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(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? (4 points)

(05.03 LC) Which of the following statements reflects the broad economic goal of equity? (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? (4 points)

(01.06 HC) 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? (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)

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

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

(03.05 MC) Marginal Cost Analysis Graph © Jarry1250 2010Creative 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? (4 points)

(03.03 MC) Ming is starting a business and she would like her personal assets to be protected. Which organizational structures should she consider? (4 points)

(03.04 MC) Which market type is most beneficial to consumers? (4 points)