NAME: ________________________

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5 Written Questions

5 Matching Questions

  1. Milton Hershey
  2. total cost
  3. free rider
  4. elastic
  5. inelastic
  1. a fixed costs plus variable costs
  2. b an American manufacturer and philanthropist who founded one of the world's largest confectionery companies, the Hershey Chocolate Company
  3. c Describes demand that is very sensitive to a change in price
  4. d someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provided as a public good
  5. e describes demand that is not very sensitive to a change in price

5 Multiple Choice Questions

  1. the desire to own something and the ability to pay for it.
  2. A graph of the quantity supplied of a good at different prices
  3. Government aid to the poor
  4. founder of Latina Magazine in 1996
  5. an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume

5 True/False Questions

  1. poverty thresholdFounder of BET- A media Company


  2. market failurea situation in which the market does not distribute resources efficiently


  3. work ethica commitment to the value of work and purposeful activity


  4. fixed costa cost that does not change, no matter how much of a good is produced


  5. Dave Thomasdropped out of school, went back, met Colonel Sander, turned down ownership of KFC, opened 1st Wendy's in 1969, billionaire by age 30


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