Government and the Economy

Front

The government tries to limit monopolies by passing _______________ legislation.

Back

antitrust

Front

The __________________ Antitrust Act was used to break up Standard Oil Company.

Back

Sherman

Front

A nation's GDP (Gross Domestic Product) measures the ___________ dollar value of all goods and services in a single year.

Back

final

Front

Which of the following are part of the civilian labor force? 16 years or older, working, or looking for work

Back

16 years or older, working, or looking for work

Front

This is defined as a fall of a nation's GDP for 6 months in a row.

Back

Recession

Front

A _________________ tax punishes the rich (the more you make, the more the government takes). This tax policy is what the United States' IRS uses.

Back

Progressive

Front

Federal income tax provides half of the revenue for the federal government.

Back

True

Front

Monopoly=
_____________ producers, _______________ control over price

Back

One, complete

Front

Composed of people, age 16 and over, who are employed or looking for and able to work

Back

labor force

Front

In which economy does the government own and offer all the goods and services to the people? Options: Market Economy, Mixed Economy, Command Economy

Back

Command Economy