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CE.13

QuestionAnswer
The government both promotes and regulates _____. competition
How does the government promote marketplace competition? 1. Enforcing antitrust laws to discourage the development of monopolies 2. Engaging in global trade 3. Supporting business start-ups
The government promotes competition by enforcing _____ legislation (laws) to discourage the development of monopolies. antitrust
What are three government agencies that oversee the way individuals and companies do business? 1. FCC (Federal Communications Commission) 2. EPA (Environmental Protection Agency) 3. FTC (Federal Trade Commission)
What are some examples of public (provided by the government) goods and services? Interstate highways, postal service, national defense
Public goods and services provide benefits to many people simultaneously (at the same time), but would not be available if _____. individuals had to provide them
How do governments get the money to produce public goods and services? 1. Tax revenue 2. Borrowed funds
Where does Congress get the authority to tax personal and business incomes? The 16th Amendment of the US Constitution
The government can _____, _____, and _____ to influence economic activity. tax, borrow, spend
Government tax _____ reduce the funds available for private and business spending. increases
Government tax _____ increase the funds available for private and business spending. decreases
Increase government spending _____ demand, which may _____ employment and production. increases, increase
_____ government spending reduces demand, which may result in a _____ of the economy Less, slowing
Increased government spending may result in _____ taxes. higher
Decreased government spending may result in _____ taxes. lower
The FED is the _____. Federal Reserve System
The FED is the _____ of the United States. central bank
The FED regulates the _____. money supply
The Federal Reserve Bank acts as a banker's bank by issuing currency and reducing the amount of _____ in circulation. money
What does the FED do to slow the economy? Restrict the money supply, causing interest rates to rise
Why would the FED increase the money supply, causing interest rates to decline? To stimulate the economy
How does the US government protect consumer rights and property rights? The government passes laws and creates agencies to protect consumer rights and property rights.
Individuals have the right of private ownership, which is protected by _____. negotiated contracts that are enforceable by law
How is public health and safety protected? Government agencies establish guidelines that protect public health and safety.
How are consumer rights protected? Consumers may take legal action against violations of consumer rights.
What is the CPSC? Consumer Product Safety Commission
What is the FDA? Food and Drug Administration
What is OSHA? Occupational Safety and Health Administration
What is the EEOC? Equal Employment Opportunity Commission
What is the EPA? Environmental Protection Agency
Name two agencies that protect consumers? 1. CPSC 2. FDA
Name two agencies that protect labor? 1. OSHA 2. EEOC
Name an agency that protects the environment? EPA
Money acts as a: 1. medium of exchange, making trade easier 2. store of value, making it easier to save and invest 3. measure of value, making it easier to compare the value of goods and services
What are the three types of money generally used in the United States? 1. Coins 2. Currency 3. Deposits in bank accounts that can be accessed by checks and debit cards
Created by: bres_ce
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