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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Questions and Answers

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