United States - Free Market

The USA has a ______market, meaning we have the right to choose what and what not to buy.

• Free

• Rich

• Low

• High

All of the following contribute to a free market system except

• Economic freedom

• Competition

• Self-Interest

• Government ownership

The concerns of the people as a whole is known as

• interest group

• public policy

• cash transfers

• public interest

The trade off for our government providing protection is the freedom the consumer gives up.

• True

• False

What are the advantages of a Free Market Economy?

• total government control

• Low levels of competition, few choices and poor quality products

• innovation, freedom of production, and competition (good for consumers)

• the economy is free to regulate itself and monopolies control businesses

What is an advantage of a free market?

• Few choices in the market

• Governmental control

• Economic Freedom

• Being unsafe

Below are all examples of how our government provides protection for the consumer except

• Nutrition labels on food

• Safety regulations in the auto industry

• Measuring Gross Domestic Product(GDP)

• Age recommendations on toy products

Laws and standards on topics of public interest is called

• interest groups

• public policy

• profit motive

• public disclosure laws

What is considered a negative effect of government regulation? 

• It protects consumers but harms the environment.

• It is expensive for businesses to follow all of the rules.

• It allows businesses to sell unsafe products.

• It does not protect the well-being of the public.

Someone who benefits without paying for a good or service.

• free loader

• free rider

• freedom fighter 

• free fallin'