Government and the Economy Quiz Review

A single company that owns all or nearly all of the market for a given type of product or service. There is no competition, so the result is often high prices and inferior products is known as -

• Private Property

• Monopoly

• Competition

• Antitrust

A kind of legislation to prevent monopolies from forming, with the hopes of promoting competition and businesses is known as -

• Patent

• Federal Trade Commission

• Antitrust

• income Tax

A license granted to an individual giving the sole right to exclude others from making, using, or spelling an invention-

• Antitrust

• Competition

• Monopoly

• Patent

What is the purpose of regulatory agencies?

• Decrease competition in the marketplace.

• Regulate and promote competition in the marketplace.

• Add additional markets to the marketplace.

• Sell more Monopoly game sets.

Which of these is NOT a Regulatory Agency?

• American Expectation Department (AED)

• Federal Communications Commission (FCC)

• Federal Trade Commission (FTC)

• Securities and Exchange Commission (SEC)

Which is NOT a characteristic of goods and services provided by the government?

• Provide benefits to many simultaneously.

• Would not likely be available if individuals had to provide them.

• Include such things as interstate highways, public schools, and national defense.

• Only wants people to use them if they have no other options.

Click all that apply. What are ways that the government pays for public goods and services?

• Income Tax

• Life Tax

• Parking Ticket Fines

• Toll Fees

• Clothing Fees

Which is NOT a type of tax?

• Sticker Tax

• Income Tax

• Sales Tax

• Property Tax

Federal Taxes are used for -

• National Defense

• Groceries

• School

• Police

State and Local Taxes are used for -

• Social Security

• Public Health

• Personal Clothing

• Automobiles