
Economics Chapter 8
Quiz
•
Business
•
12th Grade
•
Medium
Dacia Hernandez
Used 4+ times
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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Entrepreneurs bring about creative change in each of the following ways except
they improve the quality of existing products
they introduce new products
they find ways to eliminate competition
they introduce new production methods
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Once established, most entrepreneurs are able to maintain a substantial profit on the products they produce and sell.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Competitors are attracted to a market that yields
a profit
unlimited liability
lower prices for consumers
higher tax revenues
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following examples demonstrates entrepreneurship?
A scientist invents a long lasting paint and starts a business to produce it
A government official creates a new tax form that is easier to complete
A technician discovers a new type of wax, and the firm that employees her uses it in manufacturing its products
A student cuts his elderly neighbor's lawn for free
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Sole proprietorships are the most common form of business organization in the United States.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Sole proprietors enjoy each of the following advantages except
they receive all the profit their businesses earn
it usually is easy for them to gather large amounts of financial capital
they can make business decisions quickly
it usually is easy for them to form their business.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Owners of sole proprietorships have ____ for the firm's debts if the firm fails to pay its bills.
Limited Liability
No Risk
Unlimited Liability
None of the above
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