Government and Taxation

How does the government promote marketplace competition?

• By providing public goods and services

• By paying for public goods and services

• By regulating competition through agencies

• By enforcing antitrust legislation

Which agency is responsible for regulating communication by radio, television, satellite, and cable?

• SEC - Securities and Exchange Commission

• FCC - Federal Communications Commission

• FTC - Federal Trade Commission

• FDA - Food and Drug Administration

What is the most important job of the FTC - Federal Trade Commission?

• Regulating communication by radio, television, satellite, and cable

• Protecting investors from dangerous or illegal financial practices

• Promoting free and fair-trade competition

• Providing public goods and services

Which type of tax is levied on land, buildings, or personal property?

• Income tax

• Sales tax

• Property tax

• Excise tax

What does tax revenue pay for at the state and local government level?

• National defense and homeland security

• Social Security payments and interest on the national debt

• Education and public safety

• Medical expenditures and Social Security payments

What is the primary role of the Federal Reserve System?

• To provide educational services

• To regulate the money supply and interest rates

• To enforce federal laws that make it illegal to discriminate against a job applicant

• To protect human health and the environment

Which agency seeks to promote the safety of consumer products by addressing "unreasonable risks" of injury?

• FDA

• CPSC

• OSHA

• EEOC

What is a property right?

• A legal claim of ownership

• A type of currency

• A measure of value

• A federal agency

Which of the following is NOT a type of money used in the U.S.?

• Coins

• Currency

• Deposits in bank accounts

• Stocks

What does money act as when it is used to compare the value of goods and services?

• A medium of exchange

• A store of value

• A measure of value

• A method of payment