Competition and Free Enterprise Answers
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What kind of economy uses a free-enterprise system?
A
a closed economyB
a command economyC
a market economyD
a traditional economy22
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This photo shows a label that appears on food products in the United States.This label is an example of
A
producer innovation in a market economy.B
freedom in the free-enterprise system.C
regulation by a government agency.D
competition between businesses.23
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
A
following a federal regulation.B
lowering prices for customers.C
reducing the risk for consumers.D
creating a new or better product.24
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.Did you find these answers helpful?
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