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.

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