Which of the Following Is True of Entrepreneurship

question 178

Multiple Choice

Which of the following is true of entrepreneurship?

• A) Entrepreneurial discovery is an important source of economic growth and higher living standards.
• B) The role of the entrepreneur is not very important and that is why it is generally not included in economic models.
• C) The role of entrepreneurial discovery could be easily integrated into economic models, but nonetheless economists choose not to do so.
• D) Economic models are able to capture fully the important role of the entrepreneur in the market process.

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Definitions:

Standard Costs

Predetermined costs to manufacture a single unit or a number of units of a product during a specific period.

Direct Materials Used

Raw materials directly utilized in the production of goods, traceable to the finished product.

Units Completed

The total number of finished goods produced within a specific accounting period.

Standard Overhead Cost

The pre-determined or estimated cost of indirect expenses that a company expects to incur during a specific period.