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