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American Economy And Gov't Involvement
Test Description: Unit 4 Exam Review
Instructions: Answer all questions to get your test result.
1) Which of the following is NOT a characteristic of the U.S economy.?
A
Federal Regulation
B
Self Interest
C
Profit Motivation
D
Competition
2) _________________ is a benefit of the US economy that requires a lot of government involvement.
A
Responsive Prices
B
Freedom
C
Protection
D
Variety of Goods
3) ___________________is a benefit of the US economy that allows producers to be very flexible.
A
Freedom
B
Protection
C
Variety of Goods
D
Responsive Prices
4) __________________is encouraged because new products will stimulate the economy and create new jobs.
A
Contractionary policies
B
Decreasing the money supply
C
None of the answers
D
entrepreneurship
5) When an inventor gets a_______________ for his work, it means that the government will permit him to earn all profits for 20 years.
A
Notice
B
Letter
C
Patent
D
Bill
6) Government supports research to improve technology, which__________affects the economy.
A
Rarely
B
Adversely
C
Negatively
D
Positively
7) Who is responsible for creating the federal budget?
A
President
B
None of the answers
C
Congress
D
Vice President
8) If the President vetoes the national budget bills, it sent back to _________________ for mending.
A
Citizens
B
None of the answers
C
Congress
D
Vice President
9) The Federal Reserve is governed by a seven-member panel known as the ________________.
A
House of Representatives
B
Board of Governors
C
Senate
D
None of the answers
10) __________________________of the Federal Reserve decides if any changes to the money supply are needed.
A
Board of Governors
B
Federal Advisory Council
C
None of the above
D
Federal Open Market Committtee
11) The Federal Reserve can decrease the money supply by ________________ bonds.
A
Trading
B
Buying
C
Selling
D
None of the answers
12) The conducts check-clearing services for all banks in the country.
A
Federal Reserve
B
None of the answers
C
President
D
Vice President
13) The Federal Reserve can increase the money supply by ____________ bonds.
A
Buying
B
None of the answers
C
Selling
D
Trading
*select an answer for all questions
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