quiz 1 unit 2
The Clayton Anti-Trust Act differed from the 1890 law in that it ____________.
was stronger and more enforced than the previous law due to the creation of the FTC
The importance of the Sherman Anti-Trust Act of 1890 is that it ____________.
was the first move of the government to regulate the economy
In which amendment can one find the "Takings Clause?"
Fifth Amendment
What is a start-up?
a new business created by an entrepreneur
What is the major obstacle to Americans owning their own businesses?
age
The key to the market economy is that basic economic decisions are made by _______.
consumers
When did the US government begin its involvement in the economy?
late 1800s
The National Football League enjoys a _______.
legal monopoly
The importance of the right to own private property is the ability to ___________.
make a profit in the sale or operation of private property
The absence of any competition within a particular market of a good or service is a(n) ______________.
monopoly
When one company, due to some advantage, can offer a product at a lower price than other companies, it has formed a ________.
natural monopoly
The free enterprise system is based primarily upon Americans' right to __________.
own their own businesses
The "Takings Clause" allows the government to practice eminent domain by taking away private property provided that the government _______.
pays a fair price for the property
What was the importance of the Supreme Court case Kelo v. New London (2005)?
It gave the government more power in invoking eminent domain.
Which of the following are rights of consumers in a free enterprise system? Select all that apply.
benefits of competition the right to own private property the right to choose
In a market or free enterprise economy, competition ensures _______. Select all that apply.
equal access to products consumer choice reasonable prices
What is NOT a component of the free enterprise system?
government ownership of industry
Which of the following government actions may infringe upon a consumer's rights? Select all that apply.
government regulation eminent domain
