1. What is defined as the total amount of money a firm receives by selling goods or services? Total Revenue Loss Wages Marginal Cost

2. What law exhibits the tendency of suppliers to offer more of a good at higher prices? Law of Supply Law of Demand Law of Attraction Law of Diminishing Returns

3. Which cost does not change, regardless of how much is produced
Which cost does not change, regardless of how much is produced? Fixed Variable Inferior Normal

4. Which cost rises or falls depending on how much is produced
Which cost rises or falls depending on how much is produced? Fixed Variable Inferior Normal

5. At what point does quantity demanded and quantity supplied become equal? Equilibrium Ceiling Minimum Maximum

6. When the quantity demanded is more than the quantity supplied what economic situation has occurred? Shortage Surplus Equilibrium Perfect

7. What economic situation has occurred when the quantity supplied is more than the quantity demanded? Shortage Surplus Equilibrium. Perfect

8. In which of the following markets are goods sold illegally
In which of the following markets are goods sold illegally? Black Market Flea Market Super Market Stock Market

9. What is Microsoft considered
What is Microsoft considered? Franchise Corporation Sole-Proprietorship Partnership

10. What is Taco Bell considered
What is Taco Bell considered? Franchise Corporation Sole-Proprietorship Partnership

11. What is the easiest type of business to start up
What is the easiest type of business to start up? Franchise Sole-Proprietorship Corporation Partnership

12. What is the most expensive type of business to start up
What is the most expensive type of business to start up? Partnership Corporation Sole-Proprietorship Lemonade Stand

13. Which of the following are barriers for companies to enter a market
Which of the following are barriers for companies to enter a market? Start up costs Technology Management A and B

14. What is considered a market dominated by a single seller
What is considered a market dominated by a single seller? Oligopoly Monopoly Franchise Copyright

15. What type of license gives the inventor of a new product the exclusive right to sell it for a certain period of time? (Ex. Windows XP) License Patent Franchise Monopoly

16. What type of market is dominated by a few large firms. (Ex
What type of market is dominated by a few large firms? (Ex. Soft drink industry) Monopoly Oligopoly Firms Collusion

17. What laws have been created to encourage competition in the marketplace? Trust Predatory Antitrust Dishonest

18. What occurs when two or more companies combine into a single firm. (Ex
What occurs when two or more companies combine into a single firm? (Ex. Chrysler and Mercedes Benz) Merger Collusion Deregulation Antitrust

19. What is defined as the removal of some government controls over a market? (Ex. Allowing Competition in the Local Telephone Market) Merger Deregulation Collusion Price Fixing

20. What is the failure to repay a loan called
What is the failure to repay a loan called? Repay Default Loan Sharking Credit Limit

21. When you receive a Credit Card it will have a preset dollar limit you may charge, what is this called? Credit Limit Debit Limit Credit Card Charge Card

22. Which type of card directly debits your bank account for the purchase you are making? Charge Card Debit Card ATM Card Credit Card

23. What is the most commonly used form of computing finance charges
What is the most commonly used form of computing finance charges? Average Daily Balance Previous Balance Adjusted Balance Two-Cycle Balance

24. What type of fee occurs once a year for using a particular credit card
What type of fee occurs once a year for using a particular credit card? Finance Charge Annual Fee Grace Period Limit Fee

25. What is the time period between when you’re billed and when you have to pay considered? Grace Period Finance Charge Limit Fee Annual Fee

26. What is the withdrawal of money from an ATM with your credit card called? Cash advance Purchase Point-of-sale purchase Finance Fee

27. Which of the following are NOT asked when filling out an application for a loan? Your employment status Your current debts Your References Your Race

28. Which of the following questions will you NOT ask yourself when you are looking for a loan? How much can I borrow? How much will it cost? What if I don’t pay on time? None of the above

29. What is the amount you pay to an insurance company for coverage considered? Deductible Premium Collision Liability

30. What is the amount of expenses that you must pay before the insurer will cover any expenses considered? Premium Deductible Collision Liability