Chapter 3 Nearpod- Gov. & the Economy 2022

What does market economy mean?

• most goods and services are offered by private companies

• the government owns and offers all of the goods and services

• all goods and services belong to the people as a whole

TRUE OR FALSE: A market economy means that most goods and services are offered by private companies.

• TRUE

• FALSE

In what kind of economy does the government offer all the goods and services and decides what those goods and services will cost?

• free market

• market

• command

• consumer

FILL IN THE BLANK:

The US and most other countries actually have a _______ economy.

• mixed

• command

• consumer

What word means when one company controls an entire industry without any competition?

• commission

• federal

• monopoly

• tariff

What do anti-trust laws do?

• place a tax on goods from other countries

• prohibit monopolies and other activity that reduces competition

• control an entire industry without any competition

When did the Sherman Anti-trust Act go into effect?

• 1990

• 1780

• 1690

• 1890

The Clayton Antitrust Act of 1914 gives the US government the power to.......?

• Prevent companies from merging together if the merger will reduce competition.

• place a tax on goods from other countries.

• address the problem of unauthorized charges on people's bills.

What are 2 reasons why tariffs can be bad? (make sure you mark 2 answers)

• Tariffs slow down trade between countries.

• Tariffs can make a foreign item more expensive

• Tariffs can make the US government control your cell phone bill.

In 2012, two agencies began to address the problem of cell companies adding charges to people's bills. Who were they?

• The FTC and FCC

• THE KFC and CAT

• The JFK and SAT

• AT & T and T-Mobile