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Vocab Review & Government Regulation Flashcards | StudBud
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Vocab Review & Government Regulation
Vocab Review & Government Regulation
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1
What is one reason why the government regulates businesses?
To collect debts from Non-profits
To protect consumer health and safety
To protect only the rich
To make more profits
2
Which term refers to the fact that all businesses are trying to make more money than they need to spend?
Unemployment Rates
Incentives
Profit Motive
Producer Sovereignty
3
What most likely will happen when two businesses compete?
They will improve the quality of products
They will make products worse
They will raise their prices by a lot
They will stop paying their workers
4
What type of economy allows producers & consumers to make their own choices, but still has some government involvement?
Traditional Economy
Mixed Economy
Free Market Economy
Command Economy
5
Which term means that businesses try to gain more customers and make more money than other businesses?
Factors of Production
Competition
Consumption
Incentives
6
Which agency would try to put limits on the amount of pollution going into a local lake?
Environmental Protection Agency (EPA)
Food & Drug Administration (FDA)
Consumer Product Safety Commission (CPSC)
7
Which government agency would recall a hair dryer that was dangerous for buyers?
Consumer Product Safety Commission (CPSC)
Environmental Protection Agency (EPA)
Occupational Safety & Health Administration (OSHA)
8
Mr. Perkins chose to buy a new phone instead of a new TV, what would be part of the opportunity cost of his choice?
All of the apps he can download on his new phone
The new phone
The hours he could've spent watching on a new TV
9
What is an IMPORT?
A new law from the government frocing people to trade
A product that is traded OUT of a country
A product that is traded INTO a country
10
Which of the following is something that the government would use tax money to pay for?
Car Dealerships
Roads & Highways
Internet Providers
Cable TV
11
What is the name for the point where the supply and the demand for a good matches up perfectly?
Even Point
Perfect Point
Equilibrium Point
Even Stevens Point
12
Which government agency would make sure products at grocery stores and pharmacies are safe?
Environmental Protection Agency (EPA)
Occupational Safety & Health Administration (OSHA)
Food & Drug Administration (FDA)
13
Which of the following would NOT be a reason that countries trade?
To export the goods and services they have
To make consumers buy more expensive products
To create more jobs in the country
To bring in products they may not have
14
What type of taxes do people have to pay based on the value of land they own?
Property Taxes
Sales Taxes
Income Taxes
Corporate Tax
15
What type of taxes do people have to pay based on the money they make over the course of a year?
Income Tax
Sales Tax
Property Tax
Transportation Tax
16
Which term means that consumers can make their own choices, that will then determine what goods are made?
Opportunity Cost
Consumer Sovereignty
Competition
Factors of Production
17
What type of taxes are added on to purchases that are made by consumers?
Income Taxes
Sales Taxes
Toll Road Taxes
Property Taxes
