Government and the Economy

An economy based on customs. Doing the same thing as parents and grandparents is called a __________ economy.

• free market
• command
• traditional
• mixed

In which economy does the government own all resources, no consumer choice, and is centrally planned? 

• Free Market Economy
• Mixed Economy
• Command Economy
• Traditional

Fill in the blank. A economy with no government regulation would be completely ________________.

• unfree
• free

Laws that prohibit monopolies and other activity that reduces competition are called what?

• Antitrust
• Competition
• Consumer Report

In which economy are both the government and private businesses involved in goods and services?

• Command Economy
• Market Economy 
• Mixed Economy
• traditional 

What is it called when one company controls an entire industry without any competition?

• Competition
• Consumer
• Monopoly

What is the name of the government agency created to stop companies from competing unfairly?

• Federal Communications Commission 
• Federal Trade Commission
• Federal Trade Company
• Environmental Protection Agency 

What kind of economic system does China have?

• Mixed
• Free
• Command
• Traditional 

Which kind of economy does the US have? Most common in the world.

• Command 
• Mixed
• Free
• Traditional 

If the Fed RAISES rates(discount and reserve) the economy should-

• slow down
• speed up
• do nothing