AnswersMI-EconomicsRegulatory Policy

Regulatory Policy Answers

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1
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The Food and Drug Administration sets standards for

A
advertising.
B
product labeling.
C
the environment.
D
traffic safety.
2
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revealregulateprotectconceal

A
reveal
B
regulate
C
protect
D
conceal
3

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.
4

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
5

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.
6

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
7

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
8

A regulatory agency that makes sure banks follow federal laws is

A
the FDIC.
B
the FDA.
C
the SEC.
D
the EPA.
9

risklawsmonopoliessafety

A
risk
B
laws
C
monopolies
D
safety
10

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
11

A goal of financial regulatory agencies is to

A
prevent monopolies.
B
enforce workplace safety.
C
protect the environment.
D
enforce food safety.
12

[BLANK]

A
risk
B
laws
C
monopolies
D
safety
13

A regulatory agency that protects workers is

A
OSHA.
B
EPA.
C
FDA.
D
SEC.
14

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.
15

The Food and Drug Administration sets standards for

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

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

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

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.
19

A regulatory agency that makes sure banks follow federal laws is

A
the FDIC.
B
the FDA.
C
the SEC.
D
the EPA.
20

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.

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