Introduction To Business Mid-term

50 Questions  I  By Macbuff9 on October 20, 2011
Introduction to Business Test Encompasses first six weeks of class

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