Business Management Midterm Exam

The Federal Reserve, also called the "central bank" and the "Fed", was created in 1913, and currently has a dual mandate - what mandates are part of the dual mandate?

• achieve stable prices (keep inflation in check) and achieve maximum sustainable employment

• achieve stable prices (keep inflation in check) and keep taxes low

• achieve maximum sustainable employment and raise taxes

• reduce the money supply and settle disputes in the court system

Which government agency regulates environmental laws?

• EPA

• FDA

• HIPAA

• FTC

Which government agency enforces the food and drug laws?

• EPA

• FDA

• OSHA

• FTC

Which government agency enforces fair competition laws?

• EPA

• FDA

• OSHA

• FTC

Healthcare privacy is protected by:

• OSHA

• FDA

• HIPAA

• FTC

Tariffs intend to raise government revenues and promote the sale of ______________ products.

• America-made

• technology-based

• manufacturing-based

• service oriented

Local governments can protect business property by restricting certain businesses occupying certain areas using:

• zoning laws

• business licenses

• scholarships

• accounting rules

Minimum wage laws are set by the government to ensure workers:

• are employed if they want a job

• are paid a maximum amount per hour worked

• get paid at least a certain amount per hour

• get paid the same amount

The Federal Government uses "fiscal policy" to effect the economy. Fiscal policy tools include:

• interest rates and money supply

• environmental laws and drug regulations

• taxes and government spending levels

• borrowing money and zoning laws

The Federal Government uses "monetary policy" to effect the economy. Monetary policy tools include:

• interest rates and money supply

• environmental laws and drug regulations

• taxes and government spending levels

• borrowing money and zoning laws