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Economics Test

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5 Written Questions

5 Matching Questions

  1. poverty threshold
  2. Dave Thomas
  3. externality
  4. demand
  5. supply curve
  1. a A graph of the quantity supplied of a good at different prices
  2. b dropped out of school, went back, met Colonel Sander, turned down ownership of KFC, opened 1st Wendy's in 1969, billionaire by age 30
  3. c An income level below that which is needed to support families or households
  4. d 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. e the desire to own something and the ability to pay for it.

5 Multiple Choice Questions

  1. an American manufacturer and philanthropist who founded one of the world's largest confectionery companies, the Hershey Chocolate Company
  2. a cost that does not change, no matter how much of a good is produced
  3. the amount of goods available
  4. a graphic representation of a demand schedule
  5. Starbucks expander

5 True/False Questions

  1. open opportunitythe concept that everyone can compete in the marketplace

          

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

          

  3. technologythe process used to produce a good or service

          

  4. interest groupdescribes demand that is not very sensitive to a change in price

          

  5. substitutesa government payment that supports a business or market

          

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