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Econ Review
Test Description: Used to prepare for Econ II Test
Instructions: Answer all questions to get your test result.
1) What is a contract?`
A
A legal agreement that is enforceable by law.
B
A paper that states the price of land.
C
An agreement only legal if there is a judge present.
D
An agreement that can't be enforced.
2) One role of the government in economics is to promote and regulate _________.
A
Each state's economy
B
Large businesses
C
Competition
D
Communications
3) Congress is allowed to tax individuals and businesses because of the ________ amendment.
A
10th
B
8th
C
16th
D
15th
4) All of the following are ways that the Federal Reserve Bank slows the economy EXCEPT:
A
Acting as a banker's bank
B
Raises the discount rate
C
Increases the reserve requirement
D
Sells government securities
5) Individuals have the right of __________________.
A
private ownership
B
violations
C
discount rates
D
tax revenues
6) What is the role of self-assessment in career planning?
A
It begins the process.
B
It is the last step taken.
C
You only do this for minimum wage jobs.
D
It happens in your mid-twenties.
7) What is the role of the United States government in protecting consumer rights and property rights?
A
Government has no role.
B
Government's role is too limited to do anything.
C
Government agencies create guidelines to protect these.
D
Government created amendments to protect these.
8) All of the following are examples of national public goods and services EXCEPT:
A
police and fire assistance
B
U.S. highways systems
C
U.S. postal services
D
Army, Navy, Air Force, Marines
9) All of the following are examples of government agencies that help regulate competition EXCEPT:
A
FTC
B
EPA
C
IRS
D
FCC
10) This government body is in charge of issuing currency and regulating the amount of money in circulation.
A
Judicial Branch
B
The IRS
C
The President
D
The Fed
*select an answer for all questions
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