Entrepreneurship - Ch.2 Review

Entrepreneurship - Ch.2 Review

9th - 12th Grade

12 Qs

quiz-placeholder

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Entrepreneurship - Ch.2 Review

Entrepreneurship - Ch.2 Review

Assessment

Quiz

Business

9th - 12th Grade

Medium

Created by

Christopher Grace

Used 1+ times

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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1.    The equilibrium price is

a.  the price set by the government

a.   the price at which supply equals demand

a.  the price at which exports equal imports

a.   the price set by the foreign exchange rate

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

    Profit is beneficial to entrepreneurs because

profit builds wealth and financial independence

profit is the equilibrium quantity on a supply and demand curve

profit is a barrier to international trade

profit is the answer to one of the fundamental questions of economics

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

    A market economy is also called

socialism

capitalism

free enterprise system

capitalism and free enterprise system

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The profit motive is

the money left over after expenses are subtracted from sales

the economics of one unit

a reason entrepreneurs take on business risks

profit calculated as a percentage of expenses

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements about competition is false?

competition motivates entrepreneurs to introduce new products to consumers

competition between suppliers drives prices upward

competition between consumers benefits suppliers

competition occurs between suppliers and between consumers

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Importing and exporting are activities primarily associated with

nonprofit organizations

the profit motive

the economics of one unit

the global economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The economics of one unit is a calculation of

the equilibrium quantity on a supply curve

how many items an entrepreneur has for sale

the profit or loss associated with a unit of sale

foreign demand for an entrepreneur’s product

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