Econ Review Question Preview (ID: 24512)


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The T.V. station was fined for broadcasting inappropriate language. Which governmental agency levied the fine?
a) Federal Communications Commission
b) Federal Trade Commission
c) Federal Naughty Words Commission
d) Federal Insurance Commission

If Amazon does not send you the goods you purchased, you have the right to ___.
a) take legal action (sue them)
b) threaten customer service
c) send more money
d) do nothing

Which of the following is NOT a way the government encourages competition?
a) regulate circular flow
b) create anti-trust laws
c) encourage global trade
d) support business start ups

The U.S. Government enforces anti-trust laws to ____.
a) discourage monopolies
b) limit competition
c) increase tax rates
d) pay for goods and services

The U.S. government regulates businesses. Because of this, it can be called a ___.
a) mixed economy
b) free market economy
c) command economy
d) anarchy economy

Increased competition results in ______.
a) lower prices
b) higher prices
c) recession
d) inflation

Which type of business has one owner who takes all risks?
a) sole proprietorship
b) partnership
c) corporation
d) federal agency

Which of the following is NOT a characteristic of corporations?
a) there is no risk in investment
b) investors can buy stocks
c) liability is limited to investment
d) it operates as a legal person

Which of the following is NOT a reason states and nations trade?
a) to regulate trade tariffs
b) to create jobs
c) to buy goods at a lower cost
d) to increase competition

Banks act as intermediaries between ___.
a) borrowers and savers
b) savers and the government
c) the government and schools
d) schools and libraries

Which of the following is NOT a private financial institution?
a) banks
b) Federal Reserve
c) savings loans
d) credit unions

Which of the following can lower the cost of production?
a) new technology
b) outdated machinery
c) less competition
d) Mrs. Hodges

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