Unit 10 Test

Question 1

What three ways does the government promote Marketplace competition?

Answer 1

Antitrust legislation
global trade
business start ups

Question 2

What three government agencies regulate business?

Answer 2

FCC
EPA
FTC

Question 3

What are the characteristics of most goods and services government provides

Answer 3

To provide Benefits that would not likely be available to many simultaneously

Question 4

What are three examples of goods and services provided by the government?

Answer 4

Highways postal services and national defense

Question 5

How do governments pay for the goods and services they provide

Answer 5

Through tax Revenue borrowing funds and fees

Question 6

How do tax increases influence economic activity?

Answer 6

Reduces the funds available for individual and business spending

Question 7

How do tax decreases influence economic activity?

Answer 7

Increases funds for individual and business spending

Question 8

How does increased government borrowing influence economic activity?

Answer 8

Reduces funds available for bar right by individuals and businesses

Question 9

How does decrease government borrowing influence economic activity?

Answer 9

Increases funds available for borrowing by individuals and businesses

Question 10

How does increased government spending influence economic activity

Answer 10

Increases demand which may increase employment and production

Question 11

How does decreased government spending influence economic activity

Answer 11

Reduces demand which may result in a slowing of the economy

Question 12

What four things does the Federal Reserve do

Answer 12

maintains the value of the national currency
Regulates banks
Manages the amount of money in the economy
Acts as the federal government’s bank

Question 13

What is the role of the United States government in protecting consumer rights

Answer 13

Government agencies established guidelines that protect public health and safety and consumers may take legal action against violations of consumer rights

Question 14

What is the role of the United States government and protecting property rights

Answer 14

Individuals have the right to private ownership which is protected by contracts

Question 15

Why do people except US money

Answer 15

They have confidence in the government

Question 16

What are three types of money generally use in the US

Answer 16

Coins, paper bills and deposits in bank accounts

Question 17

What is the role of self assessment in career planning

Answer 17

And awareness of personal talents interest and aspirations is Needed to select a career

Question 18

What is the role of work ethic in determining career success?

Answer 18

Employers seek employees with a strong work ethic

Question 19

What is the relationship among skills education and income?

Answer 19

Higher skill or education levels generally lead to higher income and employers seek individuals who have kept pace with technological changes by updating their skills

Question 20

What influence to advances in technology have on the workplace

Answer 20

Technology and information flows permit people to work across international borders this create competition and opportunities