Introduction to Business

Chapter 11: The Role of Government in Our Economy

Chapter Practice Review Quizzes

1
What are the three levels of government in the United States?
A)federal, interstate, and local
B)federal, regional, and state
C)federal, state, and local
D)federal, regional, and local
2
To what does the term intrastate commerce refer?
A)business that takes place between states
B)business that takes place within a state
C)government in counties and cities
D)state government
3
What is the biggest difference between a monopoly and an oligopoly?
A)Consumers prefer monopolies because they mean lower prices than oligopolies.
B)A monopoly limits choices for consumers; an oligopoly expands choice.
C)There is no competition with an oligopoly as there is with a monopoly.
D)An oligopoly is formed by a small number of companies rather than just one.
4
Which is NOT true of a monopoly?
A)A trust is a group of companies that band together to form a monopoly and cut out competition.
B)Antitrust laws allow the federal government to break up a monopoly.
C)A monoploy can lead to high prices because of a lack of competition.
D)The government can not stop or regulate a monopoly once it is has been formed.
5
What is breach of contract?
A)when parties agree to the terms of a written contract
B)the protection a contract provides to those who sign it
C)when someone fails to live up to the terms of a contract
D)the enforcement of a contract by legal means
6
Which gives you a legal right to own a song that you have written?
A)copyright
B)trademark
C)patent
D)contract
7
For how long are you protected from someone copying your patented invention without asking for your permission?
A)2 years
B)20 years
C)70 years
D)forever
8
How is a trademark different from a copyright or a patent?
A)A trademark is protected by the government.
B)A trademark protects the right to own and benefit from something.
C)A trademark can only be legally used by the owner unless the owner grants permission.
D)A trademark is strongly associated with and identifies a product or a company.
9
What does the FDA do?
A)It regulates the production process.
B)It limits the amount of waste factories put out.
C)It regulates the production and sale of drugs.
D)It protects workers in the U.S.
10
Which is NOT an aspect of the government's role in society?
A)providing key services
B)offering incentives to businesses and people
C)promoting social welfare
D)making a profit on goods and services offered
11
Which is an example of a public good?
A)a highway
B)firefighters
C)laws regulating water treatment
D)the governor of a state
12
Which is NOT a way the government gets revenue?
A)taxes
B)transfer payments
C)fees
D)money from government businesses
13
Which is NOT true of the U.S. government?
A)It is the biggest employer.
B)It is the largest consumer.
C)It sometimes hires private businesses to work for it.
D)It does not encourage the development of small businesses.
14
Which is an example of something the local government pays for?
A)local streets
B)state police
C)federal highways
D)defense
15
Which is the temporary elimination of a tax in order to encourage an activity?
A)allocation
B)tax revenue
C)tax incentive
D)reduction
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