Government and the Economy Review

What is the most important part of the free enterprise system?

• land

• people

• competition

• government

What are the four basic market structures?

• perfect competition, monopoly, sorry, and uno

• Monopoly, oligopoly, competition, dictatorship

• Monopoly, free enterprise, perfect competition, oligopoly

• Monopoly,

  Oligopoly,

  Monopolistic Competition,

  Perfect Competition

Which market structure has the smallest number of sellers?

• Oligopoly

• Monopoly

• Perfect competition

• Monopolistic Competition

Most businesses operate under which market structure?

• Socialism

• Monopolistic Competition

• Monopoly

• Oligopoly

When a lower price is the main reason a customer chooses to buy a product

• Price Competition

• Non-Price Competition

When a customer chooses to buy from one business over another for reasons such as location or service

• Price Competition

• Nonprice Competition

An economic policy that allows businesses to operate with very little interference from the government. Means “let them do as they please.”

• communism

• free enterprise

• socialism

• laissez-faire

The tax and spending decisions made by the president and congress.

• dictation

• Fiscal Policy

• governing

• monetary policy

Policy that regulates the supply of money and interest rates by a central bank in an economy

• Fiscal Policy

• Congressional Decisions

• Bank Policy

• Monetary Policy

________________ carries out monetary policy to reach the following goals:

Maximum employment

Stable prices

Moderate long-term interest rates

• The State Capitol

• The Federal Reserve System

• Bank of America

• The Senate