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