Importance of  Entrepreneurship in the Economy

Importance of Entrepreneurship in the Economy

University

20 Qs

quiz-placeholder

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Importance of  Entrepreneurship in the Economy

Importance of Entrepreneurship in the Economy

Assessment

Quiz

Other

University

Hard

Created by

Jason Zapanta

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20 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is a problem a nation might attempt to solve through its economic system?

limited supply of goods and services

democracy

entrepreneur’s profit motive

all of the above

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The equilibrium price is

the price set by the government

the price at which supply equals demand

the price at which exports equal imports

the price set by the foreign exchange rate

3.

MULTIPLE CHOICE QUESTION

1 min • 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

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A market economy is also called

socialism

capitalism

free enterprise system

b and c

5.

MULTIPLE CHOICE QUESTION

1 min • 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

profi t calculated as a percentage of expenses

6.

MULTIPLE CHOICE QUESTION

1 min • 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

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Importing and exporting are activities primarily associated with

nonprofit organizations

the profit motive

the economics of one unit

the global economy

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