1. A CEO with a sales or marketing background might set as a corporate goal:

A. Maximizing TR

B. Minimizing AC

C. Minimizing MC

D. All of the above

E. None of these

2. Assume that the lettuce production in Bakersfield is 500 bushels with a market price of $5 per bushel. The farmer must receive $10 per bushel to enjoy a standard of living similar to the rest of society. To maintain this price, the supply must be limited to 400 bushels.

- What is the $10 per bushel price called?

- How much would the Government Purchase program cost?

- How much would a Price Differential program cost?

- What is the numerical elasticity of demand for lettuce?

- What is the verbal description of the elasticity of demand for lettuce in this problem?

- As a result of the elasticity of demand above, a tax on food would primarily fall on the consumer. (True or False?)

- A typical farmer would prefer the Price Differential Program over the Government Purchase Program. (True or False?)

- A consumer advocate would prefer the Government Purchase Program. (True or False?)

3. The amount of accounting profit required to maintain a business without attracting competitors is called what?

4. A company's reputation and location are examples of what kind of intangible assets?

5. In a Dutch auction, the seller may disallow British bids.

A. True B. False

6. Which countries, besides Belgium and Luxembourg made up BENELUX?

7. Mercantilists were opposed to tariffs and quotas.

A. True

B. False