Application of Skills Directions

question 6

Multiple Choice

Application of Skills Directions:
Apply the knowledge you have gained from Chapter 21 to choose the best answer to complete the following sentences.
You will need a parking pass _____ the school requires one to park on campus.

• A) before
• B) even though
• C) although
• D) because

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Definitions:

Demand Curve

A graph showing how the quantity demanded of a good or service varies with its price.

Elastic

A characteristic of a good or service where its demand or supply changes significantly when its price changes.

Average Costs

The total costs of production (fixed and variable) divided by the total quantity of output produced.

Central Planning Model

A system of economy where all choices regarding the creation and use of goods and services are made by the government.