(05.02 HC) Country A has a mixed economy with free-market leanings. Country B has an absolute command economy. Both want to increase corn product exports. Which action would Country A most likely take that Country B would not? (4 points)

(05.01 MC) Adam Smith’s quotation would most likely be used to defend which of the following policies? (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? (4 points)

(05.05 LC) The United States raises taxes on imported electronic goods. This type of trade barrier is known as a(n) (4 points)

(03.06 MC) Occupation Salary 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? (4 points)

(05.06 LC) Which of the following is a potential benefit of inflation? (4 points)

(01.06 HC) Look at the graph. A bookstore owner increases the price of art books to $25. Which of these would occur? (4 points)

(05.06 LC) Which of the following do consumers usually want to see rise with inflation? (4 points)

(03.02 MC) Which of these are necessary capital investments for starting a free-range poultry farm? (4 points)

(03.05 MC) Marginal Cost Analysis Graph © Jarry1250 2010Creative Commons Attribution-Share Alike 3.0 Unported Mykha’s company makes jewelry from doll shoes. She increases production but finds that her costs continue to rise while profits decrease. What letter on the graph represents Mykha’s situation? (4 points)