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The Free Enterprise System

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1.
2 points
Intellectual property rights for inventions are knownas
2.
2 points
A business that uses the money it makes to fund a cause is called a
3.
2 points
What is an advantage of free enterprise?
4.
2 points
Providing information utility for their products would be important for businesses engaging in nonprice competition.
5.
2 points
Because they prevent competition, _________ are prohibited in a free enterprise system.
6.
2 points
According to the laws of supply and demand, businesses lower a product's price when the supply of the product exceeds the demand for it.
7.
2 points
Residents of the US have the ability to buy whatever items are legally available. This ability is a basic free enterprise principle called freedom of __________.
8.
2 points
The price of a gallon of gas continues to rise due to oil ____ in the Mid-East.
9.
2 points
Without competition, nothing can stop a company from acting without regard for the customer
10.
2 points
Which of the following are economic benefits of profitable businesses?
11.
2 points
Because of deregulation of the utility companies, the US government no longer restricts the prices that gas and electric companies charge
12.
2 points
What are the "rights" of merchandising?
13.
2 points
The functions of business are
14.
2 points
What is the term for the struggle between companies for customers?
15.
2 points
Describe three economic benefits of profitable companies
16.
2 points
Which statement best describes free enterprise?
17.
2 points
The term ________ involves buying and reselling goods that have already been produced
18.
2 points
Describe three economic costs of unprofitable businesses
19.
2 points
How competition and marketing work together to increase the nation's standard of living?
20.
2 points
According to the US Department of Labor, the private sector is primarily engaged in producing the same product or group of products
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