Competition and Free Enterprise Answers
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Competition happens when two or more businesses
A
complement one another.B
fight for the same benefit or gain.C
work together to achieve success.D
follow regulations from an agency.2
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Which is an example of regulation in the automobile industry?
A
the creation of fuel-efficiency standards for carsB
the installation of satellite radio systems in some carsC
the usage of multiple-year warranties to cover repairsD
the production of hybrid models that conserve gasoline3
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
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A
The Wealth of NationsB
The World EconomyC
The Success of NationsD
The Economic Systems6
Why does the US government create regulatory agencies? Check all that apply.
A
to create fair competition between producersB
to limit the knowledge of certain consumersC
to allow producers to have greater freedomD
to protect consumers’ health and safetyE
to prevent the formation of monopolies7
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.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
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.10
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advanceB
supportC
limitD
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