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5 Written Questions

5 Matching Questions

  1. total revenue
  2. welfare
  3. technology
  4. poverty threshold
  5. open opportunity
  1. a An income level below that which is needed to support families or households
  2. b Government aid to the poor
  3. c the process used to produce a good or service
  4. d the total amount of money a firm receives by selling goods or services
  5. e the concept that everyone can compete in the marketplace

5 Multiple Choice Questions

  1. a graphic representation of a demand schedule
  2. Two goods that are bought and used together
  3. describes demand that is not very sensitive to a change in price
  4. the force that encourages people and organizations to improve their material well-being
  5. Starbucks expander

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. market failuresomeone 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

          

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

          

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

          

  5. business cyclea cost that does not change, no matter how much of a good is produced

          

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