Competition and Free Enterprise — Unit test Answers

What is the best definition of economic data?

Which consideration must a society address when deciding for whom to produce a potentially scarce or limited resource?

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Consumers influence producers because consumers supply

One consequence of automation is that producers need fewer

The difference in income between the richest and poorest citizens is called

What is one way a command economy affects the lives of private citizens?

Assessing opportunity cost involves

The goal of a command economy is to

Read the graph.Which power source has been least consumed?

What are some reasons for studying economics? Choose three answers.

Producers can generate instant sales by using

One negative consequence of using automation to improve manufacturing production is that

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

The government of country A has determined there is a coal shortage based on mining reports. As a result of these data, the government decreases coal exports to other nations. Access to information helped country A

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

What are the benefits of instant communication and sales for consumers? Choose three answers.

Why does the US government create regulatory agencies? Check all that apply.

Read the introduction to an argumentative essay about entrepreneurs and free enterprise.Mary Kay Ash wanted to write a book about women in business. Instead, what transpired was a business plan for Mary Kay, Inc., a cosmetics company. In a free enterprise system, people like Mary Kay Ash have the opportunity to make their own economic decisions and create their own influential businesses.The introduction is effective because it