CDA 2 - Entrepreneurship And The Economy Review: Question Preview (ID: 22506)

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What is demand?
a) Goods or services that producers are willing to provide
b) When resources are limited in supply
c) Goods/services that consumers are willing and able to buy
d) A basic requirement for survival

A new business is likely to succeed if...
a) The entrepreneur plans and manages properly
b) There a tax breaks
c) The entrepreneur has enough money to invest
d) The entrepreneur tries hard enough

A key element in a market economy between similar businesses
a) Competition
b) Service
c) Low prices
d) Exporting

What helps an entrepreneur determine if a new business has potential?
a) capitalism
b) feasibility analysis
c) business plan
d) marketing plan

What is one disadvantage of a sole proprietorship?
a) financial
b) creativity
c) cost of forming
d) loss of freedom

Partnerships must have at least one what?
a) general partner
b) limited partner
c) limited liability status
d) nonprofit status

Which type of corporation is most common and expensive to set up?
a) nonprofit corporation
b) limited partnership
c) C-corporation
d) S-corporation

Who do retailers sell directly to?
a) wholesalers
b) retailers
c) consumers
d) industries

What is the organized way a nation provides for the needs and wants of the people?
a) capital
b) resources
c) pure command
d) economy

Who decides how products are produced in a market economy?
a) businesses
b) consumers
c) government
d) labor

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