NAME: ________________________

Economics Test

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5 Written Questions

5 Matching Questions

  1. Christy Haubegger
  2. open opportunity
  3. competition
  4. operating cost
  5. fixed cost
  1. a the rivalry among sellers to attract customers while lowering costs
  2. b the cost of operating a facility, such as a store or factory
  3. c a cost that does not change, no matter how much of a good is produced
  4. d the concept that everyone can compete in the marketplace
  5. e founder of Latina Magazine in 1996

5 Multiple Choice Questions

  1. the desire to own something and the ability to pay for it.
  2. a factor that can change
  3. the total amount of money a firm receives by selling goods or services
  4. describes demand that is not very sensitive to a change in price
  5. Two goods that are bought and used together

5 True/False Questions

  1. technologyan 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


  2. Dave Thomasthe desire to own something and the ability to pay for it.


  3. Milton Hersheyan American manufacturer and philanthropist who founded one of the world's largest confectionery companies, the Hershey Chocolate Company


  4. Robert L Johnsonfixed costs plus variable costs


  5. work ethicDescribes demand that is very sensitive to a change in price


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