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Competition and Free Enterprise Answers

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1
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advancesupportlimitterminate

A
advance
B
support
C
limit
D
terminate
2
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What is one downside for consumers to competition in a free-enterprise system?

C
Consumers must be knowledgeable.
C
Consumers have limited choices.
T
The quality of goods often suffers.
T
The price of goods often decreases.
3

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

Answer not available
4

In a free-enterprise system, consumers decide

h
how to set prices.
w
which goods to export.
w
which services to buy.
h
how to use materials.
5

What is regulation in an economic system?

R
Regulation is the placing of limits or restrictions on business activity by the government.
R
Regulation is the placing of limits or restrictions on business activity by producers.
R
Regulation is the removal of limits or restrictions on business activity by the government.
R
Regulation is the removal of limits or restrictions on business activity by producers.
6

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.
7

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.
8

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

Question illustration
p
producer innovation in a market economy.
f
freedom in the free-enterprise system.
r
regulation by a government agency.
c
competition between businesses.
9

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
10

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?

C
Carol and the local officials can set the prices of her cakes.
C
Carol can use the money from her business to achieve her goal.
C
Carol can participate in a barter system for goods to goods.
C
Carol can meet a regulation for the number of local services.

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