Free Enterprise Quiz

What is free enterprise?

• An economic system in which people are free to start their own businesses and own their own property

• An economic system in which the government controls all businesses and property

• An economic system in which people are not allowed to start their own businesses

• An economic system in which businesses are owned by the community

What is private property?

• Something owned by individual people or groups

• Something owned by the government

• Something that cannot be owned by anyone

• Something that is shared by everyone

What is the role of business owners in free enterprise?

• They can choose what to sell and how much to sell it for

• They have no control over their businesses

• They must follow strict government regulations

• They cannot make a profit

What determines the prices of goods in a free enterprise system?

• Supply and demand

• Government regulations

• Business owners' preferences

• Consumer preferences

What is the definition of profit?

• The money a business has left after it has paid all its costs

• The total revenue of a business

• The amount of money a business owes to others

• The amount of money a business invests in new products

What is the definition of supply?

• The amount of a product that is available

• The amount of a product that people are willing to buy

• The amount of money a business invests in production

• The amount of money a business earns from sales

What is the definition of demand?

• The amount of a product that people are willing to buy

• The amount of a product that is available

• The amount of money a business invests in production

• The amount of money a business earns from sales

What is the definition of export?

• A good that one country sells to another country

• A good that one country buys from another country

• A good that is produced and consumed within the same country

• A good that is not traded between countries

What is the definition of import?

• A good that one country buys from another country

• A good that one country sells to another country

• A good that is produced and consumed within the same country

• A good that is not traded between countries

What is the definition of consumer?

• A person who buys or uses goods and services

• A person who starts a new business, hoping to make a profit

• A person who works for a business

• A person who invests money in businesses