Chapter 16 quiz

  1. Reasons why the government needs to reform our economy need 5
    • *Businesses have simetimes earned profits unfairly
    • *Working conditions have sometimes been unsafe and inhumane
    • *Unsafe products have harmed consumers
    • *Not all americans have had economic security
    • *The economy has been unstable
  2. Methods used by government to prevent or correct economic problems
    • Governemnt regulate buisnesses
    • Governemnts make direct payments to individuals
    • Governemnts own resources and produce goods and services
    • Governemnts help pay for important economic ativities
    • Governemtns control the amount of money they spend and the amount they recieve in taxes
  3. Monopolies, advertising, workers, consumers, environment
    • for monopolies congress created the federal trade commission
    • For advertising congress outlawed "unfair or decetive practices"
    • For workers the governement created the occupational saftey and health amministration
    • For consumers the fegeral governement created the consumer product saftey fules for products
    • For the environment the governement created environmental protection
  4. ID and explain 2 examples of how the federal governemtn measures the source of our economy
    • Inflotation- is a general rise in the price level of goods and services
    • GDP- is the total dollar value of all final goods and services produced within the country in a year
  5. List 3 sources of revenue for the federal governement
    Income taxes, Excise taxes, Tariffs fees and sales
  6. Economic deficit/ economic surplus what are they
    • Economic deficit- is the amount in a year in which government spending is greater than governement income
    • Economic surplus- is the amount in a year by which governement income is greater than governement spending
Card Set
Chapter 16 quiz