BIG BUSINESS & IMMIGRATION

Type name

Which of the following BEST describes a free enterprise system?

• Consumers have few choices about where they can buy goods and services
• Competition rarely exists among business owners
• The government regulates what business owners can produce and how much they can charge for products and services.
• Business owners can decide what to produce and how much to charge for products or services.

____________ is the owner of The Standard Oil Company. He was an entrepreneur who built oil refineries to make oil into gasoline.

• Henry Ford
• John D. Rockefellar
• Andrew Carnegie
• J.P. Morgan

____________ was an entrepreneur who used the Bessemer process to make steel at the lowest cost possible. He was responsible for making steel a major American Industry.

• Henry Ford
• John D. Rockefellar
• Andrew Carnegie
• J.P. Morgan

____________ was the creator of the assembly line and used it to make the Model-T. The Model T was the first car that was simple to operate and affordable for most Americans.

• Henry Ford
• John D. Rockefellar
• Andrew Carnegie
• J.P. Morgan

_____________ is what occurred when people left farms and flooded cities in search of jobs.

• entrepreneur
• urbanization
• refinery
• monopoly

The economy in America is an example of a _____________. Americans and immigrants were allowed to start their own businesses or do whatever work they wanted.

• urbanization
• Free Enterprise
• refinery
• monopoly

All of the following statements are true about a monopoly EXCEPT...

• it's a company that has control over an entire industry.
• a monopoly has little or no competition.
• monopolies are good for a country
• a company that is a monopoly can charge any price for their products.

People in America, like Andrew Carnegie, are free to create and run their own businesses. This is known as an ________________.

• entrepreneur
• Free Enterprise
• refinery
• monopoly

Things found in nature that people can use are called ________________.

• natural resources
• human resources
• capital resources