Unit 1 Entrepreneurship

Question 1

In a socialist economy you’re allowed to be capitalist or free market

Accepted Answer

True

Question 2

A ___________ is when many business people support a candidate for higher education

Accepted Answer

Sponsorship

Question 3

What lets the buyer beware?

Accepted Answer

Caveat emptor

Question 4

What is the amount of goods or services providers are willing and able to sell ata given price?

Accepted Answer

Supply

Question 5

Socialist economies has which of the following?

Accepted Answer

Government controls major portions education&transportation.

Question 6

What kind of economy does supply and demand controls product availability?

Accepted Answer

Capitalist

Question 7

The amount of goods or services consumers are willing and able to purchase at a given price

Accepted Answer

Demand

Question 8

Which is a factor of production?

Accepted Answer

Availability of materials

Question 9

Which of the following is NOT a barrier to small business/entrepreneurial success?

Accepted Answer

Sponsorship

Question 10

Which of the following is not one of the 3 basic economic questions?

Accepted Answer

Where is it produced?

Questions 10