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Period1- F/L Quiz Unit 4-Economic and Government Influences

Quiz by Teresa

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27 questions
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  • Q1
    Federal and state statutes and regulations that promote product safety and prohibit abusive, unfair, and deceptive practices.
    Consumer Protection Laws
  • Q2
    an unwritten guarantee that the good or service is fit for the purpose for which it was sold
    implied warranty
  • Q3
    warranty specified through oral or written communications
    expressed warranty
  • Q4
    Body of laws governing uniform and fair dealing with transactions in the United States.
    UCC (Uniform Commercial Code)
  • Q5
    the method used by a society to produce and distribute resources, services and goods across a country.
    economic system
  • Q6
    an economic system in which the market determines production, distribution, and price decisions, and property is privately owned
    capitalist economy
  • Q7
    refers to obligations that organizations have (1) to the preservation of the ecological environment and (2) to the general public.
    societal responsibility
  • Q8
    by making money, save money and invest money.
    Building Wealth
  • Q9
    are measures by which the government attempts to influence the economy through two main ways: fiscal and monetary policies.
    government economic policy
  • Q10
    Government policy that attempts to manage the economy by controlling taxing and spending.
    fiscal policy
  • Q11
    Government policy that attempts to manage the economy by controlling the money supply and thus interest rates.
    monetary policy
  • Q12
    the percentage increase in the price level from one year to the next
    inflation rate
  • Q13
    A fiscal tool of government designed to bolster a weak economy and create jobs via public works projects and deficit spending.
    economic stimulus
  • Q14
    A slowdown in a nation's economy
  • Q15
    organizations that seek to influence government in order to achieve some or all of their goals.
    Interest groups are

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