of Rod’s jewelry charms.

Rod hires two new metalsmiths, and they increase his production.

The price of gold decreases, allowing Rod to increase his gold supply.

Two metalsmiths catch a viral infection and take sick days.

Question 19 (Multiple Choice Worth 4 points)

(05.06 LC) Which of the following is a potential benefit of inflation?

Higher unemployment

Higher prices

Less government revenue

More business profits

Question 20 (Multiple Choice Worth 4 points)

(03.06 MC)

OccupationSalary
Attorney$77,000
Software Engineer$63,000
Administrative assistant$33,000
Elemetary school teacher$40,000
Registered Nurse$53,000
Construction project manager$72,000

Based on the charted data, which of these statements is true?

An elementary school teacher is in higher demand than a registered nurse.

Society values registered nurses more than construction project managers.

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

There are more construction project managers than elementary school teachers.

Question 21 (Multiple Choice Worth 4 points)

(01.05 MC)  © 2013 FLVS In anticipation of a hurricane, demand for tortillas goes up. Oyama’s store produces tortillas. Based on the chart, how will Oyama respond to the new demand for tortillas?

Price and quantity supplied will decrease.

Price will increase as quantity supplied decreases.

Price will decrease as quantity supplied increases.

Price and quantity supplied will increase.

Question 22 (Essay Worth 4 points)

(03.01 MC) Entrepreneurs

· An Wang

· 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.

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