AnswersHSA 26-27 EconomicsRegulatory Policy

Economic Policy: Influential Theories Answers

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1
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Which is a function of regulatory agencies?

e
encouraging business compliance
c
creating legislation for businesses
e
encouraging negative externalities
c
creating new business opportunities
2
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A regulatory agency that protects workers is

O
OSHA.
E
EPA.
F
FDA.
S
SEC.
3

A mixed-market economy is best defined as an economy

A
with some government intervention.
B
without government intervention.
C
with some externalities.
D
without corporate compliance.
4

A regulatory agency that makes sure banks follow federal laws is

A
the FDIC.
B
the FDA.
C
the SEC.
D
the EPA.
5

A goal of financial regulatory agencies is to

A
prevent monopolies.
B
enforce workplace safety.
C
protect the environment.
D
enforce food safety.
6

Government regulation is intended to

A
encourage producers to take negative actions.
B
discourage producers from taking harmful actions.
C
encourage producers to follow the Constitution.
D
discourage producers from making a profit.
7

Which are duties of OSHA? Check all that apply.investigating worker complaintsinspecting imported foodinspecting businesseslabeling productsprotecting the environment

i
investigating worker complaints
i
inspecting imported food
i
inspecting businesses
l
labeling products
p
protecting the environment
8

Which statement explains how regulations on prices affect business practices?

R
Regulations keep prices fair and prevent businesses from establishing monopolies.
R
Regulations keep prices low and help businesses to establish monopolies.
R
Regulations keep prices fair and help businesses to establish monopolies.
R
Regulations keep prices low and prevent businesses from establishing monopolies.
9

The chart shows a cost-benefit analysis.

Question illustration
A
The EPA legislates and enforces more regulations that reap greater benefits than the other agencies.
B
The EPA legislates and enforces food regulations that reap greater benefits than the other agencies.
C
The EPA has a larger budget than the other agencies, and its employees work longer hours.
D
The EPA is less efficient than the other agencies, and its employees spend more money.
10

The most efficient way to ensure that producers are responsible for products is through

a
advertising.
l
legislation.
l
labeling.
c
compliance.
11

Which regulatory agencies provide general oversight for the banking industry?

t
the Fed and the FDIC
t
the Fed and OSHA
t
the FDIC and the EPA
t
the FDIC and the FDA
12

risklawsmonopoliessafety

A
risk
B
laws
C
monopolies
D
safety
13

revealregulateprotectconceal

A
reveal
B
regulate
C
protect
D
conceal
14

What makes enforcing safety standards a challenge for the Food and Drug Administration?

A
Many foods are imported from other countries, and the FDA must ensure those foods meet the same standards as US goods.
B
The FDA faces competition from the EPA, which sets standards for product labeling.
C
The FDA has no control over advertising laws, which may conflict with safety standard laws.
D
Many raw materials are exported to other countries, and the FDA must ensure those materials meet the same standards as international goods.
15

The Food and Drug Administration sets standards for

A
advertising.
B
product labeling.
C
the environment.
D
traffic safety.
16

In which situation would government regulation most likely be necessary?

A
A factory requires employees to work in unsafe conditions.
B
A restaurant requires employees to work overtime on weekends.
C
A computer company requires employees to work long hours.
D
A power plant requires employees to take safety training classes.

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