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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[BLANK]

A
reveal
B
regulate
C
protect
D
conceal
3

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
4

A regulatory agency that makes sure banks follow federal laws is

A
the FDIC.
B
the FDA.
C
the SEC.
D
the EPA.
5

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.
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

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.
8

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.
9

A goal of financial regulatory agencies is to

A
prevent monopolies.
B
enforce workplace safety.
C
protect the environment.
D
enforce food safety.
10

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.

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