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The American Free Enterprise System

Quiz by Paul Bachman

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26 questions
Show answers
  • Q1
    struggle among sellers to attract consumers
    profit motive
    Competition
    mixed economy
    voluntary exchange
    30s
  • Q2
    economic action done or brought about by free choice
    competition
    minimum wage
    profit motive
    consumer sovereignty
    30s
  • Q3
    driving force that encourages people to improve their material well-being
    consumer sovereignty
    profit motive
    mixed economy
    inflation
    30s
  • Q4
    market economy in which people freely carry on economic affairs but are subject to some government regulation
    Social Security
    mixed economy
    modified free enterprise economy
    inflation
    30s
  • Q5
    someone who organizes and manages land, capital, and labor to make a profit
    profit motive
    entrepreneur
    consumer
    economist
    30s
  • Q6
    economic system with a combination of command, traditional, and market economies
    modified free enterprise
    inflation
    consumer sovereignty
    mixed economy
    30s
  • Q7
    the role of the consumer as ruler of the market
    entrepreneur
    profit motive
    consumer soverignty
    mixed economy
    30s
  • Q8
    lowest legal wage that can be paid to most workers
    voluntary exchange
    minimum wage
    mixed economy
    competition
    30s
  • Q9
    federal program retirement benefit that covers most working people
    modified free enterprise economy
    inflation
    Social Security
    minimum wage
    30s
  • Q10
    rise in the general level of prices
    inflation
    deflation
    minimum wage
    profit motive
    30s
  • Q11
    One of the characteristics of a capitalist free enterprise economy is
    voluntary exchange
    central planning
    consumerism
    minimum wage
    30s
  • Q12
    The economic system of the United States is considered a
    socialist economy
    command economy
    free market capitalist economy
    traditional economy
    30s
  • Q13
    ___________________ protect consumers against harm from products on the market.
    private property rights
    government regulations
    franchises
    profit motives
    30s
  • Q14
    Which of the following is largely responsible for the growth of a free enterprise system?
    government
    profit motive
    market efficiency
    Gross Domestic Product
    30s
  • Q15
    In a free enterprise economy, who ultimately decides what gets produced?
    consumers
    companies
    the government
    business owners
    30s

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