Final Review

Which of the following is not an example of leadership skills necessary for entrepreneurs?

• planning

• confidence

• reading

• motivation

Which of the following is a reason that natural resources are considered limited?

• People lack training or skills needed to do a job.

• Technology has advanced faster than training.

• Some countries are unable to manufacture them.

• The earth has certain boundaries.

Which of the following groups of words best describes wants?

• Limited, changing, and compensating

• Unlimited, changing, and competing

• Limited, unchanging, and competing

• Unlimited, unchanging, and compensating

A farmer has 1000 acres and decides to plant apple trees on 800 acres and raise cows on the remaining 200 acres. If he wanted to raise more cows, he would have to reduce the amount of land allotted to growing apples. This is an example of:

• Distribution

• Opportunity cost

• Efficiency

• Utility

Which of the following is an example of an economic need?

• Food

• Tennis shoes

• Baseball glove

• Car stereo

Which of the following items would be considered a noneconomic want?

• A car

• Nutritious food

• A walk

• New clothing

What type of service is a local dry cleaner that launders and presses shirts providing to its customers?

• Industrial supplies

• Specialty goods

• Tangible items

• Consumer services

How can an intrapreneur best be described?

• A corporate executive who develops new enterprises within a corporation

• Someone employed by another for wages or salary

• A person who organizes, operates, and assumes the risk for a business venture

• A person responsible for devising an idea, taking risks, and establishing a business

Which of the following is a renewable natural resource?

• Water

• Crude oil

• Trees

• Mineral deposits

Which of the following is not an advantage of entrepreneurship?

• Control

• Flexibility

• Costs

• Legacy