Competition and Free Enterprise Answers
0 verified answers
1
Free Preview
[BLANK]
A
The Wealth of NationsB
The World EconomyC
The Success of NationsD
The Economic Systems2
Free Preview
What are aspects of a free-enterprise system? Check all that apply.
A
Private ownership of property is severely restricted.B
The government has a lot of power and influence.C
There are few limits on the use of private property.D
Consumers make all of their economic choices.E
Producers make all of their economic choices.3
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.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?
A
Carol and the local officials can set the prices of her cakes.B
Carol can use the money from her business to achieve her goal.C
Carol can participate in a barter system for goods to goods.D
Carol can meet a regulation for the number of local services.6
Which group creates regulations in mixed-market economies?
A
consumersB
governmentsC
monopoliesD
producers7
What is one downside for consumers to competition in a free-enterprise system?
A
Consumers must be knowledgeable.B
Consumers have limited choices.C
The quality of goods often suffers.D
The price of goods often decreases.8
Competition happens when two or more businesses
A
complement one another.B
fight for the same benefit or gain.C
work together to achieve success.D
follow regulations from an agency.9
Which is an example of regulation in the automobile industry?
A
the creation of fuel-efficiency standards for carsB
the installation of satellite radio systems in some carsC
the usage of multiple-year warranties to cover repairsD
the production of hybrid models that conserve gasoline10
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.Did you find these answers helpful?
Verified answers available
TRY EDGENUITY HACKS
- Auto Complete Exams
- Auto Complete Assignments
- Skip Videos Instantly
50,000+ students using this