Understanding Free Enterprise System

Understanding Free Enterprise System

3rd Grade

20 Qs

quiz-placeholder

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Understanding Free Enterprise System

Understanding Free Enterprise System

Assessment

Quiz

Social Studies

3rd Grade

Practice Problem

Medium

Created by

Alma Mae Ugdamin

Used 5+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a free enterprise system?

A system where the government controls all businesses

A system where businesses operate with little government interference

A system where only the government provides goods and services

A system where businesses set all laws and regulations

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a free enterprise system, who decides what to produce and sell?

The government

Consumers only

Businesses and entrepreneurs

The president

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens when demand for a product is high but supply is low?

Prices decrease

Prices increase

Prices stay the same

The government sets a fixed price

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does scarcity mean?

Having too much of a product

Having just enough of a product

Not having enough of a product to meet demand

Lowering prices to attract more buyers

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens when there is a surplus of a product?

The price of the product increases

The price of the product decreases

Demand increases

Businesses stop selling the product

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If there is bad weather in Florida and most of the banana crop is damaged, what will likely happen to banana prices?

Prices will decrease

Prices will stay the same

Prices will increase

Bananas will no longer be sold

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When demand is low and supply is high, what happens to prices?

Prices increase

Prices decrease

Prices remain unchanged

The government sets new prices

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