crowdsourcing.
Creative destruction refers to the way that newly created goods, services, or firms can hurt existing
goods, services, or firms.
References
Multiple Choice Learning Objective:
01-05 Recognize
how small
businesses are
important to our
economy and your
community.
73.
Award: 1.00 point
Mandarin In Town, a Chinese restaurant, opened recently in Burnsville, Minnesota. People from all
over the town flocked to Mandarin to find out how good it was. This gave a big boost to the
restaurant's initial business, but it caused the other restaurants in the area to lose business
temporarily. The way in which Mandarin in Town hurt existing restaurants in Burnsville is an example
of
creative destruction.
service distortion.
innovative disruption.
crowdsourcing.
Creative destruction refers to the way that newly created goods, services, or firms can hurt existing
goods, services, or firms.
References
Multiple Choice Learning Objective:
01-05 Recognize
how small
businesses are
important to our
economy and your
community.
74.
Award: 1.00 point
75.
Award: 1.00 point
According to the U.S. Small Business Administration, small businesses generate ________ times
the number of patents per employee than do big businesses.
35
2
16
50
The U.S. Small Business Administration reports that among firms that hold one or more patents,
small businesses generate 16 times the number of patents per employee than do big businesses.
References
Multiple Choice Learning Objective:
01-05 Recognize
how small
businesses are
important to our
economy and your
community.
A nation where the major forces for jobs, revenues, and taxes come from farming or extractive
industries like forestry, mining, or oil production is a(n)
factor-driven economy.
efficiency-driven economy.
innovation-driven economy.
competency-driven economy.
A nation where the major forces for jobs, revenues, and taxes come from farming or extractive
industries like forestry, mining, or oil production is a factor-driven economy.
References
Multiple Choice Learning Objective:
01-01 Understand
the scope of small
business in the
United States.
76.
Award: 1.00 point
77.
Award: 1.00 point
Which of the following is not one of the seven key strategies of the entrepreneurial way?
pivot
scale up
bird in the hand
take it on the road
Scale up is not one of the seven key strategies of the entrepreneurial way.
References
Multiple Choice Learning Objective:
01-06 Recognize the
seven key strategies
of the
entrepreneurial way.
A nation where industrialization is the major force providing jobs, revenues and taxes, and where
minimizing costs while maximizing productivity is a major goal is a(n)
factor-driven economy.
efficiency-driven economy.
innovation-driven economy.
effectiveness-driven economy.
As economies develop and go beyond basic manufacturing to a more industrialized economy, they
are called efficiency-driven economies.
References
Multiple Choice Learning Objective:
01-01 Understand
the scope of small
business in the
United States.
78.
Award: 1.00 point
79.
Award: 1.00 point
In efficiency-driven economies
entrepreneurship levels are in the middle range.
entrepreneurship levels are very high.
entrepreneurship levels are very low.
entrepreneurship is not given any consideration.
Entrepreneurship levels in efficiency-driven economies are in the middle range.
References
Multiple Choice Learning Objective:
01-01 Understand
the scope of small
business in the
United States.
Innovation-driven economies
are those where entrepreneurship becomes a key way to build the middle class.
are nations where industrialization is becoming the major force providing jobs, revenues,
and taxes.
are focused on high-value-added manufacturing but are marked by a very large service
sector.
are those where entrepreneurship is essential to build personal wealth and break the cycle
of low-wage jobs.
Innovation-driven economies are focused on high-value-added manufacturing but are marked by a
very large service sector.
References
Multiple Choice Learning Objective:
01-01 Understand
the scope of small
business in the