Economy Quiz

What type of economy does the U.S. primarily have, as described in the text?

• Command economy

• Mixed economy

• Socialist economy

• Totalitarian economy

What would be a likely scenario if there was only one cell phone provider in the U.S.?

• Increased competition among providers

• Lower prices and better services

• Higher prices and fewer choices

• Government control over services

According to the text, what is a key feature of a market economy?

• Government ownership of services

• Competition among private companies

• Single provider for each service

• Fixed prices set by the government

In a command economy, who decides the cost and production of goods and services?

• Individual businesses

• Consumers

• The government

• Market competition

What is the primary role of the Federal Trade Commission (FTC) as described in the text?

• To regulate the prices of goods and services

• To stop companies from competing unfairly

• To oversee the merger of technology companies

• To provide goods and services to the public

According to the text, what was the significant legal obstacle AT&T faced when it attempted to buy T-Mobile?

• The Sherman Anti-Trust Act of 1890

• The Clayton Antitrust Act of 1914

• The approval of the Federal Trade Commission

• The prohibition of monopolies in the business sector

What is a key characteristic of a mixed economy as described in the document?

• The government owns no property and provides no services

• The government and private sector share roles in providing goods and services

• All property is owned and managed by private companies

• The government has no influence on the economy

Why is having a single company control an entire market considered illegal according to the text?

• It leads to increased competition among businesses

• It allows the government to set prices for services

• It eliminates competition, allowing the company to set any price

• It encourages small businesses to grow

What was the FTC's response to AT&T's bid to buy T-Mobile in 2011?

• The FTC supported the bid to enhance competition.

• The FTC filed a lawsuit to block the proposal.

• The FTC remained neutral and did not intervene.

• The FTC approved the bid with certain conditions.

What is the primary purpose of tariffs according to the text?

• To increase government revenue exclusively.

• To encourage citizens to buy products made in their own country.

• To solely regulate the quantity of goods entering a country.

• To foster diplomatic relations between different countries.