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6 Written questions

6 Multiple choice questions

  1. The sum of fixed and variable costs.
  2. Measures how firms will respond to changes in the price of a good.
  3. A table showing the relationship between various prices and the amount of good one producer is willing to sell at each price.
  4. Refers to the amount of good a producer is willing and able to sell at a certain price.
  5. When more workers causes output to decrease because they get in one another's way or there is not enough work to keep everyone busy.
  6. Producers will offer more goods as prices rise and less as prices fall.

5 True/False questions

  1. To make profit.What is the goal of a business?

          

  2. Excise TaxesGovernment payments that support a business or market.

          

  3. Diminishing Marginal ReturnsWhen adding more workers results in increased production.

          

  4. Fixed CostThe sum of fixed and variable costs.

          

  5. Variable CostThe extra cost of producing on more unit of a product.

          

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