Microeconomics Policy and Its Effects Module 8 Review Questions with complete Solutions Graded A+
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Microeconomics
Institution
Microeconomics
Microeconomics Policy and Its Effects Module 8 Review Questions with complete Solutions Graded A+
1 Regulatory Policy
Vocabulary - Answers compliance: the act of following established laws and guidelines
externalities: the consequences of economic decisions that affect the community at lar...
Microeconomics Policy and Its Effects Module 8 Review Questions with complete Solutions Graded A+
1 Regulatory Policy
Vocabulary - Answers compliance: the act of following established laws and guidelines
externalities: the consequences of economic decisions that affect the community at large
legislate: to create a law or rule
mixed-market economy: an economy that has some government intervention
regulatory policy: a rule or guideline created to protect the public interest
1 Regulatory Policy - Answers A purpose of government regulation in a mixed-market economy is to
protect
property rights.
1 Regulatory Policy - Answers The chart shows a cost-benefit analysis. Which most likely explains why
the costs and benefits shown by the EPA are higher than the other regulatory agencies?
The EPA legislates and enforces more regulations that reap greater benefits than the other agencies.
1 Regulatory Policy - Answers A goal of financial regulatory agencies is to
,prevent monopolies.
1 Regulatory Policy - Answers A regulatory agency that protects workers is
OSHA.
1 Regulatory Policy - Answers Government regulation is intended to
discourage producers from taking harmful actions.
1 Regulatory Policy - Answers The Food and Drug Administration sets standards for
product labeling.
1 Regulatory Policy - Answers Which is a function of regulatory agencies?
encouraging business compliance
1 Regulatory Policy - Answers In which situation would government regulation most likely be necessary?
A factory requires employees to work in unsafe conditions.
1 Regulatory Policy - Answers Which statement explains how regulations on prices affect business
practices?
Regulations keep prices fair and prevent businesses from establishing monopolies.
1 Regulatory Policy - Answers A regulatory agency that makes sure banks follow federal laws is
the FDIC.
1 Regulatory Policy - Answers Which are duties of OSHA? Check all that apply.
, investigating worker complaints
inspecting businesses
1 Regulatory Policy - Answers Which are results of regulation in a mixed-market economy? Check all that
apply.
compliance with laws
advantages for producers
control of externalities
???
2 Economic Policy: Influential Theories
Vocabulary - Answers classical economics: a group of early economic theories that focus on the
establishment of economic freedoms
coordinate: to work together to meet a goal
laissez faire: the belief that governments should not be involved in economic affairs
monetarism: an economic theory that promotes stability through influencing the money supply
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