Rust Quiz

what role do profits play in the felt tipped pen industry example in the chapter? Profits encourage sellers to produce the number of pens that buyers and sellers want.

Profits encourage sellers to produce the number of pens that buyers and seller want.

capitalism

a system of private ownership of raw materials factories and equipment.

Another major idea of this chapter is that (a) it pays to sell felt tipped pens (b) anyone may start a business in a free enterprise economic system (c) factories produce whatever they please (d) a free enterprise system is run by the government

b anyone may start a business in a free enterprise economic system

A major idea of this chapter is a) government should not interfere with free enterprise (B) the U.S. Economy is basically a free enterprise system c) the manufacture and sale of felt tipped pens is profitable d) consumer goods are always plentiful in a free enterprise.

b) the U.S. economy is basically a free enterprise system

suppose there are too many felt tipped pens on retailers shelves which of the following is likely to take place? Factories will produce fewer pens

factories will produce fewer pens

the U.S. economic system is best described as one with c) mostly free enterprise but some role for government.

mostly free enterprise but some role for government

in the U.S. economic system consumer sovereignty means that a) the customers decide whether a business succeeds or fails

the customers decide whether a business succeeds or fails

free enterprise

the right of individuals to enter into legal businesses and operate them as they see fit.

which of the following best describes business competition? the right of others to enter the same business as you do.

the right of others to enter the same business as you do

In a free enterprise system both buyers and sellers decide a)what goods and services should be produced

what goods and services should be produced