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Economic Basics Flashcards | StudBud
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Economic Basics
Economic Basics
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StudBud Administration
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Test your knowledge of Economic Fundamentals so far!
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
The Law of Demand states that as price increases, demand will _______
stay the same
decrease
increase
depends if it's the 3rd Friday of the month
2
Revenue and Profit mean the same thing.
False
True
3
If the price for hotdog buns went down, which product would most likely begin to sell more?
Lettuce
Milk
Mustard
Bottled Water
4
If the number of producers for black leather jackets goes up, the supply for those jackets will likely:
Go Up
Stay the Same
Go Down
Depends on the flux of graviton waves
5
Any business must have ______________
Tangible Goods
Employees
Consumers
The Ambition to Earn Profits
6
The equation to calculate profit is:
Revenue - Expenses = Profit
Gains - Losses = Profits
Yield - Revenue = Profit
Expenses - Revenue = Profit
7
The Law of Supply states that price and supply have a(n) ______________ relationship.
father, son
good
inverse
direct
8
Calculate Profit: it costs Lululemon $20 to make a pair of pants, and they sell 5 at $120 each
Profit = $500
Profit = $550
Profit = $520
Profit = $400
9
A Not for Profit is able to stay afloat in the competitive business climate through:
Revenue from selling goods / services
Charitable donations
All of the Above
Tax breaks from the government
10
My favourite topic this semester was...
Entrepreneurship & Business Leadership
Marketing
International Business
Accounting
11
Which of the following products would most likely experience a decrease in demand with an aging population?
Cars
Video Games
Coffee
Groceries
12
A "White Collar" job usually describes...
Door to door sales
An office job
An outdoor labour job
A job making nice clothing
13
Which of the following businesses isn't a Not for Profit?
Value Village
Salvation Army
Canadian Cancer Society
The Red Cross
14
Which of the following is NOT something we discussed that could directly affect demand
change in number of stores/producers
future expectations
price of related goods
fluctuating trends
15
In Canada, for a business to be considered "Large" it must have more than ______ employees.
700
600
500
400
