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