Free Enterprise, Supply and Demand, and Price

Free Enterprise, Supply and Demand, and Price

12th Grade

20 Qs

quiz-placeholder

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Free Enterprise, Supply and Demand, and Price

Free Enterprise, Supply and Demand, and Price

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

RYAN MCKELVY

Used 40+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

One of the characteristics of a capitalist free enterprise economy is _______ .

voluntary exchange

consumerism

the minimum wage

central planning

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The struggle among sellers to attract consumers is known as

consumer sovereignty

voluntary exchange

profit motive

competition

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following is a market economy in which people freely carry on economic affairs but are subject to some government regulation?

traditional economy

modified free enterprise economy

socialist economy

command economy

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

_______ protect consumers against harm from products on the market.

Franchises

Private property rights

Government regulations

Profit motives

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

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

government

Gross Domestic Product

market efficiency

profit motive

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Consumers in a free enterprise economy ultimately determine _______ to produce.

when

what

how

where

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

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

businesses

consumers

the government

entrepreneurs

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