Unit 4 Test Answers

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To be successful, an entrepreneur must be willing to invest money, considerable effort, and.

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If union contracts raise wages above competitive levels, what might be one negative outcome?

Industries will raise salaries for top-level workers but not entry-level workers.

Companies will move overseas to escape unions and hire cheaper labor.

Inexperienced workers will lose their jobs to more experienced workers.

Employees will be content with their status and thus less likely to join unions.

An entrepreneur’s first business fails, but their second attempt at the business is succeeding. You can assume that

they learned from their mistakes.

they are willing to take fewer risks.

their products or services were unneeded.

they were unwilling to take financial responsibility.

What is the definition of minimum wage?

the lowest hourly pay that workers can receive

the average pay for qualified workers

the starting salary for all new employees

the required pay when an employee is injured

Monetarism plays a role in economic growth by

expanding government intervention.

influencing the supply of goods.

expanding government spending.

influencing the supply of money.

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