American Economy And Gov't Involvement: Question Preview (ID: 32622)

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If the President vetoes the national budget bills, it sent back to _________________ for mending.
a) Congress
b) Citizens
c) Vice President
d) None of the answers

Who is responsible for creating the federal budget?
a) Congress
b) Vice President
c) President
d) None of the answers

Government supports research to improve technology, which__________affects the economy.
a) Negatively
b) Adversely
c) Rarely
d) Positively

When an inventor gets a_______________ for his work, it means that the government will permit him to earn all profits for 20 years.
a) Letter
b) Notice
c) Patent
d) Bill

__________________is encouraged because new products will stimulate the economy and create new jobs.
a) entrepreneurship
b) Contractionary policies
c) Decreasing the money supply
d) None of the answers

___________________is a benefit of the US economy that allows producers to be very flexible.
a) Freedom
b) Responsive Prices
c) Variety of Goods
d) Protection

_________________ is a benefit of the US economy that requires a lot of government involvement.
a) Freedom
b) Protection
c) Responsive Prices
d) Variety of Goods

Which of the following is NOT a characteristic of the U.S economy.?
a) Profit Motivation
b) Competition
c) Federal Regulation
d) Self Interest

The Federal Reserve is governed by a seven-member panel known as the ________________.
a) Senate
b) House of Representatives
c) Board of Governors
d) None of the answers

__________________________of the Federal Reserve decides if any changes to the money supply are needed.
a) Federal Open Market Committtee
b) Federal Advisory Council
c) Board of Governors
d) None of the above

The Federal Reserve can decrease the money supply by ________________ bonds.
a) Buying
b) Trading
c) Selling
d) None of the answers

The conducts check-clearing services for all banks in the country.
a) President
b) Vice President
c) Federal Reserve
d) None of the answers

The Federal Reserve can increase the money supply by ____________ bonds.
a) Buying
b) Selling
c) Trading
d) None of the answers

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