Entrepreneurship — Unit test Answers

The government has the right to own all land, buildings, and factories in a

Successful entrepreneurs contribute to the economy by

Look at the chart comparing the price of graphic T-shirts to the quantity supplied.

Which of the following is influenced by personal economic choices? Choose four answers.the cost of your rent and utilitiesthe resources you have availablethe amount of money you spend on a bus passthe money you decide to spend on leisure productsthe amount of money you put into your savings accountthe manner in which you balance your time between work and leisure

When supply is higher than demand, prices will

Which statement best explains the role of producers in economics?

What are some ways to address unemployment in a market economy? Select three answers.creating new projectsincreasing regulationlowering restrictionsraising more taxespromoting hiring

What is one purpose of studying economics?

What is an example of goods?

What are some benefits to private ownership? Select three answers.Private ownership provides offices for government workers.Private ownership provides land or goods for all citizens to use.Private ownership can make it possible for a business to earn money.Private ownership might help a person move to another economic class.Private ownership allows a person to own goods that may increase in value.

Which of the following would be a producer?

To be successful, what must an entrepreneur be willing to invest? Check all that apply.moneyunemploymentpersonal safetytimeconsiderable effort

most likely

When prices drop below the point where supply and demand meet, it results in

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