Government And The Economy 1: Question Preview (ID: 13630)

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Which of the following statements is NOT correct?
a) In order to promote business at home, the U.S. government discourages competition.
b) The FCC, EPA, and FTC promote competition by overseeing the way companies do business.
c) The U.S. government encourages competition in the marketplace.
d) Antitrust laws encourage competition by preventing monopolies.

Which government agency regulates commerce and trade between the states?
a) EPA – Environmental Protection Agency
b) FBI – Federal Bureau of Investigation
c) FTC – Federal Trade Commission
d) FCC – Federal Communications Commission

Which of the following government agencies regulates television, telephone and internet services?
a) FTC
b) FCC
c) EPA
d) TVA

The government may provide some things more efficiently than individuals or businesses. Which are NOT examples of public goods?
a) Public Schools
b) Libraries
c) Highways
d) Airplanes

Governments produce public goods and services because
a) U.S. businesses refuse to produce them.
b) individuals acting alone could not produce them efficiently.
c) individual businesses are forbidden by law from delivering public commodities.
d) the Constitution of the United States require it.

Which amendment of the Constitution authorizes the government to collect income taxes?
a) 16th
b) 21st
c) 5th
d) 14th

What is the relationship between government spending and taxes?
a) Increased Spending = Lower Taxes
b) Decreased Spending = Higher Taxes
c) There is no relationship between government spending and taxes.
d) Increased Spending = Higher Taxes

When taxes increase, what happens to spending by individuals and businesses?
a) Borrowing decreases
b) Spending stays the same
c) Decreases
d) Increases

When taxes decrease, what happens to spending by individuals and businesses?
a) Decreases
b) Increases
c) Amount stays the same
d) Borrowing increases

What is the relationship between government spending and employment?
a) Decreased Spending = Decreased Unemployment
b) Increased Spending = Decreased Employment
c) Increased Spending = Increased Employment
d) Increased Spending = Increased Unemployment

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