Q1 An individual who accepts the risks and opportunities ent

Q1. An individual who accepts the risks and opportunities entailed by creating and operating a new business is a(n) ___________.
   a. director
   b. proprietor
   c. entrepreneur
   d. partner
   e. officer

Q2. Prior to deregulation, the market for electricity in California would be best described as
   a. perfect competition.
   b. a monopoly.
   c. an oligopoly.
   d. oligopolistic competition.
   e. monopolistic competition.

Q3. During which period did mass production reduce duplication of equipment and allow firms to purchase raw materials at better prices?
   a. Colonial Period
   b. Industrial Revolution
   c. Entrepreneurial Era
   d. Production Era
   e. Marketing Era

Q4. The Marketing Era saw the advance of the marketing concept. Which of the following does NOT reflect the thinking behind the marketing concept?
   a. The customer is the most important element.
   b. A wide array of products should be offered.
   c. Producers should find out what the customer wants.
   d. Producers should decide what the customer needs.
   e. Producers should provide what the customer wants.

Q5. In reality, most countries rely on some form of __________ economy.
   a. operation
   b. market
   c. planned
   d. mixed market
   e. private

Q6. An industry in which one firm can most efficiently supply all the demand is _______.
   a. an illegal monopoly
   b. a natural oligopoly
   c. a natural monopoly
   d. a legal oligopoly
   e. a controlled oligopoly


Q7. Of the following periods, which came first?
   a. Entrepreneurial Era
   b. Industrial Revolution
   c. Global Era
   d. Marketing Era
   e. Production Era

Q8. Technological advances, improved communication, and more efficient transportation networks contributed to the emergence of the
   a. Global Era.
   b. Industrial Revolution.
   c. Entrepreneurial Era.
   d. Production Era.
   e. Marketing Era.

Q9. When identifying the factors of product, the term _____________ may also be used to refer to labor.
   a. management resources
   b. entrepreneurs
   c. human resources
   d. production resources
   e. contract resources

Q10. Which of the following eras was prompted by increased consumer demand after World War II?
   a. Global Era
   b. Industrial Revolution
   c. Entrepreneurial Era
   d. Production Era
   e. Marketing Era

Solution

As per the rule, I am required to answer first four questions only.

Entrepreneur is the person who arrange all the required resources, put them on the work, accepts risks and opportunities and operates new business. He is the first promoter of the business and gives life to his ideas and thoughts.

2. Option B is correct.

Prior to deregulation, the market for electricity in California was like a monopoly. There were only one or two firms and they used to charge very high prices from their customers.

3.Option B is correct.

Mass production was started many years before industrial revolution. But it the industrial revolution era wherein mass production reduced the duplication of equipment and allowed firms to purchase raw materials in bulk and at cheaper rates.

4.Option B is correct.

Marketing concept considers consumer is the king and try to provide goods and services that satisfies customer needs and wants. It does not state that a wide array of products should be offered but products that the customer wants should be offered.