Abbreviations
What is one government agency that regulates our banks and insures our money?
A. SSA (Social Security Admin.) B. FDIC (Federal Deposit Insurance Corporation)
C. TANF (Temporary Assistance for Needy Families)
D. MBA (Master's of Business Administration)
B: FDIC (Federal Deposit Insurance Corporation)
The government provides what to people in economically disadvantaged areas?
A. Safety Nets B. Open opportunity
C. Legal equality D. Free contract
A: Safety Nets
What is the force that encourages people and organizations to improve their material well-being?
A. Profit motive B. Competition
C. Open opportunity D. Legal equality
A: Profit Motive
What are situations in which the market does not distribute resources efficiently.
A. Trade-offs B. Opportunity costs
C. Market failures D. Externalities
C: Market Failures
What two Constitutional Amendments protect your property rights?
A. 14th; 5th B. 5th; 6th
C. 10th, 14th D. 10th; 5th
A: 14th; 5th
What redistribution program provides retirement income to elderly & living expenses to the disabled?
A. TANF (Temporary Assistance for Needy Families)
B.NBA (National Basketball Association)
C. FDIC (Federal Deposit Insurance Corp.) D. SSA (Social Security Admin.)
D: SSA (Social Security Admin.)
Government collects _________________ to pay for public goods.
A. Disclosures B. Taxes
C. Donations D. Liberty bonds
B: Taxes
What redistribution program provides payments to those injured on the job?
A. Temporary Assistance for Needy Families B. Workers’ Compensation
C. Unemployment insurance D. Social Security
B: Workers' Compensation
When __________________________ exist, we have a market failure because the costs or benefits of a good or service are not assigned properly.
A. Trade-offs B. Opportunity costs
C. Market failures D. Externalities
D: Externalities
**DOUBLE POINTS**
The government grants ________________ and ________________________ to ensure protection of peoples inventions and works.
A. Opportunities; Equity B. Patents; Copyrights
C. Financial Reward; Patents D. Copyrights; Grants
B: Patents; Copyrights
The total value of all final goods & services produced in a particular economy is known as what?
A. PQ: (Production quota)
B. GNP (Gross national product)
C. GPS (Global Positioning Service) D. GDP (Gross domestic product)
D: GDP (Gross Domestic Product)
What President established an astounding amount of welfare programs in the 1930s?
A. Woodrow Wilson B. Harry Truman
C. George W. Bush D. Franklin Roosevelt
D: Franklin Roosevelt
**DOUBLE POINTS**
What gives everyone the same legal rights, allowing fair competition in the marketplace?
A. Open opportunity B. Legal equality
C. 14th Amendment D. 5th Amendment
B: Legal Equality
The government aims to limit ________________________ externalities
A. Positive B. Negative
C. Cost effective D. Resource effective
B: Negative
What is the difference between Macroeconomics and Microeconomics?
A. Macroeconomics is the study of economies as a whole, while
Microeconomics is a study of smaller units within an economy
B. Microeconomics is the study of economies as a whole, while
Macroeconomics is a study of smaller units within an economy
C. Macroeconomics is the study of Fortune 500 companies, while
Microeconomics is the study of failing businesses
D. Macroeconomics is the study of top world economies, while
Microeconomics is the study of third world countries’ economies
A:
Macroeconomics is the study of economies as a whole, while
Microeconomics is a study of smaller units within an economy
What is one government agency that explores new frontiers?
A. TANF B. EPA
C. NASA D. FDA
C: NASA
**DOUBLE POINTS**
What is one example of an in-kind benefit?
A. Medicare B. Medicaid
C. Food stamps D. Social Security
C: Food Stamps
What is a private organization that tries to persuade public officials to act or vote according to group members’ interests.
A. Interest group B. Public sector
C. Private sector D. Government agency
A: Interest Group
What is one example of a positive externality?
A. Entry level jobs for teenagers B. Factory dumps into rivers
C. Smoke stack emissions into atmosphere D. None of the above
A: Entry level jobs for teenagers
All of the following are three reasons that make America a land of opportunity EXCEPT what?
A. Abundance of natural resources B. Healthy flow of immigration
C. Tradition of free enterprise D. Transition to a command economy
D: Transition to a Command Economy
What government agency ensures drugs be safe & effective and supervises the sanitary conditions of food production?
A. FDIC (Federal Deposit Insurance Corporation)
B. EPA (Environmental Protection Agency)
C. FDA (Food and Drug Administration)
D. TANF (Temporary Assistance for Needy Families)
C: FDA (Food & Drug Administration)
**DOUBLE POINTS**
What is the difference between Medicaid and Medicare?
A. Medicare provides health insurance for the poor, while Medicaid provides
health insurance for the elderly
B. Medicare provides health insurance for the elderly, while Medicaid
provides health insurance for the poor
C. Medicare provides health insurance for the rich, while Medicaid
provides health insurance for the poor
D. Medicare provides health insurance for the children, while Medicaid
provides health insurance for the elderly
B: Medicare provides health insurance for the elderly, while Medicaid provides health insurance for the poor.
What refers to government aid for the poor and includes many redistribution programs?
A. Externalities B. Open opportunity
C. Legal equality D. Welfare
D: Welfare
What is one example of a negative externality?
A. Entry level jobs for teenagers B. Factory dumps into rivers
C. Fixer-up house sale on property value D. None of the above
B: Factory Dumps into Rivers
** DOUBLE POINTS**
Why did people criticize welfare programs in the 1990s?
A. The government did not have enough money to fund welfare
B. The welfare programs did not help enough people
C. The welfare programs only helped children and the elderly
D. People were becoming dependent on welfare
D: People were becoming dependent on welfare