Free Enterprise Quiz

Free enterprise system is also called

• Free Market Economy

• Free Life Economy

• Free Money Economy

• Free Business Economy

If there is a high demand, but low supply of a product the price will...

• be the same

• be higher

• be lower

• change randomly

Buying bubble gum and a soda from the gas station makes you a

• producer

• service

• consumer

• employee

When the supply for a product is high, but the demand for the product is low, the price will

• be higher

• be the same

• be lower

• change randomly

Making lemonade and selling it at a lemonade stand for 25 cents makes you a

• producer

• giver

• consumer

• employee

In a free market economy people can

• only buy or sell what the government says

• run any business they want

• choose a business from a list of options

• only buy goods

The struggle among sellers to attract consumers is known as

• consumer sovereignty

• voluntary exchange

• profit motive

• competition

Which of the following is largely responsible for the growth of a free enterprise system?

• government

• Gross Domestic Product

• market efficiency

• profit motive

Markets in the free enterprise system are seldom regulated by _______.

• businesses

• consumers

• the government

• entrepreneurs

Under a free enterprise system, businesses in the US are allowed to do all of the following EXCEPT

• decide what products to sell

• decide how to operate their business

• price their products

• they're allowed to do all of the above