6 Written questions
6 Multiple choice questions
- The sum of fixed and variable costs.
- Measures how firms will respond to changes in the price of a good.
- A table showing the relationship between various prices and the amount of good one producer is willing to sell at each price.
- Refers to the amount of good a producer is willing and able to sell at a certain price.
- 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.
- Producers will offer more goods as prices rise and less as prices fall.
5 True/False questions
To make profit. → What is the goal of a business?
Excise Taxes → Government payments that support a business or market.
Diminishing Marginal Returns → When adding more workers results in increased production.
Fixed Cost → The sum of fixed and variable costs.
Variable Cost → The extra cost of producing on more unit of a product.