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5 Written questions

5 Matching questions

  1. work ethic
  2. welfare
  3. open opportunity
  4. market failure
  5. profit motive
  1. a a situation in which the market does not distribute resources efficiently
  2. b the concept that everyone can compete in the marketplace
  3. c Government aid to the poor
  4. d the force that encourages people and organizations to improve their material well-being
  5. e a commitment to the value of work and purposeful activity

5 Multiple choice questions

  1. dropped out of school, went back, met Colonel Sander, turned down ownership of KFC, opened 1st Wendy's in 1969, billionaire by age 30
  2. founder of Latina Magazine in 1996
  3. the cost of operating a facility, such as a store or factory
  4. Two goods that are bought and used together
  5. A graph of the quantity supplied of a good at different prices

5 True/False questions

  1. Robert L Johnsonfixed costs plus variable costs

          

  2. substitutesa government payment that supports a business or market

          

  3. free contractthe concept that people may decide what agreements they want to enter into

          

  4. poverty thresholdAn income level below that which is needed to support families or households

          

  5. competitionTwo goods that are bought and used together