Economic Systems

Question 1

Which ideas or situations are consistent with the concept of free enterprise? Check all that apply.Consumers overwhelmingly prefer one sandwich shop to another.Local officials decide how much gasoline consumers can buy.A hair stylist decides to reduce prices on his services.A worker at a factory decides to take another job for higher pay.A government takes control of a nation's restaurant industry.A business owner decides to offer a new product for sale.

Revolt · Accepted Answer

A: Consumers overwhelmingly prefer one sandwich shop to another.; C: A hair stylist decides to reduce prices on his services.; D: A worker at a factory decides to take another job for higher pay.; F: A business owner decides to offer a new product for sale.

Question 2

Which best explains the benefits of the free enterprise system in the United States?

Revolt · Accepted Answer

D: The system encourages innovation through property protection and incentives.

Question 3

In a mixed market economy, government regulations are intended to both consumers and producers.

Revolt · Accepted Answer

C: protect

Question 4

Those who support regulation in the market argue that these laws , while those who are against government regulation argue that these laws .

Revolt · Accepted Answer

C: protect everyone

Question 5

Those who support regulation in the market argue that these laws , while those who are against government regulation argue that these laws .

Revolt · Accepted Answer

A: are costly

Economic Systems Answers

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