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Introduction To Business Mid-term

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

  
Changes are done, please start the quiz.


Question Excerpt

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