Competition and Free Enterprise Answers
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In a free-enterprise system, consumers decide
A
how to set prices.B
which goods to export.C
which services to buy.D
how to use materials.2
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What is regulation in an economic system?
A
Regulation is the placing of limits or restrictions on business activity by the government.B
Regulation is the placing of limits or restrictions on business activity by producers.C
Regulation is the removal of limits or restrictions on business activity by the government.D
Regulation is the removal of limits or restrictions on business activity by producers.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
A
following a federal regulation.B
lowering prices for customers.C
reducing the risk for consumers.D
creating a new or better product.4
Which group creates regulations in mixed-market economies?
A
consumersB
governmentsC
monopoliesD
producers5
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.Did you find these answers helpful?
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