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Questions and Answers
According to Cantillon, what does an entrepreneur do?
According to Cantillon, what does an entrepreneur do?
- Bears uncertainty, buys labor and materials, and sells products at uncertain prices (correct)
- Manages labor and materials, and sells products at fixed prices
- Avoids uncertainty, buys labor and materials, and sells products at uncertain prices
- Shares uncertainty, buys labor and materials, and sells products at uncertain prices
According to Schumpeter, what does an entrepreneur do?
According to Schumpeter, what does an entrepreneur do?
- Sells existing products; follows traditional production techniques; avoids new markets
- Struggles with product innovation; lacks production techniques; ignores market discovery
- Supplies new products; makes new techniques of productions; discovers new markets (correct)
- Reduces product variety; follows old production techniques; explores existing markets
According to Geoffrey Meredeth, what is a key ability of entrepreneurs?
According to Geoffrey Meredeth, what is a key ability of entrepreneurs?
- Inability to recognize business opportunities, gather necessary resources, and take appropriate action
- Ability to avoid business opportunities, gather unnecessary resources, and hesitate in taking action
- Inability to evaluate business opportunities, gather necessary resources, and initiate appropriate action
- Ability to see and evaluate business opportunities, gather necessary resources, and initiate appropriate action (correct)
What does Prof. Nathaniel Left imply about entrepreneurship?
What does Prof. Nathaniel Left imply about entrepreneurship?
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What is a characteristic of an entrepreneur according to the text?
What is a characteristic of an entrepreneur according to the text?
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