Chapter 1 - What is Entrepreneurship?

Question 1

Getting a meal at a restaurant would be considered a good because you are getting food.

Accepted Answer

False

Question 2

If Bob’s Diner closed and reopened as Bertha’s Diner, Bob’s Diner would be a business failure.

Accepted Answer

False

Question 3

More than 90% of all businesses are small businesses with fewer than 100 empoyees.

Accepted Answer

True

Question 4

The amount of goods or services that consumers are willing and able to buy is determined by

Accepted Answer

price.

Question 5

Which is NOT one of the four questions that all economic systems attempt to answer?

Accepted Answer

why should goods and services be produced

Question 6

Large auto manufacturers are an example of this type of market structure.

Accepted Answer

oligopoly

Question 7

a business that files Chapter 7 bankruptcy & loses money for creditors and investors

Accepted Answer

business failure

Question 8

The govt. may grant temporary monopolies to inventors to encourage innovation.

Accepted Answer

True

Question 9

Founders of entrepreneurial ventures principle goals are to innovate and grow the venture.

Accepted Answer

True

Question 10

In the 1990s, the internet & network technologies influenced a move to a service-based economy.

Accepted Answer

True

Question 11

If the economy is growing too rapidly, inflation may occur.

Accepted Answer

True

Question 12

The amount of a good or service that producers are willing to provide is called

Accepted Answer

supply.

Question 13

The biggest change in entrepreneurship over the years is technology.

Accepted Answer

True

Question 14

A key element in a market economy between similar businesses is ____.

Accepted Answer

competition

Question 15

variable affecting a business's ability to start & grow

Accepted Answer

all of the above

Question 16

Entrepreneurs have little impact on economic growth.

Accepted Answer

False

Question 17

GNP - the total market value of goods & services produced by a nation during a given period

Accepted Answer

False

Question 18

The chances of a new business succeeding are good with

Accepted Answer

effective planning and management.

Question 19

a business operating under a new name or has been purposely discontinued to start a new one

Accepted Answer

discontinuance

Question 20

Revenues lost to lower prices can be made up through

Accepted Answer

higher volume.

Question 21

When inflation occurs, the F.R. will lower interest rates to encourage people to borrow money.

Accepted Answer

False

Question 22

Milk is an example of a product with an inelastic demand.

Accepted Answer

True

Question 23

To draw businesses to locate in downtown Pgh, it may be established as an enterprise zone.

Accepted Answer

True

Question 24

A pair of designer jeans is considered a need.

Accepted Answer

False

Question 25

Diminshing marginal utility establishes that factors other than price play a role in demand.

Accepted Answer

True

Chapter 1 - What is Entrepreneurship?

Questions 25

Chapter 1 - What is Entrepreneurship?

Questions 25