WorksheetsEntrepreneurship Chapter 2
Total questions: 53
Worksheet time: 27mins
Name
Class
Date
1.
First Name
4 lines
2.
Last Name
4 lines
3.
Block
a)
1st Block
b)
2nd Block
4.
The psychologist who developed a theory on the hierarchy of needs?
a)
Abraham Maslow
b)
Karl Jung
c)
Sigmund Freud
d)
Terrence McKenna
5.
Things that you think you must have in order to feel satisfied are called?
a)
needs
b)
preferences
c)
goals
d)
wants
6.
According to the theory of the hierarchy of needs,
a)
everyone's needs will eventually be satisfied.
b)
everyone has the same needs.
c)
people must satisfy lower-level needs before focusing on higher-level needs.
d)
people should focus on self actualization prior to any other wants.
7.
An example of a noneconomic want is?
a)
clothing
b)
housing
c)
friendship
d)
cars
8.
The three types of economic resources an entrepreneur may use are called?
a)
supply curves
b)
factors of production
c)
production hierarchies
d)
factors of consumption
9.
Raw materials supplied by the environment are called?
a)
human resources
b)
capital resources
c)
natural resources
d)
monetary resources
10.
Capital resources include buildings and equipment?
a)
True
b)
False
11.
The basic level of needs are known as self actualization?
a)
True
b)
False
12.
Needs and wants are unlimited.
a)
True
b)
False
13.
If resources are limited what exist?
a)
scarcity
b)
competition
c)
free enterprise
d)
opportunity cost
14.
Private ownership of resources by individuals rather than by government is what type of government?
a)
socialism
b)
communism
c)
capitalism
d)
independent
15.
There is very little choice in what is available, people are not always able to obtain exactly what they want, the government determines what products and services in this type of economy?
a)
market
b)
command
c)
traditional
d)
mixed
16.
The U.S. economic system is based on four basic principles. Which one is NOT one of the four basic principles?
a)
Private Property
b)
Freedom of Choice
c)
Opportunity Cost
d)
Profit
17.
Setting business goals would be considered primarily a function of?
a)
freedom of choice
b)
management
c)
marketing
d)
production
18.
Which of the following is NOT a function of business?
a)
production
b)
job creation
c)
marketing
d)
finance
19.
The value of the next-best economic alternative is the tradeoff cost?
a)
True
b)
False
20.
A marketing mix is a combination of product, distribution, price and promotion.
a)
True
b)
False
21.
Communism is another name for the economic system in the United States.
a)
True
b)
False
22.
Traditional economies are used in developed countries.
a)
True
b)
False
23.
Opportunity cost is the cost of the last alternative.
a)
True
b)
False
24.
The quantity of a good that consumers are willing to buy?
a)
demand
b)
supply
c)
loan
d)
competition
25.
When a change in price creates a change in demand?
a)
inelastic demand
b)
supply
c)
elastic demand
d)
insurance
26.
When a business owner decides to grow the business he or she should consider the?
a)
equilibrium quantity
b)
marginal cost
c)
economies of scale
d)
variable cost
27.
When a market is dominated by a small number of businesses that gain the majority of total sales it is called?
a)
monopolistic competition
b)
oligopoly
c)
pure competition
d)
factors of production controlled by the government
28.
A market with ________ competition consists of a very large number of businesses producing nearly identical products and has many buyers.
a)
monopolistic
b)
perfect
c)
monopoly
d)
oligopoly
29.
An example of variable cost is rent.
a)
True
b)
False
30.
Salaries are fixed cost.
a)
True
b)
False
31.
Milk would be considered an elastic demand.
a)
True
b)
False
32.
Supply is when suppliers are willing to supply more at a higher price.
a)
True
b)
False
33.
If you were going to start small cake decorating business, the type of market structure would be monopolistic competition.
a)
True
b)
False
34.
John D Rockefeller made how much money in his lifetime?
a)
400 billion
b)
3 trillion
c)
1 million
d)
100 thousand
35.
What were John D Rockefeller's 2 goals?
a)
Create an air plane and live to be 80.
b)
Drive across the country and make 1 trillion dollars
c)
Live to be 100 and make 100 thousand dollars.
d)
Own all the grocery stores in the US and have 10 thousand employees.
36.
What is the name of the company that John D Rockefeller started up that made him the most money?
a)
Sears
b)
Standard Oil
c)
Wal Mart
d)
Home Depot
37.
Which one below is not one of the 4 functions of business?
a)
Marketing
b)
Management
c)
Product
d)
Finance
38.
One of the principles below is that of the US economic system.
a)
Price
b)
Operations
c)
Private Property
d)
Scarcity
39.
Marekting Mix has 4 P's. Which one is not one of the 4 P's.
a)
Product
b)
Price
c)
Profit
d)
Promotion
40.
The 4 types of economic systems are Traditional, Market, Mixed, and Command.
a)
True
b)
False
41.
The value of the next best alternative - the one you pass up.
a)
opportunity cost
b)
scarcity
c)
economics of scale
d)
fixed costs
42.
The process of choosing which needs and wants, among several, you will satisfy using the resources you have is what?
a)
capitalism
b)
economic decision making
c)
market economy
d)
marketing
43.
Finance department will determine which one of 4 p's of the marketing mix works the best.
a)
True
b)
False
44.
Above the ______, fewer people are interested in buying goods and services because they are priced too high.
a)
monopoly
b)
variable costs
c)
equilibrium price
d)
natural resources
45.
_______ measures the advantages of producing one additional unit of a good or service.
a)
Oligopoly
b)
Speicalization
c)
Opportunity cost
d)
Marginal benefit
46.
An example of a nonecomoic want is
a)
clothing
b)
housing
c)
friendship
d)
cars
47.
Which of the following is not an example of a service?
a)
lawn care
b)
car wash
c)
bicycle
d)
cabel TV installation
48.
If a product has inelastic demand, a price increase will cause
a)
consumers to buy more
b)
competitors to enter the market
c)
consumers to buy less
d)
little or no change in the demand for the item
49.
What determines the type of economic system a country has?
a)
the political beliefs of the country's ruler
b)
the way the basic economic questions are answered
c)
the resources of the country
d)
the demands of the people
50.
Which of the following is NOT a role played by entrepreneurs in the US economy?
a)
supply goods and services to meet consumer needs and wants
b)
provide capital investment and job creation
c)
determine how to allocate natural resources
d)
serve as agents for change
51.
Another name for economic resource is
a)
factors of production
b)
goods and services
c)
supply and demand
d)
command economy
52.
If you were going to start a small cake decorating business, which type of market structure would you most likely be entering?
a)
perfect competition
b)
monopolistic competition
c)
oligopoly
d)
monopoly
53.
The four basic principles of the US economic system are
a)
private property, freedom of choice, loss, competition
b)
taxed property, freedom of choice, profit, competition
c)
private property, freedom of choice, profit, competition
d)
private property, limited choice, profit, competition
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