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5 Written questions

5 Matching questions

  1. profit motive
  2. externality
  3. free rider
  4. Christy Haubegger
  5. total revenue
  1. a the total amount of money a firm receives by selling goods or services
  2. b founder of Latina Magazine in 1996
  3. c 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
  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 the force that encourages people and organizations to improve their material well-being

5 Multiple choice questions

  1. the desire to own something and the ability to pay for it.
  2. a graphic representation of a demand schedule
  3. the amount of goods available
  4. a government payment that supports a business or market
  5. Government aid to the poor

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. elasticdescribes demand that is not very sensitive to a change in price

          

  3. 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

          

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

          

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

          

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