Economics Part II Review

Which government agency regulates radio and tv?

• Environmental Protection Agency (EPA)

• Federal Trade Commission (FTC)

• Federal Communications Commission (FCC)

• Social Security Agency (SSA)

Which government agency watches over the environment?

• Environmental Protection Agency (EPA)

• Federal Trade Commission (FTC)

• Federal Communications Commission (FCC)

• Social Security Agency (SSA)

Participating in global trade does all the following except...

• supports monopolies

• provides more competition

• being able to buy goods at a lower cost

• being able to sell goods at a lower cost

Which is an example of a good or service provided by the government? (choose 3)

• Military

• Roads

• USPS Mail

• Taco Bell

Taxes paid to the government help pay for (choose 3)

• Police/Fire

• Schools

• Pizza

• Roads

Revenue from sales tax and income tax

• Help people vote

• Help pay for public goods and services

• Must be returned to the consumer

• Is used to buy more resources

The ____ amendment authorizes Congress to collect taxes

• 5

• 10

• 16

• 21

If the government increases borrowing, then private borrowing

• increases

• decreases

• stays the same

If the government decreases taxes, then private spending

• increases

• decreases

• stays the same

The main job of the Federal Reserve system is to ---

• lower taxes

• monitor the president

• keep economy stable

• increase production