Answers2102320-Economics HONORS - Edgenuity TeacherCompetition and Free Enterprise

Competition and Free Enterprise Answers

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1
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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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Which is an example of regulation in the automobile industry?

A
the creation of fuel-efficiency standards for cars
B
the installation of satellite radio systems in some cars
C
the usage of multiple-year warranties to cover repairs
D
the production of hybrid models that conserve gasoline
3

A frozen foods company changes an ingredient to meet a new government standard. 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 product.
4

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.
5

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

A
to create fair competition between producers
B
to limit the knowledge of certain consumers
C
to allow producers to have greater freedom
D
to protect consumers’ health and safety
E
to prevent the formation of monopolies
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

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

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

Question illustration
A
producer innovation in a market economy.
B
freedom in the free-enterprise system.
C
regulation by a government agency.
D
competition between businesses.
9

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.
10

[BLANK]

A
advance
B
support
C
limit
D
terminate

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