AnswersOC27 Economics-2102310-Sem-MeadowsCompetition and Free Enterprise

1.5 Competition and Free Enterprise Answers

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21
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Jose realized that the only dining options in his community are at local restaurants where the wait time is often excessive. He decides to purchase and operate his own food truck in the area. Which indicates that Jose is exercising free enterprise?

A
Jose allows the other dining establishments to set his menu.
B
Jose shares ownership with the local government which will also determine its location.
C
Jose can control how he conducts his food truck business.
D
Jose parks his food truck five miles from the closest eat-in restaurant to avoid competition.
22
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In free-enterprise systems around the world, there are

A
no restrictions on business ownership or business activity.
B
some restrictions on business activity but not on business ownership.
C
some restrictions on business ownership but not on business activity.
D
some restrictions on business ownership and business activity.
23

Which situation is the best example of competition in an economic system?

A
A restaurant just opened down the block from a movie theater, and the restaurant owner hopes to attract diners after each movie.
B
A small CD store slashed its prices to attract customers from a larger store that sells CDs and DVDs.
C
A store that sells sneakers has offered a special deal to customers from a nearby health club.
D
A federal agency has been created to monitor the production and distribution of food supplements.
24

The Wealth of NationsThe World EconomyThe Success of NationsThe Economic Systems

A
The Wealth of Nations
B
The World Economy
C
The Success of Nations
D
The Economic Systems
25

Which situation is the best example of competition in an economic system?

A
A restaurant just opened down the block from a movie theater, and the restaurant owner hopes to attract diners after each movie.
B
A small CD store slashed its prices to attract customers from a larger store that sells CDs and DVDs.
C
A store that sells sneakers has offered a special deal to customers from a nearby health club.
D
A federal agency has been created to monitor the production and distribution of food supplements.
26

Jose realized that the only dining options in his community are at local restaurants where the wait time is often excessive. He decides to purchase and operate his own food truck in the area. Which indicates that Jose is exercising free enterprise?

A
Jose allows the other dining establishments to set his menu.
B
Jose shares ownership with the local government which will also determine its location.
C
Jose can control how he conducts his food truck business.
D
Jose parks his food truck five miles from the closest eat-in restaurant to avoid competition.
27

A frozen foods company changes an ingredient to meet a new government standard. This is an example of

A
following a federal regulation.
B
lowering prices for customers.
C
reducing the risk for consumers.
D
creating a new product.
28

What kind of economy uses a free-enterprise system?

A
a closed economy
B
a command economy
C
a market economy
D
a traditional economy
29

This photo shows a label that appears on food products in the United States.This label is an example of

Question illustration
A
producer innovation in a market economy.
B
freedom in the free-enterprise system.
C
regulation by a government agency.
D
competition between businesses.
30

Which is an example of regulation in the automobile industry?

A
the creation of fuel-efficiency standards for cars
B
the installation of satellite radio systems in some cars
C
the usage of multiple-year warranties to cover repairs
D
the production of hybrid models that conserve gasoline

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