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Unformatted text preview: A) som B) communism C) capitalism D) entrepreneurship 7. To be successful in the private enterprise system, firms must ________. A) be organized as corporations B) find a basis for competitive differentiation C) believe that high prices will automatically ensure high profits D) be regulated by government 8. Citizens in a private enterprise system have the right to choose their employment, purchases, and investments, illustrating their right to ________. A) profit B) credit C) freedom of choice D) private property 9. In colonial days, America's economy was primarily based on ________. A) gold mining B) agriculture C) real estate D) mass production 10. In colonial society, real economic and political power was centered in ________. A) Cities B) rural areas C) areas west of the Mississippi River D) metropolitan areas Page 3...
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