Introduction To Business Mid-term

50 Questions  I  By Macbuff9
Business Quizzes & Trivia
Introduction to Business Test Encompasses first six weeks of class

  
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Question Excerpt

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