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WorksheetsEntrepreneurship Chapter 2
Total questions: 20
Worksheet time: 10mins
Earning a college degree would belong in which stage of Maslow's Hierarchy of needs?
Self-Actualization
Physiological
Social
Security
Which of the following is an example of a need?
A new MP3 player
A warm coat in winter
Dinner at the best restaurant in town
Concert Tickets
Your needs and wants:
are the same as everybody else's.
are never ending.
can all be satisfied if you have enough money.
all of the above.
Which of the following would be considered a capital resource?
the oil used to run machinery
employees who work on an assembly line
executives who decide how to operate a business
a truck used to make deliveries
Individuals and businesses decide what, how, and for whom goods and services are produced in a:
Market Economy
Traditional Economy
Complex Economy
Command Economy
The private ownership of resources by individuals rather than the government is called:
Objectivism
Socialism
Capitalism
Communism
How does competition benefit consumers?
It forces a business to improve products.
It encourages businesses to provide good customer service.
It provides an incentive for businesses to keep prices as low as possible.
All of the above
Demand is probably MOST inelastic for which of the following items?
Refrigerators
Diamonds
Milk
Filet Mignon Steak
____________ exists when there is only one provider of a product or service.
Perfect Competition
An Oligopoly
Monopolistic Competition
A Monopoly
Sunshine Bakery had the following costs for the month: Rent: $700, Flour: $1,500, Insurance: $350, Loan Payment: $1,400. What were the total fixed costs for Sunshine Bakery for the month?
$1,500
$3,950
$2,450
There are no fixed costs given.
________________ are the means through which goods and services are produced.
Economic Resources
Marketing Mix
Specialization
Scarcity
In a(n) __________________ economy, the government determines what, how, and for whom products and services are produced.
Market
Mixed
Command
Traditional
The difference between the revenues earned by a business and the costs of operating a business is called ______________.
Competition
Freedom of Choice
Profit
Demand
_________________ occurs because people's needs and wants are unlimited but the resources to meet those needs and wants are limited.
Scarcity
Specialization
Demand
Oligopoly
_________________ cost measures the disadvantages of producing one additional unit of a good or service.
Marginal
Fixed
Variable
Equilibrium
A(n) _________________ exists when a market is dominated by a small number of businesses that gain the majority of total sales revenue.
Oligopoly
Marginal Benefit
Equilibrium Price
Monopoly
