Key American Documents
What document explains why the colonies shouldn't be ruled by Great Britain?
A. Bill of Rights
B. Constitution
C. Declaration of Independence
C. Declaration of Independence
Who may lower their prices to get people to buy from them?
A. Competition
B. Sellers
C. Consumer
B. Seller
What is the opposite of profit?
A. Money
B. Losses
C. Cost
B. Losses
What does the equation of Total Revenue look like?
We are selling 1,200 boxes of cat treats. The actual price is $8, but our price is $16.
1,200 x 8
Who believed no one can take away a persons natural rights?
A. John Adams
B. James Madison
C. Thomas Jefferson
C. Thomas Jefferson
What is the first 10 Amendments of the Constitution called?
A. Amendment 5
B. Bill of Rights
C. Natural Rights
B. Bill of Rights
Unfair treatment based on their race is an example of what?
A. Discrimination
B. Free Choice
C. Exchange
A. Discrimination
What term refers to all money a business brings in?
A. Cost
B. Revenue
C. Legal
B. Revenue
What does the equation of Total Cost look like?
We are selling 4,000 notebooks. The actual price is $4, but our price is $8.
4,000 x 8
Who is called the Father of Economics?
A. John Adams
B. James Madison
C. Alexander Hamilton
B. James Madison
John Adams is called what?
A. The Father of Economics
B. The Father of the Constitution
C. The Father of Law
B. The Father of the Constitution
What gets businesses to provide goods and services?
A. Free Enterprise
B. Profit Incentive
C. Property
B. Profit Incentive
What type of production cost remains the same no matter how much is produced?
A. Consumer Cost
B. Variable Cost
C. Fixed Cost
C. Fixed Cost
Solve the equation for Total Revenue?
Our company is selling 6,000 cups. The average price is $10, our price were selling at is $16.
6,000 x 10= $60,000
What can you own and control in a free Enterprise system?
A. Business
B. Property
C. Nothing
B. Property
Who was the writer of the Declaration of Independance?
A. Thomas Jefferson
B. John Adams
C. King George III
A. Thomas Jefferson
What is it called when 2 to 3 people buy and sell without being forced?
A. Free Enterprise
B. Natural Rights
C. Voluntary Exchange
C. Voluntary Exchange
What is another name for a fixed cost?
A. Overhead
B. Insurance
C. Labor
A. Overhead
Solve the equation for Total Cost?
Our company is selling 6,000 cups. The average price is $10, our price were selling at is $16.
6,000 x 16= $96,000
What it is called when you are told you no longer have a job?
A. Laid Off
B. Fired
C. Vacation
A. Laid Off
What explains when the government has the right to take private property?
A. Amendment 5
B. Amendment
C. Bill of Rights
A. Amendment 5
What is the system of the American economy?
A. Free Enterprise
B. Market
C. Capitalist
A. Free Enterprise
What type of production cost changes depending on how much a business produces?
A. Variable Cost
B. Fixed Cost
C Investment
A. Variable Cost
If our Total Revenue is 82,450, and our Total Cost is 120,430. What is out profit
82,450 - 120,430= $37,980
What do businesses and consumers compete in?
A. Market
B. Government
C. Profit
A. Market