AnswersPersonal Finance - SC 26-27 For CreditCase Study: Starting a Business

Case Study: Starting a Business — Unit test Answers

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The chart shows the marginal cost of producing soccer nets for Sabrina’s Soccer. What is the marginal cost of producing a fifth soccer net?

Question illustration
A
$1.00
B
$1.50
C
$2.00
D
$2.50
22
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The chart shows a production possibilities schedule for Sabrina’s Soccer. If the market for soccer balls is saturated and the market for soccer nets is open, which combination makes the most sense for Sabrina’s Soccer?

Question illustration
A
A
B
C
C
D
D
F
23

A survey of hobbies and purchases can help a producer

a
assess demand to choose a business.
i
identify the marginal benefit to make a profit.
d
decide the production costs to make a good.
d
determine the remaining supply to lower costs.
24

What is the difference between absolute advantage and comparative advantage?

A
Absolute advantage is the ability to produce a good or a service at a lower production cost than competitors. Comparative advantage is the ability to produce a good or service at a lower opportunity cost than competitors.
B
Absolute advantage is the ability to produce a good or a service at a lower opportunity cost than competitors. Comparative advantage is the ability to produce a good or service at a lower production cost than competitors.
C
Absolute advantage is the ability to sell a good or a service at a lower price than competitors. Comparative advantage is the ability to sell a good or service at a higher price than competitors.
D
Absolute advantage is the ability to sell a good or a service at a higher price than competitors. Comparative advantage is the ability to sell a good or service at a lower price than competitors.
25

The chart shows a production possibilities schedule for Sabrina’s Soccer. Which statement correctly explains the chart?

Question illustration
A
The opportunity cost of producing one soccer net is eight soccer balls.
B
The opportunity cost of producing two soccer nets is two soccer balls.
C
The opportunity cost of producing two soccer balls is one soccer net.
D
The opportunity cost of producing four soccer balls is three soccer nets.
26

The graph shows the marginal cost of producing soccer cleats for Sabrina’s Soccer. At which level of production does the company make the least profit?

Question illustration
A
the first pair of cleats
B
the second pair of cleats
C
the third pair of cleats
D
the fourth pair of cleats
27

Error

Answer not available
28

The chart shows the marginal cost of producing soccer nets for Sabrina’s Soccer. What is the marginal cost of producing a fifth soccer net?

Question illustration
A
$1.00
B
$1.50
C
$2.00
D
$2.50
29

The graph shows a production possibilities curve for Sabrina’s Soccer. At which point on the graph are resources not used efficiently?

Question illustration
p
point A
p
point F
p
point X
p
point Y
30

Profit equals the total amount of money made minus

A
the production cost.
B
the opportunity cost.
C
the revenue earned.
D
the price established.
31

The chart shows the revenue from selling soccer nets for Sabrina’s Soccer. How much profit does the company make from producing and selling four soccer nets?

Question illustration
A
$51
B
$80
C
$109
D
$137
32

Standard of living is the level at which

A
producers sell certain goods.
B
consumers buy certain goods.
C
producers make desired goods.
D
consumers enjoy desired goods.

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