Question 61. Greg recently completed his college degree in construction managem

61. Greg recently completed his college degree in construction management. He is heading to Mexico City to start a business developing apartment dwellings. After researching several potential areas, he chose Mexico City due to its high population. Greg felt that this factor would create a large labor pool, the most important of the five factors of production.
True False

62. Jared is supposed to be cramming for finals but his mind keeps wandering to the Colorado slopes. Several years ago, his Uncle Mike made it big and now owns a ski lodge just north of Aspen. He promised Jared a management trainee position and the opportunity to buy into the company by contributing a portion of his paycheck each month back into the business. As he dreams about the opportunity to be his own boss, reality bites as Jared scans his business book and reads, “freedom to succeed also means freedom to fail.”
True False

63. Well-managed businesses will grow and prosper regardless of the business environment in which they operate.
True False

64. Taxes and government regulations are part of the economic and legal environment in which businesses operate.
True False

65. High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.
True False

66. One of the best things the governments of developing countries can do to increase wealth is to minimize interference with the free exchange of goods and services.
True False

67. Countries that provide little or no government involvement provide the best environment for competitive businesses.
True False

68. In an effort to increase wealth and their country’s standard of living, many governments are taking over major industries and operating them as nonprofit organizations.
True False

69. Corruption and illegal activities are expected in a capitalist system and can be beneficial.
True False

70. One way for a government to actively promote entrepreneurship is to establish a currency that’s tradable in world markets so that you can buy and sell goods anywhere in the world using that currency.
True False

71. Honesty, integrity, and high ethical standards are essential to a capitalist economic system like the one that operates in the United States.
True False

72. Laws that allow companies to write enforceable contracts decrease the risk of doing business.
True False

73. In rich countries such as the United States, changes in the level of taxation have little impact on the incentives of entrepreneurs.
True False

74. The failure to uphold high ethical business standards by a few companies can negatively impact the entire U.S. business community.
True False

75. Several years ago, the government of the small nation of Allegro owned the nation’s telephone company and landlines. This relatively poor government relied on taxes to develop this industry and provide service to its citizens. If the government desired to rapidly improve people’s access to phone service, its best course of action would involve selling the telephone company to private investors.
True False

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