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Unit 7 Government and the Economy 1. Goods and services that can be used by everyone are known as _______goods and services A. private B. public C. social B 2. Public goods and services are provided by __________. A. Households B. Businesses C. Government C 3. Government provides goods and services _____________. A. to provide benefits to many simultaneously B. because they would not be available if individuals had to provide them C. because individuals acting alone could not provide them efficiently. A,B,C 4. ___________is about how the government taxes, borrows and spends money. A. Monetary Policy B. Financial Policy C. Fiscal Policy C 5. Burger King is an example of a ________ A. public good or service B. financial institution C. private good or service C 6. A _________affects the U.S. economy by reducing the funds available for households and business to spend. A. tax decrease B. tax increase B 7. Government pays for public goods and services by ______ A. B. C. D. collecting taxes borrowing money Taking out loans A&B D 8. ______affects the U.S. economy by reducing funds available for households and businesses to borrow? A. Decreased government borrowing B. Increased government borrowing B 9. Increased government spending causes _______ production, employment, and demand. A. increased B. no change in C. decreased A 10. The _______ is the government agency that makes rules about unfair and misleading business practices? A. Federal Communications Commission B. Environmental Protection Agency C. Federal Trade Commission D. Food and Drug Administration C 11. Increased government spending may result in_______ taxes. A. no taxes B. lower C. higher C 12. The 16th amendment to the U.S. Constitution ____ A. gave Congress the power to tax personal and business income. B. gave Freedom to slaves C. authorized gun control D. gave women the right to vote A 13. An important function of the U.S. government in our economy is to ___________ competition A. regulate and promote B. promote C. regulate D. not encourage A 14. Which is NOT a way government promotes competition in the U.S. marketplace? A. enforces anti-trust laws B. engages in global trade C. supports business start-ups D. controls all resources D 15. The FCC, EPA, and FTC are examples of government agencies that_____ and oversee the way companies do business. A. promote B. regulate C. denounce D. organize B 16. The _______ is the government agency that makes rules to prevent unfair business practices? A. Federal Communications Commission B. Environmental Protection Agency C. Federal Trade Commission D. Food and Drug Administration C 17. Advancements in technology have contributed to the global flow of _________. A. B. C. D. Information Capital Goods and Services All of the above D 18. The Federal Reserve Bank functions to_______. A. regulate the money supply B. issue currency C. serve as a clearing house for checks D. be a bank for banks A B C D 19. Changes in the reserve requirement, interest rate, and discount rate by “The Fed” are known as _____________. A. monetary policy B. fiscal policy C. money policy D. financial policy A 20. The U.S. government _________to protect consumer rights and property rights? A. B. C. D. Takes property away Passes laws Creates agencies Both A and B B C 21. When “The Fed” wants to slow down the economy it ______the interest rate, discount rate and reserve requirement. A. lowers B. raises B 22. The money supply ______ when “The Fed” lowers the reserve requirement? A. decreases B. increases B 23. The _______is the central bank of the U.S. that regulates the money supply and maintains a stable economy. A. Federal Communications Commission B. The Federal Trade Commission C. The Federal Reserve Bank. D. Richmond Commercial Bank C 24. When “The Fed” wants to stimulate the economy it ______ the interest rate, discount rate, and reserve requirement. A. raises B. lowers B 25. The money supply ______when “The Fed” raises the reserve requirement? A. decreases B. increases A 26. The right of private property is protected by___________. A. B. C. D. Negotiated contracts Government securities The Federal Reserve System The 1st Amendment A 27. Which is an example of public property? A. B. C. D. Homes Businesses City Buses Rest Areas C D 28. To protect consumers, government agencies________ A. write contracts for consumers B. approve all consumer contracts C. establish guidelines for public health and safety C 29. Consumers take _____ action if they believe their consumer rights have been violated. A. B. C. D. government no action executive legal D 30. The U.S. pursues international trade to increase ► A. Wars ► B. wealth C. children D. all the above B