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6 Written questions

6 Multiple choice questions

  1. Taxes on the production and sale of specific goods.
  2. A table showing the relationship between various prices and the amount of good one producer is willing to sell at each price.
  3. The extra cost of producing on more unit of a product.
  4. A table showing the relationship between various prices and the amount of good all firms in the market are willing to sell at each price.
  5. When more workers causes output to decrease because they get in one another's way or there is not enough work to keep everyone busy.
  6. Government payments that support a business or market.

5 True/False questions

  1. Law of SupplyThe amount of goods available.

          

  2. SupplyThe amount of goods available.

          

  3. Variable CostChanges when business output changes or when rate of operation changes. Includes raw materials, ingredients, supplies, gasoline, electricity, natural gas, and wages for hourly workers.

          

  4. Total CostEven if output is idle and does not change no matter how much of a good is produced.

          

  5. Increasing Marginal ReturnsWhen adding more workers results in increased production.