Federal Reserve Review

Front

What was the initial role of the government in the economy?

Back

To provide public services

Front

What change occurred in the government's role after the Progressive Era?

Back

The government became a referee.

Front

What was the purpose of the 1913 Federal Reserve Act?

Back

To respond to financial panics

Front

What action did the government take after the Great Depression of the 1930s?

Back

Took active control of the money supply

Front

What was created in response to a series of financial panics, particularly the severe one in 1907?

Back

The Federal Reserve System

Front

After the Great Depression, what role did the government have in the economy? Options: The government took a hands-off approach., The government increased its involvement in the economy., The government reduced taxes significantly., The government focused solely on foreign trade.

Back

The government increased its involvement in the economy.

Front

Which of the following is an example of a public good provided by the government to increase employment and provide needed services? Military defense, Private schools, Shopping malls, Luxury hotels

Back

Military defense

Front

What is one method the government uses for the redistribution of income? Options: Flat tax, Graduated tax, Sales tax, Property tax

Back

Graduated tax

Front

Which of the following is a way the government regulates economic activities? Reducing competition, Establishing health and safety standards, Increasing monopolies, Eliminating taxes

Back

Establishing health and safety standards

Front

As an instrument of government economic policy, why does the government provide public goods?

Back

Increase employment & provide needed services