Introduction To Business Mid-term

50 Questions  I  By Macbuff9 on October 20, 2011
Introduction to Business Test Encompasses first six weeks of class

  
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1.  In a monopoly, how many firms or businesses are involved in a particular market?
A.
B.
C.
2.  The United States of America employs what type of economic system?
A.
B.
C.
D.
3.  How are sunk costs recovered by a business?
A.
B.
C.
D.
4.  Which of the following is the best definition for alternative?
A.
B.
C.
5.  The Dating Game exemplified which two economic terms the most
A.
B.
C.
6.  In an oligopoly, how many firms are typically involved ni a particular market?
A.
B.
C.
7.  Which economist started the whole economics field?
A.
B.
C.
D.
8.  Which one of the following is not an example of the factors of production?
A.
B.
C.
D.
9.  How is a trade-off different than an alternative?
A.
B.
C.
10.  Choice in terms of economics is best explained as...
A.
B.
C.
11.  Which of the following is considered a tangible good?
A.
B.
C.
D.
12.  Which of the following is the best example of opportunity cost?
A.
B.
C.
13.  Private wants are held by private individuals
A.
B.
14.  As it pertains to choice, choosing is refusing.
A.
B.
15.  A service is....
A.
B.
C.
16.  A __________________ is a person who selects, purchases, uses, or disposes of goods or services.
17.  When your satisfaction level decreases after every use, what is that termed?
A.
B.
C.
D.
18.  What is a Global Economy?
A.
B.
C.
19.  The contest between businesses to win customers.
20.  Things we must have to survive are called________________
21.  What are needs considered?
A.
B.
C.
22.  What do most situations in life involve?
A.
B.
C.
D.
23.  The United States utilizes a free enterprise economy.
A.
B.
24.  What is a normative opinion in business and economics?
A.
B.
C.
D.
25.  What are the three things that competition leads to?
A.
B.
C.
26.  All choices have consequences both positive and negative
A.
B.
27.  A positive incentive is best characterized as which of the following?
A.
B.
C.
28.  Which one of the following is an alternative?
A.
B.
C.
29.  What does the degree of competition affect the most?
A.
B.
C.
30.  What is a preference?
A.
B.
C.
31.  Which of the following is a synonym for utility?
A.
B.
C.
D.
32.  What is an economic plan?
A.
B.
C.
33.  What is one key component of Adam Smith's economic theory?
A.
B.
C.
D.
34.  Most people have unlimited wants for goods and services.
A.
B.
35.  How is opportunity cost best defined when it comes to economics?
A.
B.
C.
36.  What are the three elements of the economic trilogy?
A.
B.
C.
D.
37.  S.O.L is an abbreviation for what.
A.
B.
C.
D.
38.  When something is preferred to another product, it is a_______________
39.  A loss is best defined as ...
A.
B.
C.
40.  What is the free market according to Adam Smith?
A.
B.
C.
41.  Which of the following is an example of the free rider problem?
A.
B.
C.
42.  The Soviet Union or Cuba is best described as what type of economic system...
A.
B.
C.
43.  If total revenue was $100.00 If total cost was $35.00 Your total profit is $65.00
A.
B.
44.  Microeconomics is best described as...
A.
B.
C.
45.  A good can be physically weighed or measured.
A.
B.
46.  What is the major goal of economics?
A.
B.
C.
47.  Which of the following is an example of public property?
A.
B.
C.
D.
48.  The amount of money left over after a business has paid for the cost of producing its goods and services.
49.  What is a public want?
A.
B.
C.
D.
50.  Things we wish we could have.
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