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