Praxis II Citizenship

Category - Economics

Which federal agency is responsible for consumer protection and has jurisdiction over competition in the marketplace?
  1. The Securities and Exchange Commission
  2. The Federal Trade Commission
  3. TheFederal Reserve
  4. The Internal Revenue Service
Explanation
Answer: B - The Federal Trade Commission is responsible for consumer protection and it has jurisdiction to protect competition in the marketplace. The FTC’s stated purpose is “to prevent business practices that are anticompetitive, deceptive, or unfair to consumers.” They have the authority to carry out numerous regulatory acts, including breaking coercive monopolies and handling cases of consumer identity theft.
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