Entrepreneurship Quiz 1

Which era of Entrepreneurship is characterized by information as a commodity which is easily available through computer technology?

• Stone Age

• Agricultural Revolution

• Industrial Revolution

• Information Age

What is the earliest stage of entrepreneurship that began when early humans developed hunting tools?

• Agricultural Revolution

• Stone Age

• Industrial Revolution

• Information Age

What do we call people who worked the land and stayed as the subsistence level during the agricultural revolution?

• Rulers

• Peasants

• Vassal

• Feudal Lords

What theory of entrepreneurship contradicted the classical model based on the proposition that the value of goods does not depend solely on the cost of production but also on the demand side of a closed economy?

• Classical theories of entrepreneurship

• Neoclassical Theory of entrepreneurs

• Economic theories of Entrepreneurship

• Austrian Market process theory of entrepreneurship

Who emphasized that demand and supply determine the price and output of a good?

• Joseph Alois Schumpeter

• Richard Cantillon

• Frank knight

• Alfred Marshall

The following is characterized by entrepreneurship during the stone age EXCEPT:_______

• Use of fire for protection against predators or cold

• Invention of hunting and fishing tools

• Use of wood materials as tools

• Domestication of wild animals

Which among the following happened during the agricultural age?

• Use of wood materials as tools

• Worsening global income inequality

• Mechanization of farms and factory

• Monoculture

Which among the following happened during information age?

• Work at home

• Subsistence farming

• Monoculture

• Beginning of exchange and trade

What term describes the transition from a subsistence economy to one based on surplus production during the agricultural revolution?

• Urbanization

• Industrialization

• Feudalism

• Commercialization

Which of the following is a key characteristic of entrepreneurship during the Industrial Revolution?

• Increased reliance on manual labor

• Development of factory systems

• Focus on local markets

• Emphasis on barter trade