True False

Question 1

Only the entrepreneur is directly affected by the consequences of the Enterprise’s decision

Answer 1

True

Question 2

Having loyal customers gives a business a competitive advantage.

Answer 2

True

Question 3

A person who graduated from college decides to find a job but is unable to do so. He is considered unemployed.

Answer 3

True

Question 4

Economic growth has declined because of the ECQ

Answer 4

True

Question 5

If the price of jelly (a complement to peanut butter) decreases, both the demand and supply curves of peanut butter will shift rightward.

Answer 5

False

Question 6

The entrepreneur acts as a trigger head to give a spark to economic activities through his entrepreneurial decisions.

Answer 6

True

Question 7

Investments are the use of income to become future savings

Answer 7

False

Question 8

An increase in minimum wages could lead to higher economic growth and contribute towards inflation.

Answer 8

True

Question 9

The first step in the Entrepreneurial Process is the development of the business plan.

Answer 9

False

Question 10

An entrepreneur is not likely to view monetary benefits as a measure of success.

Answer 10

False