Answers26-27 Ignite Economics-KY-EconomicsCompetition and Free Enterprise

Competition and Free Enterprise Answers

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1
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In a free-enterprise system, consumers decide

A
how to set prices.
B
which goods to export.
C
which services to buy.
D
how to use materials.
2
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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.
3

A frozen foods company changes an ingredient to meet a new government standard. 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 product.
4

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

A
Consumers must be knowledgeable.
B
Consumers have limited choices.
C
The quality of goods often suffers.
D
The price of goods often decreases.
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.

A
Private ownership of property is severely restricted.
B
The government has a lot of power and influence.
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.
6

Innovation allows producers to

A
create goods that draw consumer attention.
B
follow restrictions that the government imposes.
C
avoid competing with similar businesses.
D
offer warranties for all of their products.
7

Which group creates regulations in mixed-market economies?

A
consumers
B
governments
C
monopolies
D
producers
8

In a free-enterprise system, producers decide

A
how much to charge.
B
which services to buy.
C
where to shop for goods.
D
which goods interest them.
9

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?

A
Carol and the local officials can set the prices of her cakes.
B
Carol can use the money from her business to achieve her goal.
C
Carol can participate in a barter system for goods to goods.
D
Carol can meet a regulation for the number of local services.
10

What is regulation in an economic system?

A
Regulation is the placing of limits or restrictions on business activity by the government.
B
Regulation is the placing of limits or restrictions on business activity by producers.
C
Regulation is the removal of limits or restrictions on business activity by the government.
D
Regulation is the removal of limits or restrictions on business activity by producers.

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