Entrepreneurship- Chapter 2 Exam Questions and Correct Answers Latest Update 2024 (Graded A+)
Needs are things that you must have in order to survive - Answers True
The role of businesses is to produce and distribute goods and services that people need and want - Answers True
The most basic of...
Needs are things that you must have in order to survive - Answers True
The role of businesses is to produce and distribute goods and services that people need and want -
Answers True
The most basic of needs is security - Answers False
Both types of wants - economic and noneconomic - from the basis of an economy - Answers False
Needs and wants are unlimited - Answers True
Economic resources are not factors of production - Answers False
Services must be provided to you at the time you need them - they cannot be stored - Answers True
Capital resources include buildings and equipment - Answers True
All economic resources have a limited supply - Answers True
All business that exist in the United States today began as an entrepreneurial idea - Answers False
Needs include the following except...
a. food
b. basic clothing
c. smartphones
d. a place to live - Answers c
Things that you think you must have in order to be satisfied are called...
a. needs
b. preferences
c. wants
d. goals - Answers c
The psychologist who developed a theory on the hierarchy of needs was...
a. Sigmund Freud
b. Abraham Maslow
, c. Karl Jung
d. Terrence McKenna - Answers b
According to the theory of hierarchy of needs,
a. Everyone's needs will eventually be satisfied
b. People must satisfy lower-level needs before than can
focus on higher level needs
c. Everyone has the same needs
d. Needs and wants are usually the same - Answers b
Earning a college degree is and example of satisfying which of the following areas of needs?
a. Esteem
b. Social
c. Self - actualization
d. Security - Answers c
Products you can see and touch are called...
a. All of these
b. intangibles
c. goods
d. services - Answers c
The three types of economic resources that an entrepreneur may use to create useful goods and
services are called...
a. Factors of production
b. Production hierarchies
c. Factors of consumption
d. Economies of scale - Answers a
Raw materials supplied by nature are...
a. Monetary resources
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