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Competition & Free Enterprise (icev)

Authored by B Morgan

Business

9th - 12th Grade

Used 29+ times

Competition & Free Enterprise (icev)
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10 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Competition does NOT encourage companies to do which of the following?

Decrease advertising

Improve products

Reduce prices

Target different markets

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The United States utilizes many combinations of the market-buyer structures.

True

False

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Laissez-faire is a Danish term which literally translates to “to each his own.”

True

False

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which economic system prohibits the private ownership and management of resources and emphasizes income and wealth equality?

Capitalism

Communism

Free enterprise

Socialism

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Pure competition creates markets with large numbers of buyers and sellers exchanging a(n) __________ product.

Homogenous

Online

Technological

Unique

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

__________ accounts for all income before deductions, but __________ is monetary gain after subtracting operating costs.

Principle; return

Profit; revenue

Return; principle

Revenue; profit

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following allow fair access to markets for entrepreneurs and are sometimes known as competition laws?

Anti-trust laws

Capitalistic laws

Free enterprise laws

Trade laws

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