practice_prelim_answers_2008

practice_prelim_answers_2008 - ENGRI 127 Practice Prelim 1...

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ENGRI 127 Practice Prelim 1. John Stuart Mill said that four factors were needed for business. These factors were: a. Land, labor, capital, and entrepreneurship b. Laws, land, labor, and licenses c. Capital, courts, cash, and creativity d. Men, money, machines, and management 2. Which economist viewed entrepreneurship as a process of “creative destruction,” in which old businesses were replaced by dynamic, new businesses? a. Richard Cantillon b. Jean Baptiste Say c. Adam Smith d. Joseph Schumpeter 3. The word entrepreneur is derived from the French entreprendre, which is translated as 4. The term “window of opportunity,” as discussed in Chapter 2, describes the time period in which a firm can: a. obtain funding or financing b. hire new employees c. obtain patent protection for a new product d. realistically enter a new market e. get government approval for a regulated product or service 5. The aging of the U.S. population has results in several new firms that have been founded to help older American’s stay in their homes longer, as an alternative to assisted living or moving into nursing homes. The aging of the U.S. population is an important __________ that is creating opportunities in many areas for entrepreneurial firms.
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6. The Sarbanes-Oxley Act was a law passed by the US Congress several years ago. If a firm was launched to help other firms comply with the Sarbanes-Oxley Act, that opportunity was created by: 7. Small clothing boutiques and specialty shops often start because there is a need for a particular product but large retailers like Wal-Mart, JC Penney, and the Gap can’t sell enough of the item to stock it on their shelves. If a clothing boutique started to sell designer clothes or clothing for hard-to-fit people because the clothing wasn’t being offered by a larger retailer, the best way to describe how that idea was recognized is: a. brainstorming b. observing trends c. solving a problem d. finding a gap in the marketplace e. talking to consumers 8. Gina Lee, who is at heart a craftsperson, recently started a firm to manufacturer what she believes is the safest and the most versatile snowboard available. Gina’s desire is to sell her snowboard to as many people as possible, because she firmly believes in the merits of his product. Gina’s story best illustrates which of the following characteristics or attributes of successful entrepreneurs?
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