Introduction To Business Mid-term

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

  
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Question Excerpt

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