Law

Question 1(Multiple Choice Worth 3 points)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 businessesQuestion 2(Multiple Choice Worth 3 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.Question 3(Multiple Choice Worth 3 points)An inventor can obtain a(n) _____________ to protect his or her idea. antitrust price control patent regulationQuestion 4(Multiple Choice Worth 3 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 monopoliesQuestion 5(Multiple Choice Worth 3 points)How do patents help promote competition? They support people who wish to copy and profit from registered inventions. Knowing inventions can be protected encourages people to create new things. The owner of the patent can prevent other people and businesses from innovation. A patent can discourage businesses from offering new or improved goods and services.Question 6(Multiple Choice Worth 3 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 decisionsQuestion 7(Multiple Choice Worth 3 points)Most nations in the world today have market economies command economies mixed economies traditional economiesQuestion 8(Multiple Choice Worth 3 points)Which type of economy for an organized, large society gives citizens the most freedom of choice? Traditional Mixed Command MarketQuestion 9(Multiple Choice Worth 3 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 practicesQuestion 10(Multiple Choice Worth 3 points)Which economic thinker is correctly matched to the type of economy he supported? Smith command Keynes market Keynes command Smith market