AnswersISP ONLY Economics S5000XXEntrepreneurship

Entrepreneurship — Unit test Answers

45 verified answers5 views
41
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On a supply and demand graph, equilibrium is the point where

A
the two curves meet.
B
the supply curve begins.
C
the supply curve ends.
D
the demand curve ends.
42
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A factor that most directly affects the demand for automobiles is

A
the individual tastes and preferences of buyers.
B
the cost of raw materials and natural resources.
C
the availability of workers in automobile factories.
D
a company's ability to respond to buyers' interest.
43

The chart compares the price of graphic T-shirts to the quantity demanded.

Question illustration
A
interest in a product and the price a consumer pays.
B
interest in a product and the price a producer pays.
C
amount of a product and the price a consumer pays.
D
amount of a product and the price a producer pays.
44

The total amount of a product available in a market at a given price is called the

A
count.
B
demand.
C
number.
D
supply.
45

The graph shows the marginal cost of producing soccer cleats for Sabrina’s Soccer. At which level of production does the company make the least profit?

Question illustration
A
the first pair of cleats
B
the second pair of cleats
C
the third pair of cleats
D
the fourth pair of cleats
46

A new business should be based on an entrepreneur's individual interests because the entrepreneur must

A
have sufficient confidence to succeed.
B
be willing to take personal responsibility.
C
have enough determination to work alone.
D
dedicate as many hours as needed to the work.
47

According to the law of supply, price and quantity move

A
along a track in the same direction.
B
along a track in opposite directions.
C
from different points toward one another.
D
from the same point away from one another.
48

Which statement best explains how elasticity and incentives work together?

A
An elastic good, such as a game, is more likely to respond to incentives.
B
An inelastic good, such as a game, is more likely to respond to incentives.
C
An elastic good, such as a game, is less likely to respond to incentives.
D
An inelastic good, such as a game, is less likely to respond to incentives.
49

The graph examines the market for graphic T-shirts.

Question illustration
A
A product becomes less popular and fewer customers purchase it.
B
A product becomes more popular and more customers purchase it.
C
A product sells out of stores and customers can no longer purchase it.
D
A product is restocked on store shelves and is ready for customer purchase.
50

If an economist's job paid $50,000 a year 10 years ago, how would understanding the present value and future value of money help explain the difference in the pay rate for the same job today?

A
It would predict the future pay rate in 10 more years.
B
It would guarantee a fixed pay rate increase each year.
C
It would justify why the pay rate has more than doubled.
D
It would calculate the pay rate adjusted for economic changes.
51

goalproblemloss

A
goal
B
problem
C
loss
52

Ivan works for an automobile factory that exports cars around the world. The government manages the factory, and he lives in housing provided by the city. Ivan most likely lives in

A
a closed economy with limited government regulation.
B
a pure market economy with no government regulation.
C
a command economy with heavy government regulation.
D
a mixed market economy with some government regulation.
53

Read the graph.

Question illustration
A
Fewer new businesses were started in 2010 than in other years.
B
The opening of new businesses peaked between 2007 and 2008.
C
More new businesses were started in 2006 than in 2005.
D
The number of new businesses remained constant between 2006 and 2009.
54

best

I
Incentives are mostly positive.
I
Incentives are mostly negative.
I
Incentives can be positive or negative.
I
Incentives are neither positive nor negative.
55

Look at the graph examining the market for graphic T-shirts.

Question illustration
A
5 graphic T-shirts on sale for $6
B
10 graphic T-shirts on sale for $30
C
30 graphic T-shirts on sale for $10
D
55 graphic T-shirts on sale for $6
56

Which nation has a communist command economy?

A
Norway
B
North Korea
C
South Korea
D
the United States
57

Which statement best explains the law of demand?

A
The quantity demanded by consumers increases as prices rise, then decreases as prices fall.
B
The quantity demanded by consumers decreases as prices rise, then increases as prices fall.
C
The quantity demanded by producers increases as prices rise, then decreases as prices fall.
D
The quantity demanded by producers decreases as prices rise, then increases as prices fall.
58

Goods that are considered to be needs tend to be

A
elastic when the price changes.
B
inelastic when the price changes.
C
elastic when the supply changes.
D
inelastic when the supply changes.
59

A factor that most directly affects the demand for automobiles is

A
the individual tastes and preferences of buyers.
B
the cost of raw materials and natural resources.
C
the availability of workers in automobile factories.
D
a company's ability to respond to buyers' interest.
60

What is the best definition of ownership?

A
Ownership is the right to possess land or goods.
B
Ownership is the right to possess land alone.
C
Ownership is the right to purchase land or goods.
D
Ownership is the right to purchase goods alone.

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