ECON 125 Midterm Exam Questions With Correct Answers

ECON 125 Midterm Exam Questions With
Correct Answers

When |are |you |being |an |entrepreneur |in |your |life? |- |CORRECT |ANSWER✔✔--When |you |start |a |
new |company

-When |you |choose |to |pursue |your |minor |in |Entrepreneurship |at |UNC

-When |you |look |for |an |internship



As |we |grow |up |and |learn |to |accept |others' |opinions, |the |ability |of |creativity |grows. |- |CORRECT
|ANSWER✔✔-False




According |to |the |article: |"Creativity |is |a |Process, |Not |a |Post-It", |what |is |a |big |roadblock |to |
creativity? |- |CORRECT |ANSWER✔✔-Judgement



Which |of |the |following |items |is |NOT |cited |as |a |challenge |that |can |be |experienced |during |
brainstorming? |- |CORRECT |ANSWER✔✔-Developing |a |potential |solution |through |the |
refinement |of |ideas |discussed



Challenges |that |CAN |be |experienced:

-Having |your |team |stray |off |topic |to |address |other |problems

-Effectiveness |of |brainstorming |can |be |limited |by |initial |group |awkwardness

-It |is |not |easy |to |have |boundless |freedom |in |your |idea |development



Two |founders |of |a |Virtual |Reality |startup |created |a |rough |cardboard |representation |of |a |
product |they |are |developing |and |they |taped |paper |sketches |of |screens |a |user |would |scroll |
through |on |a |cellphone |to |show |how |the |product |would |interface |with |a |mobile |device. |What |
prototyping |technique(s) |are |being |used? |- |CORRECT |ANSWER✔✔-both |mock-up |and |model

,In |the |article |Prototyping: |the |Design |Process |to |Pressure |Test |Ideas, |which |of |the |following |
was |included |as |part |of |the |description |about |Step |#2: |"Make |it |Real"? |- |CORRECT |
ANSWER✔✔-Keep |prototypes |rough |and |simple |to |start



A |prototype |is |- |CORRECT |ANSWER✔✔--It |could |be |a |wall |of |post-it |notes, |a |gadget |you |put |
together, |a |role-playing |activity, |or |even |a |storyboard

-Used |as |a |way |to |prove, |or |disprove, |fundamental |assumptions |

-Ideally |something |a |user |can |experience



"Always |prototype |as |if |you |know |you're |____, |but |test |as |if |you |know |you're |_____." |- |
CORRECT |ANSWER✔✔-right, |wrong



How |does |the |testing |phase |inform |the |evolution |of |your |ideas? |- |CORRECT |ANSWER✔✔-by |
validating |or |invalidating |your |assumptions



prototype |testing |should |not |just |focus |on |the |average |user |- |CORRECT |ANSWER✔✔-true



What |question |should |you |ask |yourself |before |creating |your |MVP? |- |CORRECT |ANSWER✔✔-
What |is |the |value |I'm |offering?



Which |of |the |following |is |NOT |core |to |the |methodology |when |people |are |using |lean |startup? |-
|CORRECT |ANSWER✔✔--Experiment |with |A/B |testing |




what |is |the |core |methodology |of |lean |startup?

-Pivot

-Validate |with |a |minimum |viable |product

-Iterate |fast

,In |the |GE |Pediatric |MRI |example |that |was |reviewed |in |the |virtual |session, |which |of |the |
following |did |the |team |realize |as |they |were |prototyping |and |testing |their |ideas? |- |CORRECT |
ANSWER✔✔--they |needed |to |better |prepare |kids |before |they |came |into |the |MRI |room |

-feeling |scared |of |doctors |and |nurses |was |one |of |the |challenges |of |the |pediatric |MRI |scanning |
experience



According |to |the |article, |"Tell |it |like |it |is: |radical |candor |is |the |feedback |method |your |startup |
needs", |it |is |important |that |feedback |is |- |CORRECT |ANSWER✔✔-specific |and |actionable



In |the |article |"how |to |give |negative |feedback |without |sounding |like |a |jerk" |which |of |the |
following |is |NOT |mentioned |as |a |reason |that |negative |feedback |is |necessary? |- |CORRECT |
ANSWER✔✔-None |of |the |above |



-most |team |members |want |to |grow |and |this |is |only |possible |with |corrections |once |in |a |while

-offering |sound |negative |feedback |yields |positive |results

-employees |who |get |negative |feedback |are |on |average |likely |to |work |harder |to |improve |it



Which |of |the |following |was |referenced |during |the |giving |and |receiving |feedback |video? |- |
CORRECT |ANSWER✔✔-keep |a |positive |mindset



Drucker |takes |IBM's |success |as |an |example |of: |- |CORRECT |ANSWER✔✔-unexpected |
occurences



which |of |the |following |is |not |an |inside |source |of |opportunity? |- |CORRECT |ANSWER✔✔-new |
knowledge



what |is |an |inside |source |of |opportunity?

-the |unexpected

, -process |needs

-industry |market |structure



Netflix's |success |is |an |example |of |which |of |the |following |changes |in |industry |market |structure |
described |by |Drucker? |- |CORRECT |ANSWER✔✔-Maturation



Which |of |the |following |is |not |mentioned |in |the |article, |"Wellness |trends |for |2020" |as |a |recent |
trend |the |presents |opportunities |in |the |Wellness |space? |- |CORRECT |ANSWER✔✔-Increasing |
preferences |for |healthy |diets



Stuff |mentioned:

-the |emergence |of |AI |technology

-the |availability |of |red |light |therapy |

-growing |eco-consciousness |in |society



Patagonia |is |aiming |to |secure |a |brighter |future |by |- |CORRECT |ANSWER✔✔-investing |in |
environmentally |and |socially |responsible |startups



Red |light |can |help |boost |energy, |mood |and |fitness, |as |well |as |the |appearance |of |the |skin, |and |
sleep |quality |- |CORRECT |ANSWER✔✔-true



from |steve |job's |commencement |speech, |which |of |the |following |classes |did |steve |job's |take |
and |become |fascinated |in |after |dropping |out |of |Reed |College |- |CORRECT |ANSWER✔✔-
Calligraphy



When |your |team |runs |into |a |disagreement |about |which |sport |to |play, |a |possible |solution |is |to |
sign |the |team |up |for |a |mixed |sports |league |where |a |different |sport |gets |played |each |week |- |
CORRECT |ANSWER✔✔-true