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WebXam Review - Principals of Business - 2 - Economic Principles

Authored by Elizabeth Green

Business

9th - 12th Grade

Used 9+ times

WebXam Review - Principals of Business - 2 - Economic Principles
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes economic goods?

Goods that are free for everyone

Goods that are scarce and have a price attached

Goods that are unlimited in supply

Goods that are not useful to society

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key component of economic activities?

Social media engagement

Innovation and creativity

Production, distribution, exchange, and consumption

Political activism

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of economic resource refers to the physical and mental effort people use to produce goods and services?

Natural resources

Human resources

Financial resources

Capital resources

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a characteristic of a traditional economic system?

Government control of resources and production

Decisions based on customs, traditions, and rituals

Private ownership of resources and production

Market forces determine resource allocation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does entrepreneurship impact market economies?

It leads to decreased competition

It fosters innovation, creates jobs, and drives economic growth

It increases government intervention

It discourages small business development

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between gross and net profit?

Gross profit includes all expenses, while net profit excludes taxes

Gross profit is the total revenue, while net profit accounts for all expenses

Gross profit is before expenses, while net profit is after expenses

Gross profit considers taxes, while net profit does not

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a noncontrollable expense for a business?

Employee salaries

Utility bills

Marketing expenses

Taxes

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