
Profit Motive
Authored by John Robinson
Social Studies
12th Grade

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25 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Driving force that encourages people and organizations to improve their material well-being.
FOMO
Market Economy
Profit Motive
Voluntary Exchange
2.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
A risk-taker in search of profits who does something new with existing resources
Scarcity
Competition
Profit Motive
Entrepreneur
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The incentive to improve material well-being by seeking to gain from economic activities is called
legal equality
marginal benefit
open opportunity
profit motive
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Most people are inspired to start a business by the
free contract clause
marginal benefit
open opportunity clause
profit motive
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Tom was working as a delivery driver for the local pizza store. In 2014, he made approximately $20,000 for the entire year delivering pizza and performing other jobs around the pizza store. In 2015, he decided to quit his pizza job to open his own bike rental store on the local bike trails. In 2015, Tom brought in a total revenue of $50,000 while he had total explicit costs of $30,000. These costs included both fixed and variable costs such as wages for his workers, leasing the building, buying bikes, and buying other resources needed for maintaining the bikes. In 2015 Tom achieved
an economic profit of $50,000
an accounting loss of $30,000
zero accounting profit
an economic profit of $20,000
an accounting profit of $20,000
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A star athlete receives an offer of $100 million from a major shoe company for a contract to exclusively endorse its products and also receives the same offer from a competing company. If he accepts the contract offer from the first company, an economist would say that based on this information, the contract earns him
an economic profit of $100 million because he incurred no costs.
an economic profit of $100 million because his explicit costs are zero.
a normal profit because his opportunity cost is equal to the payment from the contract he accepts.
an economic loss because he is unable to accept both contracts.
an accounting loss because he is unable to accept both contracts.
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Once a business has paid all of its costs, the money left over is ___
revenue
profit
supply
tax
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