What is the primary source of the government's economic powers in the United States? Options: The Bill of Rights, Article I of the U.S. Constitution, The Declaration of Independence, The Federalist Papers

Government's Economic Role Flashcard

Flashcard
•
Social Studies
•
11th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Article I of the U.S. Constitution
2.
FLASHCARD QUESTION
Front
Which of the following best defines regulation in the context of government and the economy? Options: The process of collecting taxes from individuals and businesses, The establishment of rules aimed at influencing the behavior of firms and individuals, The creation of new markets for goods and services, The privatization of public services
Back
The establishment of rules aimed at influencing the behavior of firms and individuals
3.
FLASHCARD QUESTION
Front
What is one benefit of property rights as protected by the government?
Back
Encourages property care
4.
FLASHCARD QUESTION
Front
What is the term for the government's power to take private property for public use with fair compensation?
Back
Eminent Domain
5.
FLASHCARD QUESTION
Front
Which government agencies are responsible for maintaining market competition?
Back
Justice Department and Federal Trade Commission (FTC)
6.
FLASHCARD QUESTION
Front
What is bid rigging?
Back
An illegal practice where firms agree in advance who will submit the lowest bid for a contract.
7.
FLASHCARD QUESTION
Front
What does price fixing involve?
Back
An illegal practice where firms agree to set a common price for a good or service
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