Free Enterprise Post-Test

CTC SIFE would like to measure your increased knowledge of enterprise as a result of reading our discussion paper. Please take a moment and complete this Post-test and submit it. To receive extra credit for your business class you must enter Full name.

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1: Who is the author of the book The Wealth of Nations, in which the elements of the Free Enterprise System are defined?: Frederick Smith
Adam Smith
Joseph Smith
2: What are the resources that Smith was referring to when he argued that resources sould be the concern of the individual?: Land, Freedom of Choice, and Profits
Entrepreneurial Skill and Profits
Physical Resources, Labor, Capital, Entrepreneurial Skills, and Information
3: To gain an advantage over competitors, a business must produce it's goods and services: In mass quantities
Faster than other companies
Efficiently
4: The U.S. Government does not go to Sears and tell them what they can and cannot sell, this is an example of: Freedom of choice
Government Deregulation
Independent Enterprise
5: When was the Wealth of Nations published?: 1721
1776
1803
6: When two or more businesses vie for resources or customers, what occurs?: Competition
Monopoly
Closing down both businesses
7: Free Enterprise allows individuals to pursue their own interests without excessive Government interference: True
False
I don't know