NAME

Question types


Start with


Question limit

of 17 available terms

Advertisement Upgrade to remove ads
Print test

6 Written questions

6 Multiple choice questions

  1. A plotted supply schedule. It will always rise from left to right, showing that higher prices will create higher output.
  2. Taxes on the production and sale of specific goods.
  3. Measures how firms will respond to changes in the price of a good.
  4. When adding more workers results in increased output but at a decreasing rate.
  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. Even if output is idle and does not change no matter how much of a good is produced.

5 True/False questions

  1. Marginal CostThe extra cost of producing on more unit of a product.

          

  2. SupplyA plotted supply schedule. It will always rise from left to right, showing that higher prices will create higher output.

          

  3. Total CostThe sum of fixed and variable costs.

          

  4. SubsidiesGovernment payments that support a business or market.

          

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