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5 Written questions

5 Matching questions

  1. technology
  2. market failure
  3. open opportunity
  4. substitutes
  5. inelastic
  1. a describes demand that is not very sensitive to a change in price
  2. b the process used to produce a good or service
  3. c a situation in which the market does not distribute resources efficiently
  4. d the concept that everyone can compete in the marketplace
  5. e goods used in place of one another

5 Multiple choice questions

  1. Two goods that are bought and used together
  2. the concept that people may decide what agreements they want to enter into
  3. founder of Latina Magazine in 1996
  4. the amount of goods available
  5. Government aid to the poor

5 True/False questions

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

          

  2. Howard Shultsfixed costs plus variable costs

          

  3. business cyclea cost that does not change, no matter how much of a good is produced

          

  4. interest groupa private organization that tries to persuade public officials the act or vote according to group members' interests

          

  5. free riderthe concept that people may decide what agreements they want to enter into