13. Both Schumpeter and __________ believed change was endogenous to the economi

ID: 1126421 • Letter: 1

Question

13. Both Schumpeter and __________ believed change was endogenous to the economic system.

a. Walras

b. Jevons

c. Marshall

d. Marx

14. To Schumpeter, the chief cause of disequilibrium in a competitive economy is

a. profit seeking firms.

b. consumers.

c. the entrepreneur.

d. the capitalist.

15. According to Schumpeter, the essential characteristic of the entrepreneur is the possession of

a. intelligence.

b. new knowledge.

c. money.

d. none of the above.

16. Entrepreneurship does not include

a. the creation of a new product.

b. improving the quality of a product.

c. management.

d. the creation of a monopoly.

17. In Schumpeter’s opinion, people act as entrepreneurs when they:

a. carry out new combinations.

b. have established a mature business.

c. are engaged in the management of their business.

d. all of the above.

First question is answered below

1. Correct option: Marshall

Reason: Both Schumpeter and Marshall represent old school of economics and shared similar views on economic growth and development.

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