Answers26-27 Ignite Economics-KY-EconomicsInflation and Stagflation (continued)

Regulatory Policy Answers

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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.
2
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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
3

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.
4

A regulatory agency that protects workers is

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

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
6

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
7

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.
8

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.
9

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.
10

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.
11

The Food and Drug Administration sets standards for

A
advertising.
B
product labeling.
C
the environment.
D
traffic safety.
12

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.
13

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.
14

A goal of financial regulatory agencies is to

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

A regulatory agency that makes sure banks follow federal laws is

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

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