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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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Question Excerpt

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