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