Evolution of Entrepreneurship: Earliest Period
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Questions and Answers

What is an example of an early entrepreneur as described in the text?

  • A medieval actor
  • Marco Polo as a go-between in trade routes (correct)
  • A modern-day venture capitalist
  • A large production project manager

What was the role of the capitalist in the relationship with the merchant-adventurer?

  • Passive risk bearer (correct)
  • Insurance provider
  • Active trader
  • Goods seller

How were profits typically divided between the capitalist and the merchant-adventurer?

  • 100% to capitalist
  • 100% to merchant-adventurer
  • 75% to capitalist, 25% to merchant-adventurer (correct)
  • 50% to each party

What did the term 'entrepreneur' refer to during the Middle Ages?

<p>A project manager (C)</p> Signup and view all the answers

In the context of large production projects in the Middle Ages, what was the role of the individual termed as an entrepreneur?

<p>Project manager using provided resources (D)</p> Signup and view all the answers

What was a common element of the contracts between merchants and capitalists in the earliest period of entrepreneurship?

<p>Loan provision at a 22.5 percent rate (A)</p> Signup and view all the answers

What role did the cleric typically play in the middle ages as described in the text?

<p>Leading architectural projects (A)</p> Signup and view all the answers

Who was John Law, and what led to his downfall?

<p>A French entrepreneur who established the Mississippi Company (B)</p> Signup and view all the answers

According to Richard Cantillon's view, how did he characterize entrepreneurs?

<p>Risk-takers who operate at uncertain prices (D)</p> Signup and view all the answers

What differentiated the entrepreneur from the venture capitalist in the 18th century?

<p>Their sources of capital (A)</p> Signup and view all the answers

How were Eli Whitney and Thomas Edison able to finance their inventions?

<p>By expropriating British crown property (B)</p> Signup and view all the answers

How were entrepreneurs viewed in the late 19th and early 20th centuries?

<p>As individuals seeking personal gains through operating businesses (C)</p> Signup and view all the answers
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