Free Enterprise Pre-test

Check your knowledge by taking the Free Enterprise pre-test below. After you answer these questions, click on the Grade Quiz button on the botton of this page. After you have submitted your answers, click on the Free Enterprise essay link to go to the next page and read the discussion section. 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