Entrepreneurs

question 119

Multiple Choice

Entrepreneurs

• A) include everyone engaged in R&D work.
• B) are located in small enterprises only.
• C) differ from other innovators because of the risks entrepreneurs must bear.
• D) work exclusively in government and university R&D laboratories.

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Definitions:

Tariff

A tax imposed by a government on imported or exported goods, often used to restrict trade, as they increase the price of imported or exported goods, making them less attractive to consumers.

Consumer Surplus

The difference between the total amount consumers are willing to pay for a product or service and the total amount they actually pay.

Trade Restrictions

Regulations and policies that governments enact to control the free trade and exchange of goods and services across borders.

Import Quota

A restriction enforced by the government on the volume or price of merchandise that may be imported into a country.