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Introduction To Business Mid-term

50 Questions  I  By Macbuff9
Introduction to Business Mid-Term
Introduction to Business Test
Encompasses first six weeks of class

  
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Question Excerpt

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