Quiz 1

Question 1 5 out of 5 points | | | Entrepreneurs are commonly characterized as:Answer | | | | | Selected Answer:|   Ã‚   risk takers and decision makers. | Correct Answer:|   Ã‚   risk takers and decision makers. | | | | | * Question 2 5 out of 5 points | | | The hard sell or aggressive persuasion designed to separate consumers from their cash emerged during the _____Answer | | | | | Selected Answer:|   Ã‚   production era| Correct Answer:|   Ã‚   production era| | | | | * Question 3 5 out of 5 points | | To be successful entrepreneurs must be comfortable risking their money and _____ to start and manage a business. Answer | | | | | Selected Answer:|   Ã‚   time| Correct Answer:|   Ã‚   time| | | | | * Question 4 5 out of 5 points | | | In 1995, a renegotiation of the General Agreement on Tariffs and Trade (GATT) took bold steps to lower tariffs and to reduce trade restrictions. A tariff is a:Answer | | | | | Selected Answer:|   Ã‚   tax on imports. | Correct Answer:| à ‚  Ã‚   tax on imports. | | | | | *Question 5 5 out of 5 points | | The four major categories of factors of production are:Answer | | | | | Selected Answer:|   Ã‚   natural resources, capital, human resources, and entrepreneurship. | Correct Answer:|   Ã‚   natural resources, capital, human resources, and entrepreneurship. | | | | | * Question 6 5 out of 5 points | | | In the relationship era, firms began to recognize that cultivating current customers is more profitable than constantly _____Answer | | | | | Selected Answer:|   Ã‚   seeking new customers. | Correct Answer:|   Ã‚   seeking new customers. | | | | * Question 7 5 out of 5 points | | | During the marketing era consumers found:Answer | | | | | Selected Answer:|   Ã‚   more choices for goods and services. | Correct Answer:|   Ã‚   more choices for goods and services. | | | | | *Question 8 5 out of 5 points | | | As a factor of production, capital would include:Answer | | | | | Selected Answer:|   Ã‚   machine s, tools, buildings, and technology. | Correct Answer:|   Ã‚   machines, tools, buildings, and technology. | | | | | * Question 9 5 out of 5 points | | Human resources include theAnswer | | | | | Selected Answer:|   Ã‚   physical, intellectual, and creative contributions of individuals working within an economy. | Correct Answer:|   Ã‚   physical, intellectual, and creative contributions of individuals working within an economy. | | | | | * Question 10 5 out of 5 points | | | _____ refers to the quality and quantity of products and goods available to a population at a given time. Answer | | | | | Selected Answer:|   Ã‚   Standard of living| Correct Answer:|   Ã‚   Standard of living| | | | | quiz 1