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