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Unit 4 - Economic Principles

Quiz by Kathleen Brown

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10 questions
Show answers
  • Q1
    What is gross profit?
    The cost of labor to produce a product
    A negative net profit, so the company experiences a loss
    The money left over after the cost of making a product or providing a service
    30s
  • Q2
    If all other factors are equal, what will happen to the supply of a product if the price goes up?
    The demand will decrease
    The supply will increase.
    The supply will decrease
    30s
  • Q3
    As a factor of production, what is capital?
    The natural resources used to create a product
    The entrepreneur who sees how to make something useful
    The tangible products made by labor
    30s
  • Q4
    Which of the following terms is also known as the bottom line?
    Net Profit
    Revenue
    Loss
    30s
  • Q5
    If 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
  • Q6
    A product is scarce when what happens?
    It gets new indirect competitors.
    Demand is greater than supply.
    Supply is greater than demand.
    30s
  • Q7
    Every tangible product is made up of what?
    Land
    Wealth
    Entrepreneurship
    30s
  • Q8
    What is an industrial good?
    A good that is purchased by a business for producing other products
    A scarce good with a high price
    An industrial good is a good that is purchased by a business for producing other products.
    30s
  • Q9
    A company claims that its products are better quality than other similar products. What type of competition is this?
    Nonprice
    Demand
    Supply
    30s
  • Q10
    What is Value?
    The scarcity of a product
    The amount that a product or service is worth
    The revenue a company receives in one year
    30s

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