6 Written Questions
6 Multiple Choice Questions
- Taxes on the production and sale of specific goods.
- What is the goal of a business?
- Changes when business output changes or when rate of operation changes. Includes raw materials, ingredients, supplies, gasoline, electricity, natural gas, and wages for hourly workers.
- Government payments that support a business or market.
- A plotted supply schedule. It will always rise from left to right, showing that higher prices will create higher output.
- When adding more workers results in increased output but at a decreasing rate.
5 True/False Questions
Total Cost → The sum of fixed and variable costs.
Quantity Supplied → Producers will offer more goods as prices rise and less as prices fall.
Fixed Cost → The sum of fixed and variable costs.
Increasing Marginal Returns → When adding more workers results in increased production.
Law of Supply → The amount of goods available.