Competition and Free Enterprise

Question 1

In a free-enterprise system, consumers decide

Revolt · Accepted Answer

which services to buy.

Question 2

In a free-enterprise system, producers decide

Revolt · Accepted Answer

how much to charge.

Question 3

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

Revolt · Accepted Answer

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

Question 4

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?

Revolt · Accepted Answer

Jose can control how he conducts his food truck business.

Question 5

What kind of economy uses a free-enterprise system?

Revolt · Accepted Answer

a market economy

Question 6

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

Revolt · Accepted Answer

lowering prices for customers.

Question 7

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

Revolt · Accepted Answer

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

Question 8

Which group creates regulations in mixed-market economies?

Revolt · Accepted Answer

governments

Question 9

advancesupportlimitterminate

Revolt · Accepted Answer

limit

Question 10

Which is an example of regulation in the automobile industry?

Revolt · Accepted Answer

the creation of fuel-efficiency standards for cars

Competition and Free Enterprise Answers

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