AnswersLVA-Economics SPRINGEconomic Systems and Daily Life

Technology and Economics Answers

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Which is an example of regulation in the automobile industry?

t
the creation of fuel-efficiency standards for cars
t
the installation of satellite radio systems in some cars
t
the usage of multiple-year warranties to cover repairs
t
the production of hybrid models that conserve gasoline
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

What is regulation in an economic system?

R
Regulation is the placing of limits or restrictions on business activity by the government.
R
Regulation is the placing of limits or restrictions on business activity by producers.
R
Regulation is the removal of limits or restrictions on business activity by the government.
R
Regulation is the removal of limits or restrictions on business activity by producers.
4

In a free-enterprise system, consumers decide

h
how to set prices.
w
which goods to export.
w
which services to buy.
h
how to use materials.
5

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?

C
Carol and the local officials can set the prices of her cakes.
C
Carol can use the money from her business to achieve her goal.
C
Carol can participate in a barter system for goods to goods.
C
Carol can meet a regulation for the number of local services.
6

Which situation is the best example of regulation in an economic system?

A
A retail business just opened a new store in a community close to its original location.
B
A small clothing shop slashed it prices to attract customers from a larger department store nearby.
C
A farmers’ market has offered a special deal to customers from a nearby yoga school.
D
A state agency has been created to monitor the production and distribution of sports drinks.
7

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

Question illustration
p
producer innovation in a market economy.
f
freedom in the free-enterprise system.
r
regulation by a government agency.
c
competition between businesses.
8

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

Answer not available
9

advancesupportlimitterminate

A
advance
B
support
C
limit
D
terminate
10

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.

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