Duplicate of Exam 1 Prep - ENT 2000 - FA18

Question 1

To "reason" this way is to identify foundational assumptions surrounding a problem/opportunity.

Accepted Answer

using first principles

Question 2

Entrepreneurship can best be defined as a:

Accepted Answer

process

Question 3

Being forced to live an entrepreneurial life, is called:

Accepted Answer

necessity-driven entrepreneurship

Question 4

New theories generally start as descriptive and become prescriptive over time.

Accepted Answer

True

Question 5

In a free market economy, innovation is viewed as:

Accepted Answer

an important behavior

Question 6

Approximately how many small businesses are there in the United States?

Accepted Answer

30,000,000

Question 7

The rate of entrepreneurial activity in countries around the world is fairly equal.

Accepted Answer

False

Question 8

Entrepreneurial economies thrive on open:

Accepted Answer

competition

Question 9

As entrepreneurs displace existing companies through new opportunities, this happens.

Accepted Answer

creative destruction

Question 10

Most new companies start with significant funding and other types of resources.

Accepted Answer

False

Question 11

The primary function of a business is to:

Accepted Answer

combine resources in unique ways to create value

Question 12

In the book "CC," which is not a term used to describe how entrepreneurs identify opp's.

Accepted Answer

designer

Question 13

An economic system where production and prices are set by the government is called a:

Accepted Answer

planned economy

Question 14

For a business to grow, the founder of the company must learn how to effectively:

Accepted Answer

delegate

Question 15

The creation of the company Nike is a good example of an opportunity being:

Accepted Answer

created

Question 16

Society is governed by formal and informal ________.

Accepted Answer

institutions

Question 17

A big assumption of classical economics is that consumers are:

Accepted Answer

rational

Question 18

Trends, patterns, problems, needs, and gaps in the market are all ways to describe these.

Accepted Answer

opportunities

Question 19

Kickstarter is an example of new institutions being created to help entrepreneurs:

Accepted Answer

raise money

Question 20

What acronym was used to describe how ideas spread through markets?

Accepted Answer

STEPPS

Question 21

The written rules of the U.S. Constitution are an example of this type of institution.

Accepted Answer

formal

Question 22

The branch of economics that may be more helpful to practicing entrepreneurs is called:

Accepted Answer

behavioral economics

Question 23

The first "S" in the STEPPS acronym referred to this concept:

Accepted Answer

social currency

Question 24

Entrepreneurs:

Accepted Answer

create value for others while mitigating risks

Question 25

In Cuba, how many diff types of private sector "jobs" or entrepreneurial careers are there?

Accepted Answer

201

Question 26

The majority of companies in the United States (over 50%) have thousands of employees.

Accepted Answer

False

Question 27

In the 2016 measure of Social Progress, the United States was the highest ranked country.

Accepted Answer

False

Question 28

Consumers decide what to buy. Producers decide what to sell. This is a:

Accepted Answer

free market economy

Question 29

If a country is performing well economically, it is certain to be performing well socially.

Accepted Answer

False

Question 30

Theories are as important to entrepreneurship as they are biology or other branches of science.

Accepted Answer

True

Question 31

Which company disrupted the video disc rental industry?

Accepted Answer

Netflix

Question 32

Companies with costs greater than sales have negative:

Accepted Answer

profit

Duplicate of Exam 1 Prep - ENT 2000 - FA18

Questions 32

Duplicate of Exam 1 Prep - ENT 2000 - FA18

Questions 32