4 The early American republic supported the spinit of entrepreneurship in many w

Question

4 The early American republic supported the spinit of entrepreneurship in many ways. Among these was: (a) Tight control of credit markets that stayed with European powers b) Enshrining the rights to property, patent laws, and the sanctity of contracts in the US Constitution c) Disallowing titles of nobility in the US Constitutions d) A strong emphasis on agriculture s. During the post-wwill era, entrepreneurship growth slowed in the US because: (a) Corporations began to decrease their role in innovation research (b) Venture capital funding was invented, reducing the amount of capital available to (c) Fewer people had innovative ideas ld) The government and large corporations took a bigger role in innovation and science-based 6. There is a tradeoff between efficiency and fairness because (a) Markets take into account faimess in their final outcomes b) Fairness is always a factor in resource distribution in markets To obtain a more "tair outcome, society first decide what fairness is and then will probably have to intervene in markets to obtain it (c) d) When efficiency grows in a market, equity will also grow 7· in Puritan areas of the North America colonies, prices during a market upheaval were often: (a) Allowed to adjust upward to ensure suppliers that they could continue to operate (b) Viewed as a mechanism to reward the industriousness of firms lc) Allowed to encourage economic activity in newly profitable sectors (d) Set by agroup of community leaders to ensure that prices were just 8. A price ceiling is (a) A price set above the equilibrium by a government by a law or policy (b) A freely-negotiated price between buyers and sellers in a market that reflects full efficiency c) A freely-negotiated price between buyers and sellers in a market that leads to a surplus (d) A price set below the equilibrium by a government by a law or policy 9. One of the factors that determines market power is: (a) How many firms are in the market (b) The fairness of the price of the good (c) The number of price controls in a market ld) The level of income of consumers in the market

Explanation / Answer

Answer 4:

Option B. Entrepreneurship will be promoted by enshrining the right to property, patent laws, and sanctity of contracts in the US Constitution.

Answer 5:

Option A. This happened because of decline of the role of corporations in innovative research.

Answer 6:

Option C.

Answer 7:

Option A. Prices were allowed to adjust.

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