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WorksheetsU4: Equipment Check #4.3: Vocabulary Debrief #2
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
All of the supply schedules of individual firms in a market added together.
a)
Supply Schedule
b)
Market Supply Schedule
c)
Supply Curve
d)
Supply Graph
2.
A measure of how firms will respond to changes in the price of a good or service
a)
Elasticity of Supply
b)
Inelastic
c)
Unitary Elastic
d)
Elastic
3.
When fixed and variable costs are added together
a)
Marginal Cost
b)
Average Cost
c)
Operating Cost
d)
Total Cost
4.
The amount of a good or service available
a)
Supply
b)
Demand
c)
Surplus
d)
Shortage
5.
Producers will offer more of a good or service as its price increases, and less of a good or service as its price falls
a)
Quantity Supplied
b)
Supply
c)
Law of Supply
d)
Variables
6.
How much of a good or service a producer is willing and able to sell at a specific price
a)
Quantity Supplied
b)
Variable
c)
Supply Curve
d)
Law of Supply
7.
When hiring additional workers actually decreases output
a)
Increasing Marginal Returns
b)
Decreasing Marginal Returns
c)
Negative Marginal Returns
d)
Marginal Product of Labor
8.
A cost that does not change, no matter how much of a good is produced.
a)
Variable Cost
b)
Search Cost
c)
Total Cost
d)
Fixed Cost
9.
The change in output from hiring one more worker
a)
Increasing Marginal Return
b)
Diminishing Marginal Return
c)
Negative Marginal Return
d)
Marginal Product of Labor
10.
The total cost divided by the quantity produced
a)
Variable Cost
b)
Fixed Cost
c)
Average Cost
d)
Operating Cost
11.
A graphic representation of a market supply schedule for all of the firms
a)
Market Supply Curve
b)
Supply Curve
c)
Variables
d)
Supply
12.
The increased returns from hiring workers as a benefit of specialization
a)
Diminishing Marginal Returns
b)
Increasing Marginal Returns
c)
Negative Marginal Returns
d)
Marginal Product of Labor
13.
A government payment to support a business or market
a)
Regulation
b)
Subsidy
c)
Excise Tax
d)
Revenue
14.
Government intervention in the market that affects the price, quantity, or quality of a good
a)
Subsidy
b)
Regulation
c)
Excise Tax
d)
Operating Cost
15.
Excise Tax
a)
on the production, or sale of a good, meant to discourage its use
b)
on the consumption of a good, meant to discourage its use
c)
a payment to support a business or market
d)
None of the choices are correct
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