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6 Written Questions

6 Multiple Choice Questions

  1. Taxes on the production and sale of specific goods.
  2. What is the goal of a business?
  3. 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.
  4. Government payments that support a business or market.
  5. A plotted supply schedule. It will always rise from left to right, showing that higher prices will create higher output.
  6. When adding more workers results in increased output but at a decreasing rate.

5 True/False Questions

  1. Total CostThe sum of fixed and variable costs.

          

  2. Quantity SuppliedProducers will offer more goods as prices rise and less as prices fall.

          

  3. Fixed CostThe sum of fixed and variable costs.

          

  4. Increasing Marginal ReturnsWhen adding more workers results in increased production.

          

  5. Law of SupplyThe amount of goods available.

          

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