American Free Enterprise

In the United States, you may_______________.

• start your own business to meet a need
• decide what fees to charge for a service or product
• own and run any business as long as the laws are obeyed
• all of the answers are correct

In the American Free Enterprise System, you have the right to buy or sell private property.

• True
• I do not believe that people should own property, or have the right to buy or sell it.
• False

Everyone in today's technological world uses____________

• telecommuting
• cell phones
• financial resources
• information

Which group lists the key principles of the free enterprise system?

• private property, taxation, public interest, patriotism
• profit motive, legal equality, consumer protection, public interest
• profit motive, private property, eminent domain, voluntary exchange
• profit motive, legal equality, private property, voluntary exchange

Allows the government to take private property for public use.

• public interest
• eminent domain
• government takey your stuffy
• none of 'em

Pattern of economic growth and decline.

• stock market
• business cycle
• ebb and flow model
• roller coaster

Someone who benefits without paying for a good or service.

• free loader
• free rider
• freedom fighter 
• free fallin'

What is one way the government encourages people to give to charity? 

• by redistributing taxes
• by subsidizing donations
• by lowering taxes for people who donate (tax write-offs)
• through cash grants

What percentage range is considered to be "full employment" in a nation's economy?

• 2-4% unemployment
• 4-6% unemployment
• 6-8% unemployment
• 0% unemployment

What is the term for the total value of all goods and services produced in a particular economy?

• net worth
• open market value
• gross domestic product
• standard of living