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5 Written Questions

5 Matching Questions

  1. open opportunity
  2. variable
  3. total revenue
  4. elastic
  5. welfare
  1. a Government aid to the poor
  2. b the concept that everyone can compete in the marketplace
  3. c a factor that can change
  4. d Describes demand that is very sensitive to a change in price
  5. e the total amount of money a firm receives by selling goods or services

5 Multiple Choice Questions

  1. goods used in place of one another
  2. a period of macroeconomic expansion followed by a period of contraction
  3. fixed costs plus variable costs
  4. an American manufacturer and philanthropist who founded one of the world's largest confectionery companies, the Hershey Chocolate Company
  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. free ridersomeone 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

          

  2. demand curvea graphic representation of a demand schedule

          

  3. operating costfixed costs plus variable costs

          

  4. competitionTwo goods that are bought and used together

          

  5. free contractthe concept that people may decide what agreements they want to enter into

          

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