Economic Terms Quiz

What is the definition of disposable income?

• The amount of money people have to spend after they have paid their taxes

• The amount of money people have to spend before they have paid their taxes

• The amount of money people have to save after they have paid their taxes

• The amount of money people have to save before they have paid their taxes

Which government agency regulates interstate and international communications?

• Federal Communications Commission (FCC)

• Federal Trade Commission (FTC)

• Food and Drug Administration (FDA)

• Occupational Safety and Health Administration (OSHA)

What is the purpose of the Federal Trade Commission (FTC)?

• To regulate interstate and international communications

• To administer and enforce antitrust laws

• To enforce laws that protect consumers' health

• To write and enforce safety and health standards for businesses

What is fiscal policy?

• The government policy that determines the amount of money in circulation

• The government policy that sets levels of government spending and taxation

• The government policy that enforces antitrust laws

• The government policy that regulates interstate and international communications

Which government agency enforces laws that protect consumers' health?

• Federal Communications Commission (FCC)

• Federal Trade Commission (FTC)

• Food and Drug Administration (FDA)

• Occupational Safety and Health Administration (OSHA)

What is licensing?

• The government policy that determines the amount of money in circulation

• The government financial help given to a business

• The government permit that allows an individual or a business to function in the marketplace

• The government agency that writes and enforces safety and health standards for businesses

What is monetary policy?

• The government policy that determines the amount of money in circulation

• The government policy that sets levels of government spending and taxation

• The government policy that enforces antitrust laws

• The government policy that regulates interstate and international communications

What is a monopoly?

• A condition in which a market is controlled by one supplier with no substitute goods or services readily available

• A single business that influences the entire production of a particular good or service

• An illegal activity in which a business charges different customers different prices for similar products

• Assistance by government in maintaining the price of a good or service to enable the producers to earn a profit

What is a natural monopoly?

• A condition in which a market is controlled by one supplier with no substitute goods or services readily available

• A single business that influences the entire production of a particular good or service

• An illegal activity in which a business charges different customers different prices for similar products

• Assistance by government in maintaining the price of a good or service to enable the producers to earn a profit

Which government agency writes and enforces safety and health standards for businesses?

• Federal Communications Commission (FCC)

• Federal Trade Commission (FTC)

• Food and Drug Administration (FDA)

• Occupational Safety and Health Administration (OSHA)