Government's Economic Role Flashcard

Government's Economic Role Flashcard

Assessment

Flashcard

Social Studies

11th Grade

Hard

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10 questions

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1.

FLASHCARD QUESTION

Front

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

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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