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Free Enterprise System Quiz

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Which of the following is NOT a core characteristic of a free enterprise system?

Individuals are free to decide what to produce.

Individuals are free to decide at what price to sell goods and services.

Individuals are free to decide how to produce goods and services.

Government sets strict price controls on goods and services. (correct)

What is the primary motivation for businesses in a free enterprise system?

To serve the public good.

To maximize profit. (correct)

To minimize environmental impact.

To provide employment opportunities.

Which of the following best describes the concept of the 'invisible hand' as defined by Adam Smith?

Government regulation that guides economic activity.

The collective wisdom of consumers driving market decisions.

The natural tendency for individual self-interest to benefit society. (correct)

The invisible force that controls prices in a free market.

What economic system is characterized by government ownership and control of major industries?

Socialism (A) Signup and view all the answers

Which of the following is NOT a characteristic of a mixed economy?

Complete freedom of business activity. (A) Signup and view all the answers

What is the difference between a code of ethics and a code of conduct?

A code of ethics is a set of general principles, while a code of conduct outlines specific rules and behaviors. (C) Signup and view all the answers

What is the primary purpose of the Sarbanes-Oxley Act of 2002?

To protect whistleblowers from retaliation. (D) Signup and view all the answers

Which of the following best describes the Latin phrase 'caveat emptor'?

The buyer is responsible for inspecting and verifying the quality of products. (B) Signup and view all the answers