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Unit 5 - US Gov't Involvement in the Economy Flashcards | StudBud
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Unit 5 - US Gov't Involvement in the Economy
Unit 5 - US Gov't Involvement in the Economy
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1
Which of the following is a public good or service the government provides?
Interstate Highways
Your House
Private Property
Corporations
2
What type of economic system does the US have?
Mixed
Free Market
Command
Traditional
3
Who is most likely to take out a loan from the bank?
Joe who wants to buy a new toy
Karen who wants to to speak to the manager
Lauren who wants to save up money for college
Frank who wants to start his own business making and selling lemonade
4
Which tax is is mainly a FEDERAL level tax, so the money goes to the federal level of gov't.?
Income Tax
Personal Property Tax
Sales Tax
School Tax
5
What is one example of a public service the gov't provides?
Private Schools
Free Pizza Delivery
Police
Wal-mart
6
Which is one way the US Gov't promotes competition?
By having a Command Economy
Using the Federal Reserve System
Enforcing antitrust legislation
Creating an income tax
7
What federal agency regulates the environment by telling companies how much they can pollute?
EPA
FTA
SEC
FCC
8
Why does the government provide public goods and services?
They would not likely be available if individuals had to provide them
Because the Federal Reseve tells them what to do
So we can take care of only a small population of citizens
Because corporations refuse to provide them
9
What acts as the central bank to the US government?
The Federal Restoration Agency
The Federal Reserve System
Bank of America
The Federal Bureau of Investigations
10
Free Enterprise and Competition are characteristics of the US economy.
True
False
11
The gov't gets revenue from taxes, fines, fees, and.....?
Banks
Charitable donations
Borrowed funds
Gold
12
Which of the following is a currency used in the US?
Tokens and IOU's
Credit Cards and Disney Dollars
Coins and Federal BitCoins
Coins and Federal Reserve Notes
13
When a company owns all of one resource and can charge whatever they want for it?
Monstrocity
Monogram
Monopoly
Monosyllabic
14
Which is a tax levied on items such as; boats and cars
.
Sales Tax
School Tax
Personal Property Tax
Income Tax
15
Which is a tax consumers pay on many items they purchase? It is set by each state.
Income Tax
Personal Property Tax
School Tax
Sales Tax
16
What government agency would regulate the food and pharmaceuticals?
EEOC - Equal Employment Opportunity Commission
OSHA - Occupation Safety and Health Administration
FDA - Food and Drug Administration
CPSC - Consumer Product Safety Commission
17
"The Fed" regulates banks to help ensure the soundness of the banking system and the safety of deposits.
False
True
18
Banks give customers a low % interest rate for money deposited in a saving account. So, how do banks make profits?
Charge them a high % interest on their deposited savings later
Take money from other customers savings accounts
Charge a high % interest on borrowers who want loans
Print more money
19
Fiscal policy is our yearly spending and budget. Who controls the Fiscal policy?
The Federal Reserve
The President and Congress
The Banks
The Governor of Virginia
20
The gov't uses money to provide the people with what?
Public goods and service
Private goods and services
21
The Fed controls the money supply. Which policy is this?
Fiscal Policy
Monetary policy
22
Which government agency would regulate and ensure safe working conditions for construction workers?
OSHA - Occupation Safety and Health Administration
FDA - Food and Drug Administration
EEOC - Equal Employment Opportunity Commission
CPSC - Consumer Product Safety Commission
23
Private financial institutions help facilitate the exchange of money between savers and borrowers.
False
True
24
Private Financial Institutions include...
Corporations and Propriotorships
Partnerships and Free Markets
Banks and Credit Unions
Public Schools and Police
25
If we are in a recession (economic slow down), what can the President and Congress do to help boost the economy?
Declare War
Lower Taxes
Raise Taxes
Spend Less Money of public services
26
How are you going to do on the test tomorrow?
I am lost! Please help me Mr. D!!!
I need to study more.
I got this! A+
I might pass with a D
27
What amendment established the Income Tax?
16th
27th
13th
15th
28
What is the name of the federal agency that regulates communications like radio, TV, and internet?
FTC
FCC
EPA
SEC
29
Which government agency makes sure there is no discrimination when hiring workers?
FDA - Food and Drug Administration
CPSC - Consumer Product Safety Commission
OSHA - Occupation Safety and Health Administration
EEOC - Equal Employment Opportunity Commission
30
What federal agency regulates trade and breaks up monopolies?
FTC
FCC
EPA
SEC
31
Which is one way the Fed regulates the economy to keep inflation low and stable?
Influences Supply and Demand of items
Influences Corporate taxes
Influences the money supply and interest rates
Influences global trade and business start-ups
32
If the economy is going too slow, what is one action the Fed might take to speed it up?
Raise taxes
Raise interest rates so less people can borrow money
Lower interest rates so more people can borrow money
Decrease the money supply
33
If the economy is going too fast (inflation), what is one action the Fed might take to slow it down?
Lower interest rates so more people can borrow money
Lower taxes
Increase the money supply
Raise interest rates so less people can borrow money
