Government’s Role in Business - Final Assessment

The Sherman Antitrust Act of 1890 did which of the following?

• Established the Federal Trade Commission

• Increased sales taxes and allowed the federal government to collect income tax

• Established the Federal Reserve Bank

• Allowed the government to break up companies with control of a market

What year was the Federal Trade Commission established?

• 1890

• 1901

• 1915

• 1924

What is the term for the removal or relaxation of the rules affecting businesses within certain industries?

• Regulation

• Deregulation

• Exertion

• Inexertion

The Federal Reserve seeks an unemployment rate below _____________ percent.

• 2.8

• 3.4

• 5.7

• 6.5

Which of the following accurately defines tariff?

• Law based on precedents established by judges decisions

• A tax paid on land, structures and other property owned

• A special tax placed on foreign goods sold in the United States

• Law set forth by administrative agencies and commissions

Which of the following correctly lists the three branches of government?

• Executive, legislative and judicial

• Judicial, administrative and sheriff’s

• Administrative, legislative and sheriff’s

• Executive, statutory and administrative

Which of the following determines the size and rate of growth of the money supply?

• Open markets

• Monetary policy

• Grievance procedure

• Unionization

When union representatives and management come together to discuss issues arising between employees and employers this is known as which of the following?

• Featherbedding

• Unionizing

• Striking

• Collective bargaining

What did the Taft-Hartley Act of 1947 legalize?

• Closed shops

• Labor unions

• Right-to-work laws

• Collective bargaining

The government discourages competition among businesses

• True

• False