Competition and Free Enterprise

Question 1

What is regulation in an economic system?

Revolt · Accepted Answer

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

Question 2

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

Revolt · Accepted Answer

C: Consumers must be knowledgeable.

Question 3

Which is an example of regulation in the automobile industry?

Revolt · Accepted Answer

t: the creation of fuel-efficiency standards for cars

Question 4

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

Revolt · Accepted Answer

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Question 5

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.

Revolt · Accepted Answer

C: There are few limits on the use of private property.; D: Consumers make all of their economic choices.; E: Producers make all of their economic choices.

Question 6

The Wealth of NationsThe World EconomyThe Success of NationsThe Economic Systems

Revolt · Accepted Answer

A: The Wealth of Nations

Question 7

Innovation allows producers to

Revolt · Accepted Answer

c: create goods that draw consumer attention.

Question 8

advancesupportlimitterminate

Revolt · Accepted Answer

C: limit

Question 9

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

Revolt · Accepted Answer

A: to create fair competition between producers; D: to protect consumers’ health and safety; E: to prevent the formation of monopolies

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 Answers

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