Paige 3/5/25

What is the primary type of economic system in the United States?

• Command economy

• Mixed economy with free market emphasis

• Pure socialist economy

• Traditional economy

What happens when buyers and sellers exchange goods and services?

• A monopoly forms

• Government takes control

• A market exists

• Prices are fixed

In a free enterprise system, how are prices typically determined?

• By government regulation

• Through supply and demand

• By individual sellers only

• Through consumer voting

What is profit in a business context?

• Total sales revenue

• Money spent on expenses

• Earnings after all expenses are paid

• Government tax collection

What right do individuals and businesses have regarding property in the U.S. economy?

• The right to own property with minimal government interference

• The right to use only government property

• The right to rent but not own property

• The right to temporary ownership only

How does competition typically benefit consumers?

• It raises prices

• It reduces product choices

• It creates monopolies

• It leads to better quality and lower prices

What role do consumers play in the U.S. economy?

• They only follow government guidelines

• They determine what goods will be produced through their purchases

• They have no influence on production

• They set prices directly

What is the government's primary role in protecting private property?

• Taking control of all property

• Limiting ownership rights

• Providing structure to define and enforce property rights

• Determining property values

In the U.S. economy, where are most decisions about goods and services made?

• In government offices

• By international organizations

• In the private sector

• By public vote

What is consumer sovereignty?

• Government control over consumers

• Business control over consumers

• Consumer control over government

• Consumer influence over what is produced