Use a T/F to answer each of the following questions.
Include a reason for your answer.
1. In Canada all natural resources are owned by the
government. _____ Why?
2. Most of the business enterprises in our country are
privately owned. _____ Why?
3. In a free enterprise system owners are guaranteed to
make a profit. _____ Why?
4. The desire for profits forces businesses to produce
those things most in demand. _____ Why?
5. Price competition is limited to consumer goods. _____
Why?
6. Product competition leads to the development of new
and better products. _____ Why?
7. Competition forces business firms to produce
efficiently. _____ Why?
________________________________________________________________________________
8. Efficient production conserves productive resources.
_____ Why?
9. Because of specialization, people are more
independent today than they were before. _____ Why?
10. In a free enterprise economy business activity
follows a regular pattern of ups and downs. ___ Why?