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