1. Which of the following is not a key role of entrepreneur as described by the economists?

1. identification and creation of opportunities
2. innovation
3. demand analysis
4. resource allocation

2. According to Adam Smith some economies grew more than the others because of ______.

1. division of labour
2. a proper co-ordination of economic activity
3. the invisible ‘hand of market’
4. all of these

3. Cantillon depicts the entrepreneur as ______.

1. a networker
2. someone seeking to improve social welfare
3. an opportunist
4. a risk taker

4. Entrepreneurship could be productive, unproductive, or dysfunctional.

1. True
2. False

5. ______ proved to be an effective tool for analysing micro-economic phenomena such as price movements and their relationship with changes in supply and demand.

1. Marxist economic theory
2. Liberal economic theory
3. Classical (economic) theory
4. Neo-classical (economic) theory

6. Why did neo-classical economic theory become insufficient to study entrepreneurship?

1. as economists began to explore dynamic problems, such as the processes that generate technological innovation
2. as economists began to explore problems of equity between different stakeholders in an enterprise
3. as economists began to explore static problems
4. as economists began to take into account wider environmental considerations that influence entrepreneurship

7. Who challenged neo-classical assumptions about resource allocation?

1. neo-Austrians
2. evolutionary economists
3. classical school
4. Chicago School