The Fundamentals of Entrepreneurship and Economics Quiz

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Which of the following best describes an entrepreneur?

Someone who provides goods and services

Someone who wants to gain profit

Someone who invests money in a business

Someone who takes risks to start and manage a business (correct)

What is the difference between goods and services?

Goods and services are both intangible

Goods are intangible products, while services are tangible

Goods and services are both tangible

Goods are tangible products, while services are intangible (correct)

What is the difference between standard of living and quality of life?

Standard of living and quality of life both refer to the amount of goods and services people can buy with their money

Standard of living refers to the amount of goods and services people can buy with their money, while quality of life refers to the general well-being of society in terms of goods and services it can provide (correct)

Standard of living refers to the general well-being of society in terms of goods and services it can provide, while quality of life refers to the amount of goods and services people can buy with their money

Standard of living and quality of life both refer to the general well-being of society in terms of goods and services it can provide