6 Written questions
6 Multiple choice questions
- Taxes on the production and sale of specific goods.
- Measures how firms will respond to changes in the price of a good.
- The amount of goods available.
- Government payments that support a business or market.
- The sum of fixed and variable costs.
- When adding more workers results in increased production.
5 True/False questions
Supply Schedule → A table showing the relationship between various prices and the amount of good one producer is willing to sell at each price.
Fixed Cost → The sum of fixed and variable costs.
Variable Cost → Changes when business output changes or when rate of operation changes. Includes raw materials, ingredients, supplies, gasoline, electricity, natural gas, and wages for hourly workers.
To make profit. → What is the goal of a business?
Negative Marginal Returns → When adding more workers results in increased production.