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