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The most likely incentive for entrepreneurs to start a new business is

What does scarcity force us to do?

Basic ECON Quiz

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Basic economics quiz

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Questions 9

Answers

1
What does scarcity force us to do?
Produce More
Spend Less
Produce Less
Make Choices
2
The most likely incentive for entrepreneurs to start a new business is
to make a profit
to risk financial failure
to create a new social benefit
to discover a patent
3
Workers on an assembly line are an example of
homogenization
specialization
entrepreneurs
allocation
4
In a command economy, how are the prices of goods and services determined?
business owners
the central government
market forces of supply and demand
independent agencies and independent regulators
5
Which of these terms is the BEST synonym for the word "entrepreneur".
business owner
student
home owner
employee
6
In this production possibilities graph, what MIGHT cause the line to move to the left?
an increase in the number of workers
increased demand for basketballs
increased efficiency because of new whoopee cushion tech
a shortage of needed materials
7
What is the Economic Problem?
Crime
Opportunity Cost
Unemployment
Scaracity
8
The opportunity cost of a move from point A to point B is
the decreased production in good X
the increased production in C
the decreased production in good y
the increased production in D
9
What does the Production Possibilities Frontier graph demonstrate?
Marginal Utility
Production Cost
Lost Opportunity
Opportunity Cost