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The Law of Supply and Demand Answers

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1
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Read the graph.

Question illustration
A
A company selling telephones most likely has only a 40 percent chance of surviving for at least four years.
B
A company offering physical therapy most likely has only an 80 percent chance of surviving for at least two years.
C
A company offering cleaning services most likely has only a 50 percent chance of surviving for at least eight years.
D
A company selling diabetes supplies has only a 60 percent chance of surviving for at least three years.
2
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What is one purpose of writing a business plan before entering the market?

A
to prove that the new company will be successful
B
to show that the enterprise is realistically based
C
to have a useful tool when applying for funding
D
to differentiate the new company from the competition
3

What must an entrepreneur assume when starting a business?

t
that the correct location guarantees success
t
that every product has a customer who wants it
t
that clever market strategies may still fail to sell a product
t
that raising funds is the most difficult step in starting a business
4

Which characteristic of being an entrepreneur could be seen as both a benefit and a drawback?

A
job security.
B
personal fulfillment.
C
financial risk.
D
a flexible working environment.
5

How are Bill Gates and Henry Ford similar? Check all that apply.

A
They both streamlined factory production.
B
They both became wealthy and successful.
C
They both helped better the lifestyles of others.
D
They both developed products that filled a human need or needs.
E
They both founded a company when they were very young.
6

What was the main effect of entrepreneurship in China?

A
Poverty noticeably declined.
B
Foreign investment declined.
C
New products were invented.
D
Product exports exceeded imports.
7

An entrepreneur is someone who

A
starts and runs a business.
B
is an employee of a business.
C
invents products for other businesses.
D
works for multiple developing businesses.
8

An entrepreneur would most likely be a

A
low risk taker.
B
spontaneous person with an unclear vision.
C
person who works well alone.
D
person who has a brief work week.
9

An entrepreneur must accept being accountable for the failure of the company because the entrepreneur is

A
part of the management team.
B
responsible for organizing the business.
C
expected to contribute positively to society.
D
expected to dedicate the most hours to the business.
10

Which characteristic of being an entrepreneur could be seen as both a benefit and a drawback?

A
job security.
B
personal fulfillment.
C
financial risk.
D
a flexible working environment.
11

What was the main effect of entrepreneurship in China?

A
Poverty noticeably declined.
B
Foreign investment declined.
C
New products were invented.
D
Product exports exceeded imports.
12

What is one way for an entrepreneur to decrease risk?

b
by mimicking popular products
b
by maintaining personal flexibility
b
by creating a strong business strategy
b
by developing reliable sources for materials
13

Read the graph.

Question illustration
A
Fewer new businesses were started in 2010 than in other years.
B
The opening of new businesses peaked between 2007 and 2008.
C
More new businesses were started in 2006 than in 2005.
D
The number of new businesses remained constant between 2006 and 2009.
14

An entrepreneur conducted many experiments in a project without success. What characteristic must this person have to succeed?

A
a dedication to hard work
B
a willingness to admit failure
C
an ability to learn from mistakes
D
an assumption of responsibility
15

goalproblemloss

A
goal
B
problem
C
loss
16

An entrepreneur must accept being accountable for the failure of the company because the entrepreneur is

A
part of the management team.
B
responsible for organizing the business.
C
expected to contribute positively to society.
D
expected to dedicate the most hours to the business.
17

What is a main reason why entrepreneurs experience daily stress?

A
They have considerable responsibility.
B
They need to spend time training employees.
C
They need to have sufficient income to pay loans.
D
They have to contribute both to the market and society.
18

What led to Henry Ford’s success as an entrepreneur?

A
His personal wealth.
B
His innovative production methods.
C
His commitment to improving labor laws.
D
His desire to pay high wages.
19

What must an entrepreneur do after creating a business plan?

A
open the business
B
finance the business
C
file the right paperwork
D
identify an opportunity
20

An entrepreneur’s first business fails, but their second attempt at the business is succeeding. You can assume that

A
they learned from their mistakes.
B
they are willing to take fewer risks.
C
their products or services were unneeded.
D
they were unwilling to take financial responsibility.

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