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Unit 4 - Economic Principles
Quiz by Kathleen Brown
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10 questions
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- Q1What is gross profit?The cost of labor to produce a productA negative net profit, so the company experiences a lossThe 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 demand will decreaseThe supply will increase.The supply will decrease30s
- 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 ProfitRevenueLoss30s
- Q5If a product becomes more easily available, what is likely to happen?The product will get more competitors.The price will go down.The cost of making the product will increase.30s
- Q6A product is scarce when what happens?It gets new indirect competitors.Demand is greater than supply.Supply is greater than demand.30s
- Q7Every tangible product is made up of what?LandWealthEntrepreneurship30s
- Q8What is an industrial good?A good that is purchased by a business for producing other productsA scarce good with a high priceAn industrial good is a good that is purchased by a business for producing other products.30s
- Q9A company claims that its products are better quality than other similar products. What type of competition is this?NonpriceDemandSupply30s
- Q10What is Value?The scarcity of a productThe amount that a product or service is worthThe revenue a company receives in one year30s