Reference no: EM13870543
Q1. An individual who accepts the risks and opportunities entailed by creating and operating a new business is a(n) ___________.
a. director
b. proprietor
c. entrepreneur
d. partner
e. officer
Q2. Prior to deregulation, the market for electricity in California would be best described as
a. perfect competition.
b. a monopoly.
c. an oligopoly.
d. oligopolistic competition.
e. monopolistic competition.
Q3. During which period did mass production reduce duplication of equipment and allow firms to purchase raw materials at better prices?
a. Colonial Period
b. Industrial Revolution
c. Entrepreneurial Era
d. Production Era
e. Marketing Era
Q4. The Marketing Era saw the advance of the marketing concept. Which of the following does NOT reflect the thinking behind the marketing concept?
a. The customer is the most important element.
b. A wide array of products should be offered.
c. Producers should find out what the customer wants.
d. Producers should decide what the customer needs.
e. Producers should provide what the customer wants.
Q5. In reality, most countries rely on some form of __________ economy.
a. operation
b. market
c. planned
d. mixed market
e. private
Q6. An industry in which one firm can most efficiently supply all the demand is _______.
a. an illegal monopoly
b. a natural oligopoly
c. a natural monopoly
d. a legal oligopoly
e. a controlled oligopoly
Q7. Of the following periods, which came first?
a. Entrepreneurial Era
b. Industrial Revolution
c. Global Era
d. Marketing Era
e. Production Era
Q8. Technological advances, improved communication, and more efficient transportation networks contributed to the emergence of the
a. Global Era.
b. Industrial Revolution.
c. Entrepreneurial Era.
d. Production Era.
e. Marketing Era.
Q9. When identifying the factors of product, the term _____________ may also be used to refer to labor.
a. management resources
b. entrepreneurs
c. human resources
d. production resources
e. contract resources
Q10. Which of the following eras was prompted by increased consumer demand after World War II?
a. Global Era
b. Industrial Revolution
c. Entrepreneurial Era
d. Production Era
e. Marketing Era
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