Unit 4 - Economic Principles
Quiz by Kathleen Brown
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10 questions
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- Q1What is gross profit?A negative net profit, so the company experiences a lossThe cost of labor to produce a productThe money left over after the cost of making a product or providing a service30s
- Q2If all other factors are equal, what will happen to the supply of a product if the price goes up?The supply will decrease.The demand will increase.The supply will increase.30s
- Q3As a factor of production, what is capital?The natural resources used to create a productThe entrepreneur who sees how to make something usefulThe tangible products made by labor30s
- Q4Which of the following terms is also known as the bottom line?Net ProfitLossRevenue30s
- Q5What is an industrial good?A scarce good with a high priceA good that is purchased by a business for producing other productsA good that is purchased by a business for producing other products30s
- Q6A product is scarce when what happensSupply is greater than demand.It gets new indirect competitors.Demand is greater than supply.30s
- Q7Every tangible product is made up of what?LandEntrepreneurshipWealth30s
- Q8What is an industrial good?A scarce good with a high priceA good that is purchased by a business for producing other productsA good that is marketed using price competition30s
- Q9A company claims that its products are better quality than other similar products. What type of competition is this?DemandSupplyNonprice30s
- Q10What is value?The amount that a product or service is worthThe revenue a company receives in one yearThe scarcity of a product30s