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Economics

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Emilia Morissette

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Cards in this guide (21)
What is the purpose of a price ceiling

A price ceiling protects the poorest consumers by keeping goods affordable.

Compulsory education restricts whose freedom

parents

What does a budget reveal about a government

A budget reveals the spending plan for the fiscal year, as well as the government's financial priorities and goals.

How do antitrust laws affect the circular flow of the free-market system

They speed up the flow of capital and wages

How can recent government spending be best described

Constantly increasing

Why does the government need to regulate the free market to protect competition

Producers driven by the profit motive seek to reduce their competition.

What does enforcing consumer-protection regulations involve

Government censorship

Why might the government freeze assets

Why might the government freeze assets?

To stop crime activity.

The government might enact a price floor in order to accomplish what

Protect producers

What is a cartel

a group of producers working together to raise prices and profits

What is an example of trade restriction

Tariffs and embargos are trade restrictions.

When the government uses censorship what are they limiting

The government limits freedom of speech when they use censorship.

Which of these is not an example of a trade restriction A Tariffs B Quotas C Rationing D Subsidies

for a similar question:

taking land to build an airport

Government contractors can be described as which of the following

Private sector companies

What is the one way that consumer-advocacy groups help protect consumers

By providing product information

What unfair business practice do cartel use

price fixing

What is an example of a labor law in economics

A restriction on when a union may call a strike

Match each organization with its correct relationship to the government

A. Social security _ government agency

B. U.S. Postal Service _ government corporation

C. Boeing _ government contractor

Match each type of good with the sample good it represents (apex)

Merit good : education

Public good : national security

Individual good : food

Order to make up for a budget deficit the government can do what (Apex)

Issue bonds

Match each organization with the correct labels (apex)

Organization of Petroleum Exporting Countries competition regulator

Lockheed Martin Corporation government contractor

Antitrust Division of the Department of Justice cartel

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