Chapter 1: Revenue, Expenses, Factors of Production, Supply and Demand Quiz
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Questions and Answers

What is the formula for calculating revenue?

  • Revenue = Price / Quantity
  • Revenue = Price + Quantity
  • Revenue = Price x Quantity (correct)
  • Revenue = (Price x Quantity) / 2

    • Which of the following is NOT a factor of production or economic resource?

  • Machinery (correct)
  • Land
  • Capital
  • Labor

    • Which principle is NOT part of the six Corporate Social Responsibility (CSR) principles?

  • Profit maximization (correct)
  • Environmental protection
  • Fair labor policies
  • Truth in advertising

    • What is the term used for the unauthorized trading of securities by individuals with access to non-public information?

    <p>Insider trading</p> Signup and view all the answers

    Which of the following is NOT a form of business ownership mentioned in the text?

    <p>Limited liability company (LLC)</p> Signup and view all the answers

    What is the term used for a situation where a company moves some of its operations to another country to take advantage of lower costs?

    <p>Offshoring</p> Signup and view all the answers

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