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What is one way the US encourages competition and discourages monopolies?
- Supporting business start-ups
- Enforcing anti-trust legislation
Which amendment allows Congress to tax Americans' income?
16th Amendment
The Federal Reserve's main job is to maintain ____
Stability of the US economy
This agency protects workers' rights to work in a safe workplace.
OSHA
This is how many electoral votes to win the Presidency
270
This agency protects us from unfair business practices such as price fixing
FTC
This agency was made to enforce the Clean Air and Clean Water Acts of the 1970s.
EPA
This agency is why Kendrick Lamar needed to censor his songs when performing the Super Bowl Halftime Show
FCC
This tax goes to both state and local governments
Sales
What tax has to be reported to the IRS and filed on your taxes?
Income
____ branch writes the national budget and the ______ branch approves it.
Executive/Legislative
This agency has beef with Elon Musk due to his Twitter "x" account alleged manipulation of the market
SEC
DOUBLE JEOPARDY
What are TWO expressed powers of Congress?
Declare war, raise taxes, impeach the president
Give one real-life example of how competition helps the consumers and the economy
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The state of Skippidi has 20 electoral votes - how many Senators/how many Reps do they have?
2 Senators/18 Reps
Explain the 4 steps of Circular Flow following goods/services with a made up scenario of someone working
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These agencies protect consumers regarding buying products from businesses (2)
CPSC, FTC
Explain the 4 steps of Circular Flow following money with a made up scenario of someone buying something
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What are the three types of taxes we talked about and what level of government do they go to?
Federal - Income
State - Income and Sales
Local - Sales and property
This agency protects workers rights against discrimination AND say the full name
EEOC Equal Employment Opportunity Commission
List at least two specific actions the Fed takes to maintain the stability of the US economy
-adjusting interest rates
- aiding banks
- adjusting money supply
DOUBLE JEOPARDY
Name the eight steps for a bill to become a law. (Hint: It's already been sponsored, written, and introduced to the House or Senate)
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The Chairperson and Board of Governors receive their job by (two steps)
Being nominated by the President and confirmed by the Senate
Name three positions the president can appoint
CHAIRPERSON OF FED, Judges, Cabinet Secretaries, and Ambassadors
Explain how the Federal Reserve attempts to stabilize the economy through interest rates?
Adjusts interest rates to either encourage or discourage people to take out loans