Answers KY-EconomicsCompetition and Free Enterprise

Competition and Free Enterprise Answers

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In a competitive market, a furniture company decides to use cheaper materials to decrease production costs and pass on the savings. This is an example of

following a federal regulation.

lowering prices for customers.

reducing the risk for consumers.

creating a new or better product.

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Which group creates regulations in mixed-market economies?

consumers

governments

monopolies

producers

In a free-enterprise system, producers decide

how much to charge.

which services to buy.

where to shop for goods.

which goods interest them.

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advance

support

limit

terminate

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

producer innovation in a market economy.

freedom in the free-enterprise system.

regulation by a government agency.

competition between businesses.

Innovation allows producers to

create goods that draw consumer attention.

follow restrictions that the government imposes.

avoid competing with similar businesses.

offer warranties for all of their products.

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Answer not available

Carol has decided to advertise her custom-baked cakes in the local paper in the hopes that her sales could go towards purchasing a home.Which incentive of the free enterprise system would help Carol?

Carol and the local officials can set the prices of her cakes.

Carol can use the money from her business to achieve her goal.

Carol can participate in a barter system for goods to goods.

Carol can meet a regulation for the number of local services.

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

Consumers must be knowledgeable.

Consumers have limited choices.

The quality of goods often suffers.

The price of goods often decreases.

Competition happens when two or more businesses

complement one another.

fight for the same benefit or gain.

work together to achieve success.

follow regulations from an agency.

Why does the US government create regulatory agencies? Check all that apply.to create fair competition between producersto limit the knowledge of certain consumersto allow producers to have greater freedomto protect consumers’ health and safetyto prevent the formation of monopolies

to create fair competition between producers

to limit the knowledge of certain consumers

to allow producers to have greater freedom

to protect consumers’ health and safety

to prevent the formation of monopolies

What is regulation in an economic system?

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

Regulation is the placing of limits or restrictions on business activity by producers.

Regulation is the removal of limits or restrictions on business activity by the government.

Regulation is the removal of limits or restrictions on business activity by producers.

What is regulation in an economic system?

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

Regulation is the placing of limits or restrictions on business activity by producers.

Regulation is the removal of limits or restrictions on business activity by the government.

Regulation is the removal of limits or restrictions on business activity by producers.

In a free-enterprise system, producers decide

how much to charge.

which services to buy.

where to shop for goods.

which goods interest them.

Which is an example of regulation in the automobile industry?

the creation of fuel-efficiency standards for cars

the installation of satellite radio systems in some cars

the usage of multiple-year warranties to cover repairs

the production of hybrid models that conserve gasoline

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?

Jose allows the other dining establishments to set his menu.

Jose shares ownership with the local government which will also determine its location.

Jose can control how he conducts his food truck business.

Jose parks his food truck five miles from the closest eat-in restaurant to avoid competition.

In free-enterprise systems around the world, there are

no restrictions on business ownership or business activity.

some restrictions on business activity but not on business ownership.

some restrictions on business ownership but not on business activity.

some restrictions on business ownership and business activity.

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

A restaurant just opened down the block from a movie theater, and the restaurant owner hopes to attract diners after each movie.

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

A store that sells sneakers has offered a special deal to customers from a nearby health club.

A federal agency has been created to monitor the production and distribution of food supplements.

In a free-enterprise system, consumers decide

how to set prices.

which goods to export.

which services to buy.

how to use materials.

The Wealth of NationsThe World EconomyThe Success of NationsThe Economic Systems

The Wealth of Nations

The World Economy

The Success of Nations

The Economic Systems

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

A retail business just opened a new store in a community close to its original location.

A small clothing shop slashed it prices to attract customers from a larger department store nearby.

A farmers’ market has offered a special deal to customers from a nearby yoga school.

A state agency has been created to monitor the production and distribution of sports drinks.

Carol has decided to advertise her custom-baked cakes in the local paper in the hopes that her sales could go towards purchasing a home.Which incentive of the free enterprise system would help Carol?

Carol and the local officials can set the prices of her cakes.

Carol can use the money from her business to achieve her goal.

Carol can participate in a barter system for goods to goods.

Carol can meet a regulation for the number of local services.

What are aspects of a free-enterprise system? Check all that apply.Private ownership of property is severely restricted.The government has a lot of power and influence.There are few limits on the use of private property.Consumers make all of their economic choices.Producers make all of their economic choices.

Private ownership of property is severely restricted.

The government has a lot of power and influence.

There are few limits on the use of private property.

Consumers make all of their economic choices.

Producers make all of their economic choices.

A restaurant that creates a new type of sandwich is using as a method of competition.

Answer not available

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

A restaurant just opened down the block from a movie theater, and the restaurant owner hopes to attract diners after each movie.

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

A store that sells sneakers has offered a special deal to customers from a nearby health club.

A federal agency has been created to monitor the production and distribution of food supplements.

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