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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

  
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Question Excerpt

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