The Law of Supply and Demand Answers
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1
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Read the graph.
A
A company selling telephones most likely has only a 40 percent chance of surviving for at least four years.B
A company offering physical therapy most likely has only an 80 percent chance of surviving for at least two years.C
A company offering cleaning services most likely has only a 50 percent chance of surviving for at least eight years.D
A company selling diabetes supplies has only a 60 percent chance of surviving for at least three years.2
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What is one purpose of writing a business plan before entering the market?
A
to prove that the new company will be successfulB
to show that the enterprise is realistically basedC
to have a useful tool when applying for fundingD
to differentiate the new company from the competition3
What must an entrepreneur assume when starting a business?
A
that the correct location guarantees successB
that every product has a customer who wants itC
that clever market strategies may still fail to sell a productD
that raising funds is the most difficult step in starting a business4
Which characteristic of being an entrepreneur could be seen as both a benefit and a drawback?
A
job security.B
personal fulfillment.C
financial risk.D
a flexible working environment.5
How are Bill Gates and Henry Ford similar? Check all that apply.
A
They both streamlined factory production.B
They both became wealthy and successful.C
They both helped better the lifestyles of others.D
They both developed products that filled a human need or needs.E
They both founded a company when they were very young.6
What was the main effect of entrepreneurship in China?
A
Poverty noticeably declined.B
Foreign investment declined.C
New products were invented.D
Product exports exceeded imports.7
An entrepreneur is someone who
A
starts and runs a business.B
is an employee of a business.C
invents products for other businesses.D
works for multiple developing businesses.8
An entrepreneur would most likely be a
A
low risk taker.B
spontaneous person with an unclear vision.C
person who works well alone.D
person who has a brief work week.9
An entrepreneur must accept being accountable for the failure of the company because the entrepreneur is
A
part of the management team.B
responsible for organizing the business.C
expected to contribute positively to society.D
expected to dedicate the most hours to the business.10
Which characteristic of being an entrepreneur could be seen as both a benefit and a drawback?
A
job security.B
personal fulfillment.C
financial risk.D
a flexible working environment.Did you find these answers helpful?
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