stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
21--21 Economics Test Review Flashcards | StudBud
Explore
/
21--21 Economics Test Review
21--21 Economics Test Review
30 terms
·
StudBud Administration
·
263 plays
A review of CE.11, CE.12, and CE.13
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
When taxes increase, what happens to spending by individuals and businesses?
decreases
increases
borrowing decreases
spending stays the same
2
Which government agency promotes workplace safety?
Equal Employment Opportunity Commision
Department of Labor
Occupational Safety and Health Administration
Consumer Product Safety Commission
3
The Sixteenth Amendment allows Congress to
make alcohol illegal
raise salaries of Congress
allow women to vote
tax income
4
What is a command economy
an economy driven by country's individual citizens
an economy controlled by traditions, customs, and beliefs.
an economy controlled by a public and private sector
an economy controlled centrally by a government.
5
Products and services that are used by everyone and are provided by the govt are called
public goods
private policy
public policy
private goods
6
Consumer Sovereignty is
Shelf full of 2 DS games tells producers to stop making it
is a characteristic in a mixed economy.
If consumers aren't buying it tells producers stop making it
Consumers through purchases tell producers what to produce.
7
What's the major difference between a free market economy and a mixed market economy?
the amount of demand for resources
government is involved in a free market economy
the amount of supply of resources
government is involved in mixed market economy
8
Scarcity is caused by ___________ resources.
many
cheap
functional
limited
9
Complete the graphic
industrialization
impact of technological innovations
reasons that states and nations trade
interstate commerce
10
What is the central bank of the United States called?
National Credit Union
Federal Bank
Federal Reserve
National Savings and Loan
11
What agency protects the enviroment?
Securities and exchange commsssion
Occupational Safety and Health Administration
enviromental protection commission
Federal trade commission
12
Which agency regulates food?
Federal trade commission
Food and drug administration
Eviromental protection agency
FAA
13
The government pays for public goods and services through
donations from wealthy politicians
revenue from sales and income taxes
donations from foreign nations
revenue from the lottery
14
Which amendment authorizes Congress to tax incomes?
14th Amendment
10th Amendment
17th Amendment
16th Amendment
15
Which government agency regulates stock exchanges?
Enviromental Protection Agency
Securities and Exchange Commissions
Federal Trade Commissions
Consumer Product Safety Commission
16
This sign illustrates how the government
discourages patrons from littering
pays for public services
encourages vacation planning
promotes tourism
17
United States Currency is created by
the Stock Market
the government
businesses
banks
18
What is TRUE about incentives?
support the development of new ideas and products
change our economic behavior for ex, a sign: Sale Half price
motivate us to make certain economic decision
give us more options and freedom
19
What can the Federal Reserve do to slow down the rate of inflation?
raise taxes
lower interest rates
raise interest rates
lower taxes
20
Increased government spending may result in
lower taxes
lower demand
higher taxes
increase trade
21
Other than taxes, how else does government get money to pay for public goods and services?
corporations
borrowed money
businesses
donations
22
The government enforces antitrust laws in order to
promote monopolies
create government services
create private services
promote competition
23
When the supply and demand curves meet, what does that mean about price?
the price is too low
the price is set
the graph doesn't give information about price
the price is too high
24
Which reason best explains why the Federal Reserve will lower interest rates?
to encourage people 2 spend their $
so people save their money
to increase the inflation rate
to increase govt spending
25
Which agency controls communications such as Radio and TV?
Enviromental Protection Agency
Social Security Administration
Federal Trade Commission
Federal Communication Commission
26
The Global Economy makes it easy to
only purchase from your own country
purchase goods and services U.S. could not produce effectively
invest in foreign companies
27
How does technology impact the U.S. economy?
Increase global competition with jobs and products
Decrease in jobs for low-skilled workers
New and more jobs
Global Economy: coffee from Peru and shoes from Vietnam
28
Which government agency protects against workplace discrimination?
Equal Employment Opportunity Commission
Consumer Product Safety Commission
Occupational Safety and Health Administration
Federal Drug Administration
29
Which innovation has contributed to the global flow of information, capital, goods, & services?
railroads
internet
interstate highways
shipping
30
Why do entrepenurs risk their envestment
to help the economy
to increase opportunity costs
to make a profit
to avoid the government
