Competition and Free Enterprise

Question 1

The Wealth of NationsThe World EconomyThe Success of NationsThe Economic Systems

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The Wealth of Nations

Question 2

In a free-enterprise system, consumers decide

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which services to buy.

Question 3

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

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lowering prices for customers.

Question 4

Innovation allows producers to

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create goods that draw consumer attention.

Question 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.

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 6

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?

Revolt · Accepted Answer

Carol can use the money from her business to achieve her goal.

Question 7

What is regulation in an economic system?

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Regulation is the placing of limits or restrictions on business activity by the government.

Question 8

This photo shows a label that appears on food products in the United States.This label is an example of

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regulation by a government agency.

Question 9

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

Revolt · Accepted Answer

Consumers must be knowledgeable.

Question 10

Which is an example of regulation in the automobile industry?

Revolt · Accepted Answer

the creation of fuel-efficiency standards for cars

Competition and Free Enterprise Answers

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