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WorksheetsEntrepreneurship Chapter 2
Total questions: 10
Worksheet time: 5mins
An example of a noneconomic want is
clothing
housing
friendship
cars
Which of the following is not an example of a service?
lawn care
car wash
bicycle
cable TV installation
If a product has inelastic demand, a price increase will cause
consumers to buy more
competitors to enter the market
consumers to buy less
little or no change in the demand for the item
What determines the type of economic system a country has?
the political beliefs of the country's ruler
the way the basic economic questions are answered
the resources of the country
the demands of the people
Which of the following is NOT a role of entrepreneurs in the U.S. economy?
supply goods an services to meet consumer needs and wants
provide capital investment and job creation
determine how to allocate natural resources
serve as agents for change
Another name for economic resources is
factors of production
goods and services
supply and demand
command economy
The four basic principles of the U.S. economic system are
private property, freedom of choice, loss, competition
taxed property, freedom of choice, profit, competition
private property, freedom of choice, profit, competition
private property, limited choice, profit, competition
Which of the following is NOT a function of business
production
marketing
job creation
finance
If you were going to start a small cake decorating business, which type of market structure would you most likely be entering?
perfect competition
monopolistic competition
oligopoly
monopoly
The Ford Motor Company operates in which type of market structure?
perfect competition
monopolistic competition
oligopoly
monopoly
