AnswersISP ONLY Economics S5000XXEntrepreneurship

Entrepreneurship — Unit test Answers

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61
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The vertical axis of a demand curve shows

A
the price of a product.
B
the supply of a product.
C
the interest in a product.
D
the production cost of a product.
62
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Sabrina’s Soccer produces soccer balls and soccer nets, which are sold at sporting goods stores. Which factors directly affect the company’s profit? Check all that apply.a stocking up on soccer cleats and uniformsa rise in the number of soccer leaguesa decrease in the cost of raw materialsthe opening of two sporting goods storesthe push for physical activities in schools

A
a stocking up on soccer cleats and uniforms
B
a rise in the number of soccer leagues
C
a decrease in the cost of raw materials
D
the opening of two sporting goods stores
E
the push for physical activities in schools
63

The amount of goods and services consumers want is called the

A
count.
B
demand.
C
number.
D
supply.
64

How do lower prices tend to affect demand?

A
They tend to increase the availability of a product.
B
They tend to decrease the availability of a product.
C
They tend to increase the interest in a product.
D
They tend to decrease the interest in a product.
65

What is one counter-argument to the premise that the wealth gap is a serious problem which needs to be addressed?

T
The lower classes have the opportunity to invest.
P
Poor people can easily move into the middle class.
I
Investments by the upper class create lower-class jobs.
B
Buying power sharply increases for the working class.
66

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.
67

What is one way that economics can influence your daily life?

A
by forcing a decision on a career path
B
by limiting your ability to save money
C
by helping you understand that every choice has a tradeoff
D
by determining if goals are actually worthwhile
68

Which statement best explains the law of supply?

A
The quantity supplied by producers increases as prices rise and decreases as prices fall.
B
The quantity supplied by producers decreases as prices rise and increases as prices fall.
C
The quantity supplied by consumers increases as prices rise and decreases as prices fall.
D
The quantity supplied by consumers decreases as prices rise and increases as prices fall.
69

How do changing prices affect supply and demand?

A
As price increases, both supply and demand increase.
B
As price decreases, both supply and demand decrease.
C
As price increases, supply decreases, but demand increases.
D
As price decreases, supply decreases, but demand increases.

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