Economics Unit 3 Post Test Government With Complete Solution

Match each agency or law with the scenario in which it would be involved. {Ans: Sally learned that the drinking water she bought from the store contained contaminants - Food and drug Administration. Stuart realized that the new speakers he bought had a much lower output than what was indicated on the box - Federal Trade Commission Meredith called the credit reporting agency to dispute inaccurate information on her credit report. - Fair Credit Reporting Act.}What are payroll taxes levied on? {Ans: The wages or salaries of a company's employees.}Classify each action as expansionary or contractionary policy? {Ans: Expansionary - Reducing the discount rate Buy government securities Contractionary - Increasing the federal funds rate Increasing the required reserve ratio.}Based on the graphs, how many apartments are property owners willing to rent out at $520 {Ans: 25}When a government introduces regulations addressing worker safety and environmental protection, it affects businesses and consumers. Businesses face _____ because they must alter existing infrastructure to meet regulations. As a result, consumers pay for ______ produced goods. {Ans: 1. Higher cost 2. more}Tim gave his house in another city to his sister. he had to pay taxes to the government