Private enterprise is based on the idea that everyone is better served when

individuals are free to set their own goals.

businesses regularly increase their prices.

government determines where individuals will work.

economic resources are controlled by the government.

Why are entrepreneurs important in a private enterprise system?

They encourage the development of new products.

They use resources inefficiently.

They are responsible for deceptive advertising.

One of the differences between private enterprise and other types of economic systems is that in other systems, workers

may be prohibited from improving their standard of living.

are able to make a wide variety of economic choices.

are allowed to change jobs whenever they want to do so.

can go to work for themselves if they are dissatisfied.

Malinda owns a home, and instead of living in it, she decides to rent it out to make more money. Which economic freedom does this illustrate?

Freedom to own, use, buy, and sell private property

Freedom to choose which laws to obey

Freedom to control all the money you earn

Individuals put limits on their own economic freedom by

making personal economic choices.

deciding to learn new job skills.

Unit 6 - Private Enterprise Practice Test

Authored by Michael White

Business

9th - 12th Grade

Used 4+ times

Unit 6 - Private Enterprise Practice Test

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20 questions

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MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Every society must develop a system for deciding how it will use its resources so that it can

meet people’s needs.

minimize risk.

prevent problems.

control production.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Who answers the basic economic questions in a private enterprise economic system?

Businesses and individuals

Government agencies

Influential citizens

Entrepreneurs and producers

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

One of the results of freedom in the marketplace is that

people can buy anything they can afford that can legally be sold.

businesses use resources efficiently.

people and businesses can own things of value.

government decides how to use an individual’s private property.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Alex owns a guitar, several books, and a telescope. Alex’s possessions are examples of

private property.

economic resources.

capital goods.

equal distribution.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following is a benefit of the freedom to own private property:

It encourages people to save and invest.

It helps limit our economic choices.

It encourages businesses to be cooperative.

It allows people to do anything they want to do.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following statements best describes the way that the U.S. economic system functions:

Individuals and businesses are the primary decision makers, while the government is the regulator.

Individuals are the primary decision makers, while businesses are the regulators.

Individuals and businesses are the primary decision makers, and there is no regulator.

The government is the primary decision maker, and occasionally it becomes the regulator.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The basic role of the United States government is to

protect U.S. citizens.

maintain control of prices.

increase production.

limit business startups.

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Unit 6 - Private Enterprise Practice Test

Every society must develop a system for deciding how it will use its resources so that it can

Who answers the basic economic questions in a private enterprise economic system?

One of the results of freedom in the marketplace is that

Alex owns a guitar, several books, and a telescope. Alex’s possessions are examples of

Which of the following is a benefit of the freedom to own private property:

Which of the following statements best describes the way that the U.S. economic system functions:

The basic role of the United States government is to

In a private enterprise economic system, consumers can choose from a variety of products as a result of

The economic basis for the private enterprise economic system is

The private enterprise economic system is often described as a(n)

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