Government and the Economy Flashcard Review

Front

A single company that owns all or nearly all of the market for a given type of product or service. There is no competition, so the result is often high prices and inferior products is known as -

Back

Monopoly

Front

A kind of legislation to prevent monopolies from forming, with the hopes of promoting competition and businesses is known as -

Back

Antitrust

Front

A license granted to an individual giving the sole right to exclude others from making, using, or spelling an invention-

Back

Patent

Front

What is the purpose of regulatory agencies?

Back

Regulate and promote competition in the marketplace.

Front

Which of these is NOT a Regulatory Agency?
American Expectation Department (AED),
Federal Communications Commission (FCC),
Federal Trade Commission (FTC),
Securities and Exchange Commission (SEC)

Back

American Expectation Department (AED)

Front

Which is NOT a characteristic of goods and services provided by the government? Options: Provide benefits to many simultaneously. Would not likely be available if individuals had to provide them. Include such things as interstate highways, public schools, and national defense. Only wants people to use them if they have no other options.

Back

Only wants people to use them if they have no other options.

Front

Which is NOT a type of tax? Sticker Tax, Income Tax, Sales Tax, Property Tax

Back

Sticker Tax

Front

Federal Taxes are used for - National Defense, Groceries, School, Police

Back

National Defense

Front

State and Local Taxes are used for -

Back

Public Health