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