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Entrepreneurship Chapter 2

Authored by Joseph Schneider

Life Skills

9th - 12th Grade

10 Questions

Used 74+ times

Entrepreneurship Chapter 2
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a noneconomic want is

clothing

housing

friendship

cars

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not an example of a service?

lawn care

car wash

bicycle

cable TV installation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a product has inelastic demand, a price increase will cause

consumers to buy more

competitors to enter the market

consumers to buy less

little or no change in the demand for the item

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What determines the type of economic system a country has?

the political beliefs of the country's ruler

the way the basic economic questions are answered

the resources of the country

the demands of the people

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a role of entrepreneurs in the U.S. economy?

supply goods an services to meet consumer needs and wants

provide capital investment and job creation

determine how to allocate natural resources

serve as agents for change

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Another name for economic resources is

factors of production

goods and services

supply and demand

command economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The four basic principles of the U.S. economic system are

private property, freedom of choice, loss, competition

taxed property, freedom of choice, profit, competition

private property, freedom of choice, profit, competition

private property, limited choice, profit, competition

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