Economics Exam Honors

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Question 1 (Multiple Choice Worth 4 points)

(03.05 MC)

Marginal Cost Analysis Graph

A marginal cost analysis graph with x axis Quantity and y axis Price. There are no units on the x or y axis, but assuming 0 to 10 for both axes. The marginal cost curve starts at 0, 4 and slopes down to 4, 2. It then rises from 4, 2 to 10, 10. There is a marginal cost line at extending from 0, 6 to 10, 6. The letters A to D are on the graph at the following locations: A 2, 2, B 6, 4, C 8, 6, D 10, 10.
© 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?


 

Question 2 (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



Which of these is likely true, based on the charted data?


 

Question 3 (Multiple Choice Worth 4 points)

(05.04 MC)

A table showing worker hours to produce one unit of two common resources. Canada can produce lumber in 5 and oil in 20 worker hours. Russia produces lumber in 10 and oil in 10 worker hours. Saudi Arabia produces lumber in 60 and oil in 5 worker hours. United States produces lumber in 10 and oil in 15 worker hours. Venezuela produces lumber in 40 and oil in 15 worker hours. A third column, Worker Hours to Produce Oil instead of Lumber, has question marks instead of numbers for each country.
© 2013 FLVS

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


 

Question 4 (Multiple Choice Worth 4 points)

(03.04 MC)

Merv's Hardware, a small family-owned store in Middletown, sells a 100-pack of garnet sandpaper for $35. The Home Shoppe, a large retail hardware chain in neighboring Morristown, sells the same product for $29. Based on this scenario, what would you expect Merv's immediate response to be?


 

Question 5 (Multiple Choice Worth 4 points)

(03.02 MC)

Marcie wants to work as a freelance editor. She purchases a desk, computer, widescreen monitor, and ergonomic keyboard. What kind of resources are these?


 

Question 6 (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?


 

Question 7 (Multiple Choice Worth 4 points)

(05.02 MC)

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?


 

Question 8 (Multiple Choice Worth 4 points)

(05.02 MC)
http://hillsborough.flvs.net/webdav/assessment_images/educator_econ_v13/06_06A_exam/0606_g13_q2.jpg
Bar graph titled GDP per capita. The United States GDP is at 48,000. Australia at 41,000. China at 8,400. Ecuador at 8,500. India at 3,700. Namibia at 7,500. Russia at 16,700.
© 2013 FLVS

Given the data in the chart, which of the following statements is true?


 

Question 9 (Multiple Choice Worth 4 points)

(05.05 LC)

To protect consumers from potentially dangerous manufactured goods, the U.S. government is most likely to use which kind of trade barrier?


 

Question 10 (Multiple Choice Worth 4 points)

(05.01 MC)

Adam Smith wrote in The Wealth of Nations, Book II, Chapter 2, In general, if any branch of trade, or any division of labour, be advantageous to the public, the freer and more general the competition, it will always be the more so.
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Which of the following entities would most likely agree with Adam Smith's statement?


 

Question 11 (Multiple Choice Worth 4 points)

(01.06 HC)

Graph with x axis labeled in 500 unit increments from 0 to 3000. Y axis is labeled with prices 0 to 30 dollars in increments of 5. A blue supply line starts at 500, 5 and ascends at an angle upward to 2500, 25. A red line demand starts at 500, 25 and drops at an angle down to 2500, 5.
© 2013 FLVS

Look at the graph. A bookstore owner increases the price of art books to $25. Which of these would occur?


 

Question 12 (Multiple Choice Worth 4 points)

(01.05 MC)

Graph titled Quantity Supplied versus Price. The x axis is labeled in 500 unit increments from 0 to 3000. Y axis goes from 0 to 0.30 dollars in increments of 0.05. A blue line starts at 500, 0.05 and ascends at an angle upward to 2500, 0.25.
© 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?


 

Question 13 (Multiple Choice Worth 4 points)

(05.05 MC)

Global Free Trade Zones

Map indicates the following free trade zones NAFTA is Canada, Mexico, and the U.S. EU-CARICOM includes Europe, Caribbean islands, and South American countries DR-CAFTA includes the U.S., Central American countries, and Caribbean islands; ALADI is most of South America, Cuba, and Mexico; EEA/EUCZ/CEFTA includes Greenland and most of Europe CISFTA is made of former Soviet states GAFTA is in the Arabian Peninsula and North Africa ECOWAS for West Africa CEMAC for some countries in Africa AFTZ includes all African except members of ECOWAS and CEMAC SAFTA is for Himalayan nations APTA includes India, China, and South Asia ASEAN includes Southeast Asia, China, South Korea, and Japan SPARTECA is Australia and Pacific Islands and AANZFTA is for countries in the South West Pacific and Southeast Asia.
Public Domain

Opponents of free trade zones might use this map to argue that free trade


 

Question 14 (Multiple Choice Worth 4 points)

(03.06 MC)

Two column chart. Headings are Day and Pot stickers per hour. Data as follows 1, 20 2, 22 3, 21 4, 10 5, 15 6, 50 and 7, 55.
© 2013 FLVS

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?


 

Question 15 (Multiple Choice Worth 4 points)

(01.04 MC)

Graph titled Quantity Demanded versus Price, with x axis labeled in 10 unit increments from 0 to 70. Y axis is labeled with prices 0 to 60 dollars, in increments of 10. A blue line starts at 5, 50 and drops at an angle down to 60, 10.
© 2013 FLVS

The bookstore is overstocked with old fantasy novels. It needs to get rid of the novels to make room for newly published fantasy novels. Based on the chart, what could the bookstore do to increase quantity demanded for fantasy novels?


 

Question 16 (Multiple Choice Worth 4 points)

(05.03 LC)

Which of the following statements most directly relates to the broad economic goal of freedom?


 

Question 17 (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?


 

Question 18 (Multiple Choice Worth 4 points)

(03.04 MC)

Which of these businesses are in monopolistic competition?


 

Question 19 (Multiple Choice Worth 4 points)

(03.06 MC)

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?


 

Question 20 (Multiple Choice Worth 4 points)

(05.06 LC)

Which of the following is a potential benefit of inflation?


 

Question 21 (Multiple Choice Worth 4 points)

(05.04 MC)

A table with title: Hours to Produce One Liquid Unit. Greece produces olive oil in 35 worker hours and wine in 60 worker hours. France produces olive oil in 35 worker hours and wine in 45 worker hours. Italy produces olive oil in 35 worker hours and wine in 45 worker hours. There is a blank column for each country titled additional worker hours to produce wine instead of olive oil.
© 2013 FLVS

Given the data in the chart above, which of the following trade scenarios is the most efficient?


 

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.



 

Question 23 (Essay Worth 4 points)

(03.03 MC)

Write a paragraph in response to the following statement: Business organization is a critical part of successful entrepreneurship.

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