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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Questions and Answers

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