What is the Consumer Price Index (CPI)?

A measure of price changes for consumer goods and services

What is a corporation?

A business owned by shareholders with legal rights separate from its owners

A business owned by an individual

What is a proprietorship?

A business owned and run by an individual

A business owned by shareholders

What are capital gains?

Profit earned from the sale of assets such as stocks or real estate

A government financial assistance

What is a progressive tax?

A tax where higher incomes are taxed at higher rates

A tax where all incomes are taxed at the same rate

A tax where lower incomes are taxed at higher rates

What does expansionary fiscal policy involve?

Increasing government spending and/or decreasing taxes

Decreasing government spending and increasing taxes

What does contractionary fiscal policy involve?

Decreasing government spending and/or increasing taxes

Increasing government spending and decreasing taxes

What effect do lower interest rates have on the economy?

Encourage borrowing and investment

Discourage borrowing and investment

What is the main goal of fiscal policy?

To manage economic growth, control inflation, and influence employment levels

What is the purpose of subsidies?

To provide financial assistance to industries or consumers

What is the role of antitrust laws?

To prevent monopolies and promote market competition

What is the purpose of government regulation of businesses?

To protect consumers and prevent fraud

What is the role of subsidies in the economy?

To provide financial assistance to industries or consumers

What is the difference between fiscal and monetary policy? Provide examples of each.

Fiscal policy involves government spending and taxation decisions; Monetary policy is controlled by the Federal Reserve.

Fiscal policy is controlled by the Federal Reserve; Monetary policy involves government spending.

Fiscal policy involves only taxation; Monetary policy involves only interest rates.

Fiscal policy and monetary policy are the same.

What are the main purposes of government regulations in the economy?

To protect consumers, ensure fair competition, and enforce labor laws.

To increase the profits of large corporations.

To eliminate all forms of taxation.

To reduce the number of small businesses.

Explain how progressive and regressive taxes impact different income groups.

Progressive taxes take a larger percentage from higher-income earners; Regressive taxes take a larger percentage from lower-income individuals.

Progressive taxes take a larger percentage from lower-income earners; Regressive taxes take a larger percentage from higher-income individuals.

Both progressive and regressive taxes take the same percentage from all income groups.

Progressive taxes only apply to businesses; Regressive taxes only apply to individuals.

Describe the effects of inflation on consumers and businesses.

Inflation decreases the purchasing power of money, leading to higher prices for consumers and increased costs for businesses.

Inflation increases the purchasing power of money, leading to lower prices for consumers and decreased costs for businesses.

Inflation has no effect on consumers or businesses.

Inflation only affects the government and not consumers or businesses.

How does government intervention help stabilize the economy during a recession?

By increasing spending and lowering taxes.

By raising interest rates and reducing money supply.

By cutting wages and increasing tariffs.

By reducing public infrastructure projects.

What fiscal policy actions should the government take during high unemployment?

Implement expansionary fiscal policy.

How might lowering interest rates impact consumer spending and business investments?

It makes borrowing cheaper, encouraging investment.

It increases the cost of loans, reducing spending.

It leads to higher taxes on businesses.

What might businesses face due to higher labor costs from increased minimum wage?

Higher labor costs may lead to price increases or job reductions.

Increased profits and lower production costs.

Reduced competition and increased market share.

Lower taxes and increased government subsidies.

Contractionary Policy

when the government seeks to slow the economy by limiting the money supply

when the government seeks to boost the economy by increasing the money supply

difference between spending and revenue each year

a plan for money the government will spend

The United States government enforces anti-trust laws to -

provide additional public goods and services.

What government agency enforces anti-trust laws and protects consumers from unfair business practices?

Federal Communications Commission (FCC)

Securities and Exchange Commission (SEC)

What is the purpose of the Securities and Exchange Commission?

To maintain fair markets and increase investor confidence in financial institutions

To encourage business practices that promote minority employment

To encourage business policies that protect the environment

To ensure worker safety and protect the public from hazardous products

Corrected Unit 3 Study Guide

Authored by Charles McDaniel

Social Studies

10th Grade

Used 1+ times

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36 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What role does the government play in the economy?

Regulates markets to prevent monopolies and protect consumers.

Increases inflation rates to boost spending.

Reduces taxes for all income groups equally.

Eliminates all forms of taxation.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do fiscal and monetary policies influence economic conditions?

Fiscal policy adjusts taxation and spending to influence economic growth.

Monetary policy increases taxes to reduce inflation.

Fiscal policy eliminates government spending.

Monetary policy decreases interest rates to increase inflation.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do different types of government regulations impact market activity?

Protect consumers through safety standards.

Increase monopolies by reducing competition.

Remove all labor protections.

Decrease environmental regulations.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are taxes levied and used at different levels of government?

Federal taxes fund national programs like defense and Social Security.

State taxes are used only for education.

Local taxes are used exclusively for healthcare.

Federal taxes are used only for infrastructure.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does fiscal policy involve?

Management of money supply and interest rates

Government actions involving taxation and spending

Regulations to prevent monopolies

A measure of price changes for consumer goods

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of the Federal Reserve System?

To manage government spending

To regulate monetary policy

To enforce safety standards

To measure price changes

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does inflation refer to?

A decrease in prices over time

An increase in prices over time

A measure of economic growth

A type of tax system

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Corrected Unit 3 Study Guide

What role does the government play in the economy?

How do fiscal and monetary policies influence economic conditions?

How do different types of government regulations impact market activity?

How are taxes levied and used at different levels of government?

What does fiscal policy involve?

What is the role of the Federal Reserve System?

What does inflation refer to?

What is the Consumer Price Index (CPI)?

What does GDP stand for?

What is a corporation?

Access all questions and much more by creating a free account

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