ICEV Government’s Role in Business PART 2

Question 1

Which of the following correctly lists the three branches of government?

Accepted Answer

Executive, legislative and judicial

Question 2

What is the term for the removal or relaxation of the rules affecting businesses within certain industries?

Accepted Answer

Deregulation

Question 3

When union representatives and management come together to discuss issues arising between employees and employers

Accepted Answer

Collective bargaining

Question 4

Common law is based on precedents established by judges’ decisions.

Accepted Answer

True

Question 5

The Federal Reserve seeks an unemployment rate below _____________ percent.

Accepted Answer

6.5

Question 6

Which of the following determines the size and rate of growth of the money supply?

Accepted Answer

Monetary policy

Question 7

Which of the following allows eligible institutions to borrow money from the central bank to meet reserve requirements?

Accepted Answer

Discount window

Question 8

What year was the Federal Trade Commission established?

Accepted Answer

1915

Question 9

The Sherman Antitrust Act of 1890 did which of the following?

Accepted Answer

Allowed the government to break up companies with control of amarket

Question 10

The government discourages competition among businesses.

Accepted Answer

False

Question 11

The Small Business Administration provides low-cost loans, advice and other assistance to small businesses.

Accepted Answer

True

Question 12

Which type of monetary policy involves increasing the growth of the money supply?

Accepted Answer

Contractionary monetary policy

Question 13

What did the Taft-Hartley Act of 1947 legalize?

Accepted Answer

Right-to-work laws

Question 14

Which of the following accurately defines tariff?

Accepted Answer

A special tax placed on foreign goods sold in the United States

Question 15

How does the Federal Reserve slow inflation and economic growth?

Accepted Answer

Raising interest rates

Questions 15