Government & Economics Exam Question
& Answers ( Latest 2025 )
Capitalism/market economy - CORRECT ANSWERS ✔✔An
economic and political system characterized by a free market for goods
and services and private control of production and consumption
Competition...why the "lifeblood" of capitalism? - CORRECT ANSWERS
✔✔it is the lifeblood because it helps prevent monopolys from
forming
Laissez-faire economics - CORRECT ANSWERS ✔✔It describes a
system that opposes interference by the government in economic
affairs
Law of supply and demand - CORRECT ANSWERS ✔✔the effect
that the availability of a particular product and the desire for that
product has on price.
Mixed Economy - CORRECT ANSWERS ✔✔an economic system
combining private and public enterprise.
Socialism - CORRECT ANSWERS ✔✔A system in which society,
usually in the form of the government, owns and controls the means of
production
, Government & Economics Exam Question
& Answers ( Latest 2025 )
Government "safety net" - CORRECT ANSWERS ✔✔programs that
help the people the fall through the cracks. (lost of job ext.)
command economy - CORRECT ANSWERS ✔✔An economic system
in which the government controls a country's economy.
Free Trade - CORRECT ANSWERS ✔✔international trade left to its
natural course without tariffs or other restrictions.
Protectionism - CORRECT ANSWERS ✔✔the theory or practice of
shielding a country's domestic industries from foreign competition by
taxing imports
Tariffs - CORRECT ANSWERS ✔✔a tax or duty to be paid on a
particular class of imports or exports.
NAFTA - CORRECT ANSWERS ✔✔an agreement signed by Canada,
Mexico, and the United States, that encourages free trade in North
American countries
is the central bank of the United States. It was founded by Congress in
1913 to provide the nation with a safer, more flexible, and more stable
monetary and financial system - CORRECT ANSWERS ✔✔Role of
the Federal Reserve...why such a big part of the U.S. economy?
& Answers ( Latest 2025 )
Capitalism/market economy - CORRECT ANSWERS ✔✔An
economic and political system characterized by a free market for goods
and services and private control of production and consumption
Competition...why the "lifeblood" of capitalism? - CORRECT ANSWERS
✔✔it is the lifeblood because it helps prevent monopolys from
forming
Laissez-faire economics - CORRECT ANSWERS ✔✔It describes a
system that opposes interference by the government in economic
affairs
Law of supply and demand - CORRECT ANSWERS ✔✔the effect
that the availability of a particular product and the desire for that
product has on price.
Mixed Economy - CORRECT ANSWERS ✔✔an economic system
combining private and public enterprise.
Socialism - CORRECT ANSWERS ✔✔A system in which society,
usually in the form of the government, owns and controls the means of
production
, Government & Economics Exam Question
& Answers ( Latest 2025 )
Government "safety net" - CORRECT ANSWERS ✔✔programs that
help the people the fall through the cracks. (lost of job ext.)
command economy - CORRECT ANSWERS ✔✔An economic system
in which the government controls a country's economy.
Free Trade - CORRECT ANSWERS ✔✔international trade left to its
natural course without tariffs or other restrictions.
Protectionism - CORRECT ANSWERS ✔✔the theory or practice of
shielding a country's domestic industries from foreign competition by
taxing imports
Tariffs - CORRECT ANSWERS ✔✔a tax or duty to be paid on a
particular class of imports or exports.
NAFTA - CORRECT ANSWERS ✔✔an agreement signed by Canada,
Mexico, and the United States, that encourages free trade in North
American countries
is the central bank of the United States. It was founded by Congress in
1913 to provide the nation with a safer, more flexible, and more stable
monetary and financial system - CORRECT ANSWERS ✔✔Role of
the Federal Reserve...why such a big part of the U.S. economy?
