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Economics Quiz prepare for 3rd month test

Authored by Jessica huan

Business

9th - 12th Grade

Used 4+ times

Economics Quiz prepare for 3rd month test
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23 questions

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1.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

Production is a process that involves converting ________ into goods or services.

2.

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1 min • 1 pt

Renewable resources are those that can be used repeatedly and do not run out because they are ________.

3.

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30 sec • 1 pt

Non-renewable resources are natural resources that cannot be replaced quickly enough to keep up with ________.

4.

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1 min • 1 pt

The four factors of production include land, labour, capital, and ________.

5.

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30 sec • 1 pt

Working capital refers to stocks of raw materials and components, including stocks of ________ that are waiting to be sold.

6.

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30 sec • 1 pt

Variable Costs are costs that ________ as a firm produces more output.

7.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

Total Profit is calculated as Total Revenue minus _____________.

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