Items that are necessary for business operations.

The limited availability of resources.

The unlimited availability of resources.

The study of how societies use limited resources.

The study of how societies use unlimited resources.

The study of how societies avoid using resources.

What is Voluntary Exchange?

A trade where both parties agree to the terms of the exchange.

A mandatory trade between parties.

A trade that is enforced by the government.

What is a Command Economy?

An economy where the government makes all economic decisions.

An economy where supply and demand determine production.

An economy where businesses make all economic decisions.

What is a Market Economy?

An economy where supply and demand determine production.

An economy where the government makes all economic decisions.

An economy where businesses are not allowed to compete.

What is a Mixed Economy?

An economy that combines elements of both market and command economies.

An economy that only uses market principles.

An economy that only uses command principles.

What is the Free Enterprise System?

An economic system where businesses operate with minimal government interference.

An economic system where businesses are heavily regulated by the government.

An economic system where businesses are owned by the government.

What is the Global Economy?

The interconnected economies of the world's nations.

The economy of a single country.

The economy of a specific region within a country.

Selling goods and services to another country.

Buying goods and services from another country.

Restricting trade with another country.

Buying goods and services from another country.

Selling goods and services to another country.

Producing goods and services domestically.

What is a Trade Barrier?

A restriction on the free exchange of goods and services between countries.

A policy that encourages free trade between countries.

A method of increasing domestic production.

A tax imposed on imported goods and services.

A limit on the quantity of goods that can be imported.

A subsidy for domestic producers.

A limit on the quantity of goods that can be imported or exported.

A financial incentive for exporters.

What is the Foreign Exchange Rate?

The rate at which one currency can be exchanged for another.

The interest rate on international loans.

The rate of inflation in a foreign country.

A movement aimed at ensuring fair wages and working conditions for producers in developing countries.

A trade policy that imposes high tariffs on imports.

A system that restricts trade to protect domestic industries.

What is the purpose of conducting a search when inventing a new product?

To find out if someone else has already patented a similar invention

To find materials for the prototype

To determine the correct form and shape of the product

How can mergers and acquisitions be financed?

Through a combination of stock, debt, or cash

What characterizes a hostile takeover?

It is not desired by the acquired company

It is desired by the acquired company

It involves only cash transactions

According to Maslow's Hierarchy of Needs, what is the primary motivator for individuals once their basic physiological needs are met?

The desire for safety and security, including financial stability and a secure environment.

The pursuit of self-actualization, where individuals strive to reach their full potential.

The need for love and belonging, seeking connection and a sense of community.

The pursuit of esteem, encompassing the need for self-confidence and recognition for achievements.

Which of the following correctly lists the five levels of needs in Maslow's Hierarchy of Needs?

Physiological needs, safety and security, love and belonging, esteem, self-actualization

Safety and security, physiological needs, love and belonging, self-actualization, esteem

Love and belonging, physiological needs, safety and security, esteem, self-actualization

Self-actualization, esteem, love and belonging, safety and security, physiological needs

Who is Abraham Maslow?

A psychologist best known for creating Maslow's hierarchy of needs.

A famous physicist known for his work on quantum mechanics.

An economist who developed the theory of comparative advantage.

A biologist renowned for his research on genetic inheritance.

Which of the following best describes the purpose of an economic system and the fundamental questions it addresses?

An economic system is a system used by a society to allocate goods and services among its people and to cope with scarcity. The fundamental questions are: What goods and services are produced? What quantity of goods and services are produced? How are goods and services produced? For whom are goods and services produced?

An economic system is used to create unlimited goods and services, and the fundamental questions are: How much money is produced? Who produces the money? How is money distributed? For whom is money produced?

An economic system is a method to ensure everyone has equal wealth, and the fundamental questions are: What is the price of goods? How are goods sold? Who buys the goods? Where are goods sold?

An economic system is a way to eliminate scarcity, and the fundamental questions are: How are goods stored? Who stores the goods? What is the cost of storage? How long are goods stored?

Which of the following best describes the concept of wants and their impact on the demand for goods and services?

Wants are things not necessary to survive, and the demand for goods and services is often larger than the supply that can be provided.

Wants are things necessary to survive, and the supply of goods and services always meets the demand.

Wants are things necessary to survive, and the demand for goods and services is always smaller than the supply.

Wants are things not necessary to survive, and the supply of goods and services always exceeds the demand.

Which of the following best describes the concept of scarcity in economics?

Scarcity occurs when there are not enough goods and services to meet the demand, meaning there is never enough of everything to satisfy everyone completely.

Scarcity occurs when there are more goods and services than the demand, satisfying everyone completely.

Scarcity is when the supply of goods and services always exceeds the demand, ensuring everyone is satisfied.

Scarcity is the principle that there is always enough of everything to satisfy everyone completely.

What can high demand for a product or service lead to?

Shortages, prompting businesses to increase production or raise prices

What can excess supply result in?

Lower prices and potential losses for businesses

What is the basic principle of supply and demand?

Prices are determined by the interaction of supply and demand

Supply and demand are unrelated

What happens to the price of a product when demand increases and supply remains constant?

The price becomes unpredictable

What is the law of demand?

As price decreases, demand increases

As price decreases, demand decreases

As price increases, demand increases

What is the law of supply?

As price increases, supply increases

As price decreases, supply increases

As price increases, supply decreases

What can cause a shift in the demand curve?

Changes in consumer preferences

Changes in production technology

Changes in the number of suppliers

Changes in government regulations

How do entrepreneurs influence supply?

By introducing new products and services, increasing the supply of goods and services

By reducing the number of goods and services in the market

By focusing solely on existing markets

What is one effect of successful entrepreneurial ventures on demand?

They attract consumers with novel offerings, stimulating demand

They decrease consumer interest in new products

They reduce the overall market size

ENT U4 Entrepreneurship and the Economy Test

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What is a Sole Proprietorship? Choose the correct definition for the vocabulary word.

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What is a Corporation? Choose the correct definition for the vocabulary word.

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