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Introduction To Business Mid-term

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

  
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Question Excerpt

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