Regulatory Policy Answers

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1
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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.
2
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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
4

A regulatory agency that protects workers is

A
OSHA.
B
EPA.
C
FDA.
D
SEC.
5

Regulatory policy requires a balance between protecting safety and

A
protecting constitutional rights.
B
improving corporate profits.
C
improving environmental conditions.
D
protecting states’ rights.
7

Which are duties of OSHA? Check all that apply.

A
investigating worker complaints
B
inspecting imported food
C
inspecting businesses
D
labeling products
E
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

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.
10

The Food and Drug Administration sets standards for

A
advertising.
B
product labeling.
C
the environment.
D
traffic safety.
11

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.
12

[BLANK]

A
reveal
B
regulate
C
protect
D
conceal
13

[BLANK]

A
risk
B
laws
C
monopolies
D
safety
14

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.
15

Which are results of regulation in a mixed-market economy? Check all that apply.

A
compliance with laws
B
advantages for producers
C
control of markets
D
advantages for government
E
control of externalities
16

Which statement explains how regulations on prices affect business practices?

A
Regulations keep prices fair and prevent businesses from establishing monopolies.
B
Regulations keep prices low and help businesses to establish monopolies.
C
Regulations keep prices fair and help businesses to establish monopolies.
D
Regulations keep prices low and prevent businesses from establishing monopolies.
17

A purpose of government regulation in a mixed-market economy is to protect

A
property rights.
B
corporate rights.
C
monetary rights.
D
states' rights.
18

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
19

A goal of financial regulatory agencies is to

A
prevent monopolies.
B
enforce workplace safety.
C
protect the environment.
D
enforce food safety.
20

Which explains why government regulation is necessary in a mixed-market economy?

A
Government regulation protects constitutional rights, safety, and fairness.
B
Government regulation protects property rights, safety, and profits.
C
Government regulation protects constitutional rights, profits, and fairness.
D
Government regulation protects property rights, safety, and business owners.

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