Question 1 Which of the following best addresses the economic question For whom

Question

Question 1 Which of the following best addresses the economic question For whom to produce? (5 points)

Compass Learning Group contracts a team from India to write a course.

Head Tome runs a social networking site with incorporated advertising.

Lady Zigzag's agent makes concert tickets available on a new smartphone app.

InFocus conducts focus groups to determine its target market.

Question 2 Jen is starting a nonprofit store. She plans to sell handmade African scarves and jewelry. Which economic question(s) would Jen still need to answer? (5 points)

For whom to produce?

How to produce?

What to produce? and For whom to produce?

What to produce?and How to produce?

Question 3 Which of the following addresses all three of the basic economic questions? (5 points)

You start your own lunch delivery service serving area businesses and featuring all organic meals baked in your home.

You start a wedding planning business and advertise your services online.

You decide to work from home using your existing office as your headquarters.

You launch a nanny-referral service focusing on young, working families in your community.

Question 4 Devon enters his poem in a nationwide contest, rather than joining his friends at a football game. Which would be a long-term benefit of his choice? (5 points)

Getting extra credit in his literature class

Saving money on food concessions at the game

Watching his favorite team win the championship

Winning a scholarship for his writing

Question 5 Use the cost-benefit analysis table to answer the question:

Should Mrs. Baxter allow her students to take an open-book test?

Which of the following would best fill the blank space? (5 points)

Question 6

Use the cost-benefit analysis table to answer the question:

Should Philip customize his motorcycle?

Philip is thinking about customizing his motorcycle. A paint job, saddlebags, and a radio would cost $600. His motorcycle is older, so he also knows that he will need to get another motorcycle sometime in the next two years. He creates a cost-benefit analysis table to examine his choices. What statement would best complete the chart, and why? (5 points)

Question 7 Yao's Asian Market sells dragon fruit for $3 each. The store usually sells 20 dragon fruits a week. Dragon fruit is in season, and the market could maintain a steady delivery. The produce manager decides to have a sale on dragon fruit and reduces the price to $2 each. Which of these would happen? (5 points)

Question 8

Which statement best interprets the graph? (5 points)

Question 9

Use the above graph to answer the following question. Which line indicates an increase in demand? (5 points)

4

QUESTION 10

A vendor makes a new smartphone and presells four thousand units for $300 each. The factory has the capacity to produce one thousand smartphones per month. Anticipated sales are five hundred units per month. Which of these would occur during the first few months of sales? (5 points)

Unlimited supply would decrease the price.

QUESTION 11

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Look at the graph. Where P is price and Q is quantity, how are point A and line S related? (5 points)

Point A is the quantity demanded at a given price; line S represents the equilibrium price.

QUESTION 12

If the x-axis is Quantity and the y-axis is Price, what does the 85 in point (85, 5) represent? (5 points)

QUESTION 13

An increase in demand causes the demand curve to (5 points)

decrease its slope

QUESTION 14

When Hurricane Katrina shut down many oil refineries, the supply curve for oil (5 points)

became equal to zero

QUESTION 15

The supply and demand curves show data for trendy smartphone covers. How would the graph change if the producer hired a popular actor as spokesperson for the product? (5 points)

Add D2 to the left of D1, showing an increase in demand and decrease in equilibrium price.

QUESTION 16

Which may occur as a result of a decrease in the price of laptop computers? (5 points)

Decrease in quantity demanded

QUESTION 17

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The supply and demand curves reflect the availability and cost of a new gaming system. The producer announces that the new system will be compatible with existing games under the same brand. Which change will most likely occur to the graph? (5 points)

Supply will shift left, raising the market price.

QUESTION 18

Sam takes a five-dollar bill from his wallet. He exchanges the bill for four quarters and four one-dollar bills. He then uses the change to buy a bottle of water from a vending machine. Which characteristics of money has Sam best demonstrated? (5 points)

Medium, scarcity, and value

Explanation / Answer

1. Which of the following best addresses the economic question For whom to produce?

The statement which best describes the economic question For whom to produce is -

d.InFocus conducts focus groups to determine its target market.

This is because through focus group InFocus would know what the target market requires in their product. This would help them to answer the economic question of for whom to produce.

2. Jen is starting a nonprofit store. She plans to sell handmade African scarves and jewelry. Which economic question(s) would Jen still need to answer?

a. For whom to produce.

This is because she has already answered the question what to produce. She is selling handmade African scarves and jewellery. But she has not answered the economic question of For whom to produce?

3.Which of the following addresses all three of the basic economic questions?

a.You start your own lunch delivery service serving area businesses and featuring all organic meals baked in your home.

This addresses all three question What,How and For whom to produce. What to produce is lunches. How to produce is using organic meals baked at home. For whom to produce is for the businesses. So this scenario addresses all 3 economic question.

4.Devon enters his poem in a nationwide contest, rather than joining his friends at a football game. Which would be a long-term benefit of his choice?

d.Winning a scholarship for his writing.

This is best for the long-term benefit of choice. This is because a scholar for writing will help him attaining long-term education goals.

(Please ask other parts of the question as separate questions. Please include question with 4 parts only.)

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