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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
Profit Motivation
B
Federal Regulation
C
Competition
D
Self Interest
2) _________________ is a benefit of the US economy that requires a lot of government involvement.
A
Responsive Prices
B
Protection
C
Freedom
D
Variety of Goods
3) ___________________is a benefit of the US economy that allows producers to be very flexible.
A
Protection
B
Variety of Goods
C
Responsive Prices
D
Freedom
4) __________________is encouraged because new products will stimulate the economy and create new jobs.
A
Contractionary policies
B
None of the answers
C
Decreasing the money supply
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
Bill
C
Letter
D
Patent
6) Government supports research to improve technology, which__________affects the economy.
A
Rarely
B
Positively
C
Adversely
D
Negatively
7) Who is responsible for creating the federal budget?
A
Congress
B
Vice President
C
None of the answers
D
President
8) If the President vetoes the national budget bills, it sent back to _________________ for mending.
A
None of the answers
B
Vice President
C
Congress
D
Citizens
9) The Federal Reserve is governed by a seven-member panel known as the ________________.
A
House of Representatives
B
Board of Governors
C
None of the answers
D
Senate
10) __________________________of the Federal Reserve decides if any changes to the money supply are needed.
A
Federal Advisory Council
B
Board of Governors
C
None of the above
D
Federal Open Market Committtee
11) The Federal Reserve can decrease the money supply by ________________ bonds.
A
Trading
B
Selling
C
None of the answers
D
Buying
12) The conducts check-clearing services for all banks in the country.
A
President
B
Federal Reserve
C
Vice President
D
None of the answers
13) The Federal Reserve can increase the money supply by ____________ bonds.
A
None of the answers
B
Trading
C
Buying
D
Selling
*select an answer for all questions
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