Question 1(Multiple Choice Worth 5 points)
(01.05 LC)
Which of the following is one way entrepreneurs contribute to economic growth?
Creating employment deficiencies
Increasing competition
Promoting environmental challenges
Shrinking global markets
Question 2(Multiple Choice Worth 5 points)
(01.05 MC)
Choose the example that best represents how security and privacy is shaping the future of entrepreneurship.
Creating a mobile app that allows customers to customize and order products
Incorporating a facial recognition system to access client records
Using data collected on a website to increase the relevancy of an advertisement
Using video conferencing to meet with a potential client in another country
Question 3(Multiple Choice Worth 5 points)
(01.05 MC)
Which of the following is an example of a disadvantage of the profit motive?
A fence company uses a new process to install fence posts in less time.
A manufacturer offers a bonus to employees who have ideas that increase productivity.
A retail store owner decreases employees' pay to reduce payroll expenses.
Employees at an insurance company work remotely to save money on office space.
Question 4(Multiple Choice Worth 5 points)
(01.05 LC)
What impact do small businesses have on global economic development?
They account for the majority of the businesses worldwide, except in developing countries.
They contribute to the local economy by generating 60–70 percent of employment.
They decrease competition in their local communities.
They contribute 55 percent of the money spent on goods and services produced in developed economies.
Question 5(Multiple Choice Worth 5 points)
(01.05 LC)
Which of the following is the state in which supply and demand are balanced and the supply curve and the demand curve intersect?
Equilibrium point
Law of demand
Law of supply
Law of supply and demand