Harvey Quit His Job at State University, Where He Earned

question 192

Multiple Choice

Harvey quit his job at State University, where he earned $45,000 a year. He figures his entrepreneurial talent or forgone entrepreneurial income to be $5,000 a year. To start the business, he cashed in $100,000 in bonds that earned 10 percent interest annually to buy a software company, Extreme Gaming. In the first year, the firm sold 11,000 units of software at $75 for each unit. Of the $75 per unit, $55 goes for the costs of production, packaging, marketing, employee wages and benefits, and rent on a building. The economic profits of Harvey's firm in the first year were

• A) $70,000.
• B) $160,000.
• C) $220,000.
• D) $280,000.

Understand the key stages in the life cycle of a team and their characteristics.

Recognize the importance of norms in team dynamics and ways to positively influence them.

Identify strategies to increase team cohesiveness and its impact on team performance.

Comprehend the effects of team size, diversity, and competition on team cohesion.

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Definitions:

U.S. Coal

Coal mined in the United States, a key natural resource used for electricity generation and manufacturing processes.

Distribution System

The network used to distribute goods or power from a source to end users.