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Government And The Economy 1
Test Description: Government and the Economy 1
Instructions: Answer all questions to get your test result.
1) Which of the following statements is NOT correct?
A
The FCC, EPA, and FTC promote competition by overseeing the way companies do business.
B
The U.S. government encourages competition in the marketplace.
C
Antitrust laws encourage competition by preventing monopolies.
D
In order to promote business at home, the U.S. government discourages competition.
2) Which government agency regulates commerce and trade between the states?
A
FCC – Federal Communications Commission
B
FTC – Federal Trade Commission
C
FBI – Federal Bureau of Investigation
D
EPA – Environmental Protection Agency
3) Which of the following government agencies regulates television, telephone and internet services?
A
TVA
B
FCC
C
EPA
D
FTC
4) The government may provide some things more efficiently than individuals or businesses. Which are NOT examples of public goods?
A
Libraries
B
Airplanes
C
Public Schools
D
Highways
5) Governments produce public goods and services because
A
the Constitution of the United States require it.
B
U.S. businesses refuse to produce them.
C
individual businesses are forbidden by law from delivering public commodities.
D
individuals acting alone could not produce them efficiently.
6) Which amendment of the Constitution authorizes the government to collect income taxes?
A
16th
B
21st
C
14th
D
5th
7) What is the relationship between government spending and taxes?
A
Increased Spending = Lower Taxes
B
There is no relationship between government spending and taxes.
C
Increased Spending = Higher Taxes
D
Decreased Spending = Higher Taxes
8) When taxes increase, what happens to spending by individuals and businesses?
A
Spending stays the same
B
Borrowing decreases
C
Increases
D
Decreases
9) When taxes decrease, what happens to spending by individuals and businesses?
A
Borrowing increases
B
Decreases
C
Increases
D
Amount stays the same
10) What is the relationship between government spending and employment?
A
Increased Spending = Decreased Employment
B
Increased Spending = Increased Employment
C
Increased Spending = Increased Unemployment
D
Decreased Spending = Decreased Unemployment
*select an answer for all questions
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