AnswersIL-EconomicsEconomic Policy

Regulatory Policy Answers

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1
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A regulatory agency that makes sure banks follow federal laws is

A
the FDIC.
B
the FDA.
C
the SEC.
D
the EPA.
2
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A goal of financial regulatory agencies is to

A
prevent monopolies.
B
enforce workplace safety.
C
protect the environment.
D
enforce food safety.
3

Which is a function of regulatory agencies?

A
encouraging business compliance
B
creating legislation for businesses
C
encouraging negative externalities
D
creating new business opportunities
4

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.
5

The Food and Drug Administration sets standards for

A
advertising.
B
product labeling.
C
the environment.
D
traffic safety.
6

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.
7

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.
8

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

A
advertising.
B
legislation.
C
labeling.
D
compliance.
9

Which regulatory agencies provide general oversight for the banking industry?

A
the Fed and the FDIC
B
the Fed and OSHA
C
the FDIC and the EPA
D
the FDIC and the FDA
10

[BLANK]

A
risk
B
laws
C
monopolies
D
safety

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