Chapter 4 Review Question Preview (ID: 53641)


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The Constitution gives the federal government the power to regulate _____.
a) a. foreign and interstate commerce
b) b. interstate and intrastate commerce
c) c. intrastate and foreign commerce
d) d. interstate, intrastate, and foreign commerce

Clauses in labor contracts that pertain to the health and safety of employees while they are on the job are called fringe benefits.
a) True
b) False
c)
d)

The role of the government in the economy rarely changes when newly elected officials take office.
a) True
b) False
c)
d)

Each of the following is a common role of the U.S. government in the economy except _____.
a) a. establishing fringe benefits employers must provide to workers
b) b. protecting citizens, consumers, businesses, and workers
c) c. regulating utilities and promoting competition
d) d. providing information and support to businesses

A monopoly exists when a single business controls the market for a specific product or service.
a) True
b) False
c)
d)

A _____ gives the inventor the sole right to make, use, or sell the item for 20 years.
a) patent
b) trademark
c) copyright
d) logo

Local governments use most of the revenue from _____ to pay for schools and local services such as police protection and community parks.
a) a. sales taxes
b) b. property taxes
c) c. corporate income taxes
d) d. individual income taxes

The _____ monitors and enforces standards for water and air quality.
a) a. Bureau of Labor Statistics (BLS)
b) b. Occupational Safety and Health Administration (OSHA)
c) c. Environmental Protection Agency (EPA)
d) d. Department of Commerce (DOC)

A contract must be written to be enforceable.
a) True
b) False
c)
d)

In the United States, workers have a basic right to safe working conditions.
a) True
b) False
c)
d)

You bought a pair of shoes priced at $60. Your state has a 5 percent sales tax. How much money must the store pay to the state government as a result of this sale?
a) a. $57
b) b. $3
c) c. $30
d) d. $63

Valid, enforceable contracts must contain all of the following except _____.
a) a. guarantees
b) b. competent parties
c) c. legality
d) d. agreement

Which of the following actions demonstrates a conflict of interest?
a) a. An employee makes personal phone calls on company time.
b) b. A business owner serves in the government agency that regulates the business she owns.
c) c. A business owner lowers the quality of the products he sells to try to earn more profit.
d) d. A business manager raises the price of products his store sells to try to earn more profit.

Intellectual property may either be tangible or intangible depending on how it is marketed.
a) True
b) False
c)
d)

Socially responsible actions by a business benefit society but not the business.
a) True
b) False
c)
d)

Governments obtain revenue through taxing and borrowing.
a) True
b) False
c)
d)

Employers are allowed to exclude women applicants from jobs that are physically demanding.
a) True
b) False
c)
d)

Which of the following is an example of a nonrenewable resource?
a) a. fish in the ocean
b) b. lumber
c) c. crude oil
d) d. hydroelectric power

Federal, state, and local government purchases about _____ percent of all the goods and services sold in the United States.
a) 47
b) 32
c) 21
d) 8

A _____ is an agreement to exchange goods or services for something of value, usually money.
a) a. consideration
b) b. contract
c) c. patent
d) d. bond

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