Competition and Free Enterprise - Quiz Quiz

Question 1

Competition happens when two or more businesses

Revolt · Accepted Answer

C: fight for the same benefit or gain.

Question 2

In a free-enterprise system, producers decide

Revolt · Accepted Answer

C: how much to charge.

Question 3

What is one downside for consumers to competition in a free-enterprise system?

Revolt · Accepted Answer

D: Consumers must be knowledgeable.

Question 4

What is regulation in an economic system?

Revolt · Accepted Answer

B: Regulation is the placing of limits or restrictions on business activity by the government.

Question 5

In a free-enterprise system, producers decide

Revolt · Accepted Answer

C: how much to charge.

Question 6

Innovation allows producers to

Revolt · Accepted Answer

B: create goods that draw consumer attention.

Question 7

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

Revolt · Accepted Answer

A: A small CD store slashed its prices to attract customers from a larger store that sells CDs and DVDs.

Question 8

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

Revolt · Accepted Answer

D: following a federal regulation.

Question 9

What is regulation in an economic system?

Revolt · Accepted Answer

D: Regulation is the placing of limits or restrictions on business activity by the government.

Question 10

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

Revolt · Accepted Answer

B: A small CD store slashed its prices to attract customers from a larger store that sells CDs and DVDs.

Competition and Free Enterprise - Quiz Quiz Answers