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5 Written questions

5 Matching questions

  1. Milton Hershey
  2. demand
  3. fixed cost
  4. work ethic
  5. Dave Thomas
  1. a a commitment to the value of work and purposeful activity
  2. b the desire to own something and the ability to pay for it.
  3. c an American manufacturer and philanthropist who founded one of the world's largest confectionery companies, the Hershey Chocolate Company
  4. d dropped out of school, went back, met Colonel Sander, turned down ownership of KFC, opened 1st Wendy's in 1969, billionaire by age 30
  5. e a cost that does not change, no matter how much of a good is produced

5 Multiple choice questions

  1. Founder of BET- A media Company
  2. describes demand that is not very sensitive to a change in price
  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 process used to produce a good or service
  5. 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

5 True/False questions

  1. complementsTwo goods that are bought and used together

          

  2. total revenuefixed costs plus variable costs

          

  3. Howard ShultsStarbucks expander

          

  4. demand curvea graphic representation of a demand schedule

          

  5. subsidya government payment that supports a business or market

          

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