
Importance of Entrepreneurship in the Economy
Authored by Jason Zapanta
Other
University

AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
20 questions
Show all answers
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
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Microsoft
or continue with
%20(1).png)
Apple
Others
Already have an account?