Capitalism as set forth by adam smith in wealth of nations

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Reference no: EM132205384

1. Which of the following is NOT a basic tenet of capitalism as set forth by Adam Smith in The Wealth of Nations?

Natural laws of supply and demand will regulate the flow of resources within a society.

All rights of ownership are assigned to the government, the church, and a wealthy few.

All individuals should have the right to accumulate wealth.

Division of labor would lead to great gains in productivity.

2. Quinn buys a widget company and discover that all his employees are white males. He begins hiring women and members of minority groups, and the company’s sales suddenly surge among its culturally diverse customers. Quinn’s decision is the result of

cultural opportunism and cultivation.

opportunity and employee relations.

personal morals and ethical standards.

both deontology and utilitarianism.

3. Which of the following is one of the leading financial practices of fast-growth firms?

Refraining from linking an entrepreneur's long-term objectives to a defined exit strategy in a business plan

Granting stock ownership to every employee

Anticipating only a single round of financing

Utilizing financing vehicles that retain an entrepreneur's voting control

4. Which of the following refers to consumer trends and behaviors that seek new products or services?

Entrepreneurial durability

Market readiness

Business plan feasibility

Product diversification

5. According to the Timmons Model, which of the following is true of resources as a key element in an entrepreneurial process?

An entrepreneur should stay away from bootstrapping, especially with new ventures

An entrepreneur must understand that having too much money early on in the venture is the biggest factor that contributes to its success.

An entrepreneur must avoid doing more with fewer resources as it is detrimental to a company's competitive advantage.

An entrepreneur must strive to minimize and control resources, but not necessarily own them.

Reference no: EM132205384

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