U.S. Concepts in Economic

Which region in the U.S. is known for finance, technology, and education?

• Southeast

• Midwest

• Northeast

• Southwest

What is the Midwest often called due to its agricultural significance?

• Silicon Valley

• Breadbasket

• Technology Hub

• Energy Belt

Which region is known for its diverse economy including technology and tourism?

• Northeast

• Southeast

• Midwest

• West

What motivates businesses in a free enterprise system to use resources efficiently?

• Government regulations

• Incentives for Efficiency

• Consumer demand

• Environmental concerns

Which benefit of free enterprise allows the economy to respond quickly to changes in consumer preferences?

• Economic Freedom

• Consumer Choice

• Incentives for Efficiency

• Adaptability

What is one major industry found in the Southeast region of the U.S.?

• Technology

• Agriculture

• Manufacturing

• Mining

How does competition in a free enterprise system benefit consumers?

• It reduces the number of available products.

• It leads to lower prices and improved quality.

• It increases the cost of goods.

• It eliminates consumer choice.

Economic freedom means that the government decides what goods are produced in a free enterprise system.

• True

• False

Which of the following is not a characteristic of a free enterprise system?

• Consumer choice

• Government control of prices

• Competition among businesses

• Innovation and entrepreneurship

The West is known for diverse industries, including technology and entertainment.

• True

• False

• Only technology

• Only entertainment