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Microeconomics and Entrepreneurship — Test Answers

25 verified answers
21
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According to the law of supply, price and quantity move

A
along a track in the same direction.
B
along a track in opposite directions.
C
from the same point away from one another.
D
from different points toward one another.
22
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Private property is land or goods

A
owned by an individual.
B
owned by the government.
C
used for taxation.
D
used by state officials.
23

Profit equals the total amount of money made minus

A
revenue.
B
prices.
C
supply.
D
expenses.
24

Brenda’s Boards manufactures skateboards. Each skateboard sells for $45 and includes the following expenses: $3 for the wheels and mounts, $1 for the plastic board, $1 for the paint, and $10 for the labor. What is the total revenue the company makes after selling 10 boards?

A
$300
B
$350
C
$400
D
$450
25

An entrepreneur is someone who

A
starts and runs a business.
B
works for multiple developing businesses.
C
is an employee of a business.
D
invents products for other businesses.

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