Question

@XxSweet_NothingsxX

Answer 1

Question 1 (Multiple Choice Worth 4 points)

The purpose of antitrust law is to

support efforts of companies to take over others

discourage competition in certain markets

force similar companies to combine into one

protect competition by preventing monopolies

Question 2 (Multiple Choice Worth 4 points)

Which of the following best describes the United States?

It has a market economy with no government regulation. This is the only system that can work with a government run by the people.

It has a command economy. A large nation like the United States needs the government to control all growth of business to prevent problems.

It has a traditional economy. Most communities are focused on providing their own needs with the resources available in the local area.

It has a mixed economy. The government protects individual rights, such as minimum pay for work and choices in goods and services.

Answer 2

Question 1:D, protect competition by preventing monopolies
Question 2: D It has a mixed economy. The government protects individual rights, such as minimum pay for work and choices in goods and services.
(ive done this one to XD)

Answer 3

Price controls are

believed to prevent monopolies by stopping a company from setting prices too low or too high

made by governments with a purpose of discouraging competition in the economy

set prices for goods and services that only government-approved businesses may offer

a system of government laws and regulations that control how people run their businesses

Question 4 (Multiple Choice Worth 4 points)

An inventor can obtain a(n) _____________ to protect his or her idea.

antitrust

price control

patent

regulation

Answer 4

lol

Answer 5

Price controls are: A, believed to prevent monopolies by stopping a company from setting prices too low or too high

An inventor can obtain a(n) _____________ to protect his or her idea
C, Patent

Answer 6

Which economic thinker is correctly matched to the type of economy he supported?

Smith – command

Keynes — market

Keynes – command

Smith – market

Question 6 (Multiple Choice Worth 2 points)

The United States began as more of a

market economy but grew more mixed as government added laws and regulations

traditional economy but became a command economy as the government grew

mixed economy but became a market economy by reducing government laws

command economy but grew more mixed as government ended practices

Answer 7

Which economic thinker is correctly matched to the type of economy he supported?
D, Smith – market

The United States began as more of a

A, market economy but grew more mixed as government added laws and regulations

Answer 8

Most nations in the world today have

market economies

command economies

mixed economies

traditional economies

Question 8 (Multiple Choice Worth 2 points)

A mixed economy is

dependent only on the choices of individuals and businesses

a combination of individual choice and government protection

where people produce and trade traditional goods

completely based on government decisions

Answer 9

Most nations in the world today have
C,mixed economies

A mixed economy is
B, a combination of individual choice and government protection

Answer 10

Which type of economy for an organized, large society gives citizens the most freedom of choice?

Traditional

Mixed

Command

Market

Question 10 (Essay Worth 6 points)

The Standard Oil company was found in violation of antitrust law in 1911 and forced to break into 34 separate companies. Define antitrust law and describe how it protects competition.




Question 11 (Essay Worth 6 points)

In the 1970s, the U.S. government set the price for gasoline around one dollar per gallon. Define price controls and describe how some people believe they protect competition.

Answer 11

Which type of economy for an organized, large society gives citizens the most freedom of choice?
D, Market

Question 10 (Essay Worth 6 points)
Antitrust is intended to prevent business' from using practices that prevent competition and making unfair profits.
the standard oil company had created a monopoly. antitrust laws broke up this monopoly and allowed smaller company's to compete. (this is exactly what i wrote on my test and i got 6 points for it)

Question 11 (Essay Worth 6 points)
Price controls a maximum or minimum price set by law. this protects competition by setting limits on company's under cutting competition with prices smaller company's cant match. (this is exactly what i wrote on my test and i got 6 points for it)

Answer 12

A man named Alexander Graham Bell received a patent for his telephone invention in 1876. Today, many Americans carry a cell phone around with them. Define patent law and describe how patents encourage competition.




Question 13 (Essay Worth 6 points)

Explain why a market or mixed economy is the best match for the United State

Answer 13

Patent law a document that gives the right of an inventor to make or sell their invention. patents encourage competition by rewarding new inventions and ideas while protecting the inventors talents. (this is exactly what i wrote on my test and i got 6 points for it)


I believe that a mixed economy is the best match for the united states because it allows competition between business' with some government regulation. While still allowing free market competition. (this is exactly what i wrote on my test and i got 6 points for it)