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6 Written questions

6 Multiple choice questions

  1. Taxes on the production and sale of specific goods.
  2. Measures how firms will respond to changes in the price of a good.
  3. The amount of goods available.
  4. Government payments that support a business or market.
  5. The sum of fixed and variable costs.
  6. When adding more workers results in increased production.

5 True/False questions

  1. Supply ScheduleA table showing the relationship between various prices and the amount of good one producer is willing to sell at each price.

          

  2. Fixed CostThe sum of fixed and variable costs.

          

  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. To make profit.What is the goal of a business?

          

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

          

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