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5 Written questions

5 Matching questions

  1. total revenue
  2. business cycle
  3. work ethic
  4. open opportunity
  5. interest group
  1. a a commitment to the value of work and purposeful activity
  2. b a period of macroeconomic expansion followed by a period of contraction
  3. c the concept that everyone can compete in the marketplace
  4. d the total amount of money a firm receives by selling goods or services
  5. e a private organization that tries to persuade public officials the act or vote according to group members' interests

5 Multiple choice questions

  1. the rivalry among sellers to attract customers while lowering costs
  2. an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume
  3. someone 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
  4. the concept that people may decide what agreements they want to enter into
  5. Starbucks expander

5 True/False questions

  1. subsidythe amount of goods available

          

  2. profit motiveA graph of the quantity supplied of a good at different prices

          

  3. elasticdescribes demand that is not very sensitive to a change in price

          

  4. poverty thresholdFounder of BET- A media Company

          

  5. inelasticDescribes demand that is very sensitive to a change in price