Question

Question 4 (1 point)

Which of the following statements is true?

a	Entrepreneurs are the driving force behind production.
b	Entrepreneurs risk their time, effort, ability and money because not all ideas or new products will be profitable.
c	Examples of entrepreneurs are innovators and risk-taking investors.
d	All of the above.
e	Only a) and b)

Question 5 (1 point)

Which of the following statements is true?

a	Society faces the problem of scarcity of resources.
b	Resources are anything that can be used to produce goods and services and that belong to one of the following four categories: Labor, Capital, Land, and Entrepreneurship Ability.
c	Only some of the choices (or actions) we make have an opportunity cost (O.C.)
d	All of the above.
e	Only a) and b)

Question 6 (1 point)

Which of the following statements is true?

a	Economics is the study of choice under conditions of scarcity.
b	Wants do not exceed society’s productive capacity.
c	Since we cannot get everything that we want because there is a limited productive capacity, we have to make choices.
d	All of the above.
e	Only a) and c)

Answer 1

Ans 1Option e

Innovators are not always entrepreneurs. Being an innovator and a entrepreneur are two different things. Innovation is generally associated with invention while entrepreneur is generally associated with business.

Ans 2. Option e

All thw choices we make have an opportunity cost because resources have unlimited use.

Ans 3. Option a

Resources are scarce and out wnats are unlimited dueto which we have to make choice and because of unlimited wants and limited resources, our wants exceed our production capacity.

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