True or False?
What is the Federal Reserve System?
The Central bank of the U.S. is responsible for the country's monetary system.
Increasing or decreasing the amount of money (using Monetary Policy)
What is Managing the Economy?
The Electric Company
What is a Monopoly?
Roles of the government in the economy are [Manages economy, Provides public goods and services, Provides legal framework, Promotes competition and Corrects for externalities.]
What is true?
What Are Antitrust laws?
Promote fair trade and competition among
businesses.
What is collusion?
When two or more businesses work together to remove their competition, set prices, and control distribution.
VERY Illegal.
Providing courts to settle contract disputes.
What is Creating a Legal Framework?
Family Restaurants
What is Monopolistic Competition?
A person's focus on one product or service
What is specialization?
What is Monetary policy?
Regulates the supply of money and interest rates
by a central bank in an economy.
Building roads and schools.
What is Provide Public Goods?
Cellphone Service Providers (AT&T, Verizon)
What is an Oligopoly?
Monetary policy is the activities involved in buying and selling goods on a large scale
What is false?
Correct Answer: Commerce
What is Price Fixing?
When two or more businesses in an industry agree
to sell the same good or service at a set price.
What is the definition of Money supply?
The total money circulating at any one time in a
country.
The Sherman Anti-Trust Act
What is Promote Competition?
Soybean farmers
What is Perfect Competition?
What is Fiscal policy?
The tax and spending decisions made by the
president and Congress.
What is Nonprice Competition?
a competitive advantage based on factors other than price.
Environmental Protection Laws
What is Prevent Externalities?
Automobiles, Light Trucks and SUVs
What is Monopolistic Competition?