Competition and Free Enterprise

Question 1

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

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

Question 2

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

Revolt · Accepted Answer

Consumers must be knowledgeable.

Question 3

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

Question 4

Competition happens when two or more businesses

Revolt · Accepted Answer

fight for the same benefit or gain.

Question 5

Which is an example of regulation in the automobile industry?

Revolt · Accepted Answer

the creation of fuel-efficiency standards for cars

Question 6

A frozen foods company changes an ingredient to meet a new government standard. This is an example of

Revolt · Accepted Answer

following a federal regulation.

Question 7

advancesupportlimitterminate

Revolt · Accepted Answer

limit

Question 8

In a free-enterprise system, producers decide

Revolt · Accepted Answer

how much to charge.

Question 9

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 10

Innovation allows producers to

Revolt · Accepted Answer

create goods that draw consumer attention.

Competition and Free Enterprise Answers

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