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5 Written questions

5 Matching questions

  1. market failure
  2. free rider
  3. competition
  4. welfare
  5. Robert L Johnson
  1. a the rivalry among sellers to attract customers while lowering costs
  2. b 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
  3. c Government aid to the poor
  4. d a situation in which the market does not distribute resources efficiently
  5. e Founder of BET- A media Company

5 Multiple choice questions

  1. a commitment to the value of work and purposeful activity
  2. describes demand that is not very sensitive to a change in price
  3. Starbucks expander
  4. a government payment that supports a business or market
  5. 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 True/False questions

  1. demandGovernment aid to the poor


  2. operating costfixed costs plus variable costs


  3. variablea factor that can change


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


  5. substitutesgoods used in place of one another


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