Tag: economics

Questions Related to economics

Entrepreneurship is a wider term than organization and management of a business. This statement is -

economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

  1. True

  2. False

  3. Partially True

  4. None of the above

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Correct Option: A

Entrepreneurship gets its reward (i.e. Profit), only after all other factors of production have been rewarded. This statement is ___________.

economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

  1. True

  2. False

  3. Partially True

  4. None of the above

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Correct Option: A

Entrepreneur is also called as _______________.

economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

  1. Organiser

  2. Manager

  3. Risk-Taker

  4. All of the above

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Correct Option: D

Entrepreneur ___________________.

economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

  1. Is the catalyst in the process of using the factors of production.

  2. Gives direction to the usage of other factors of production

  3. Both (a) and (b)

  4. Neither (a) nor (b)

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Correct Option: C

The reward/ incentive/remuneration for entrepreneurship is a ________  amount.

economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

  1. Fixed

  2. Variable

  3. Semi-Variable

  4. Irrelevant

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Correct Option: B

The most important function of an entrepreneur is to ____________.

economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

  1. innovate

  2. bear the sense of responsibility

  3. finance

  4. earn Profit

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Correct Option: B
Explanation:

'Bear the sense of responsibility' reflects 'risk bearing' capacity and it is most important function of an entrepreneur.

Entrepreneur holds the final responsibility of the business. This statement is _____________.

economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

  1. True

  2. False

  3. Partially True

  4. None of the above

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Correct Option: A

Innovation theory of entrepreneur is propounded by ____________.

economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

  1. Prof knight

  2. Schumpeter

  3. Max weber

  4. Peter Ducker

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Correct Option: B

The functions of an Entrepreneur include ______________________.

economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

  1. Initiating a business enterprise and resource coordination

  2. Risk-bearing or uncertainty-bearing

  3. Introducing Innovations on a continuous basis

  4. All of the above

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Correct Option: D

Which types of entrepreneur excel at problem solving in a systematic way ?

economics how does production take place? entrepreneur land,labour, capital and entrepreneur production mechanism

  1. Analyst

  2. Fireball

  3. Healer

  4. Visionary

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Correct Option: A
Explanation:

The functions of an entrepreneur are risk bearing, organising and innovation. An analyst is hired to solve the problem occurring in the procedure. An analyst is supposed to analyse a given data, identify the problem with it and then find out the solution of it with the help of programming or coding. They are master into several programming languages e.g. C, Java etc, statistical software e.g. R-programming, SAS, SPSS etc.. and other software like Excel. They generally are expert in theoretical and statistical modelling which help them to solve the problem in a systematic way.