Question 1

An agency that regulates labor markets is the

Accepted Answer

The Equal Employment Opportunity Commission (EEOC) is a federal agency that is responsible for enforcing federal laws that make it illegal to discriminate against a job applicant or an employee based on protected status, such as race, gender, religion, or disability. The EEOC also works to prevent workplace harassment and retaliation. Therefore, it is the agency that regulates labor markets. The other agencies listed have different focuses, such as protecting the environment (Environmental Protection Agency), ensuring fair business practices (Federal Trade Commission), and overseeing the safety of consumer products (Consumer Product Safety Commission).

Question 2

An agency that regulates product markets is the

Accepted Answer

The Federal Trade Commission (FTC) is the agency responsible for regulating product markets in the United States. The FTC's main focus is to ensure fair competition and protect consumers from deceptive or unfair business practices. They also work to prevent monopolies and ensure that companies don't engage in anti-competitive behavior. The other agencies listed, while important, have different areas of focus and do not regulate product markets in the same way as the FTC.

Question 3

The two basic types of government regulation are

Accepted Answer

The two basic types of government regulations are economic regulation and social regulation. Economic regulation refers to the rules and guidelines that govern the conduct of business activities, such as price controls, licensing requirements, and safety standards. Social regulation refers to the rules and guidelines that affect the behavior and conduct of individuals and organizations, such as environmental protection laws, consumer protection laws, and civil rights laws. Both economic and social regulations are designed to promote the public interest and protect the well-being of individuals and society as a whole. However, economic regulations are aimed at regulating the behavior of businesses, while social regulations are aimed at regulating the behavior of individuals and organizations in general.

Question 4

Social regulation is focused on all of the following EXCEPT

Accepted Answer

Social regulation is primarily concerned with protecting society and the environment from the negative externalities of business activities. It focuses on creating rules and regulations to ensure that businesses operate in a manner that minimizes harm to the environment and maximizes benefits to society. The concept of ensuring costs are minimized and benefits are maximized is not a central focus of social regulation.

Question 5

Since 1970, federal expenditures by regulatory agencies have

Accepted Answer

According to the given information, since 1970, federal expenditures by regulatory agencies have increased dramatically.

Question 6

The two basic types of government regulation are

Accepted Answer

Economic regulation refers to government intervention in business practices with the goal of promoting fair competition and efficiency. Social regulation refers to government intervention in business practices with the goal of promoting public health, safety, and welfare. These two types of regulation are the most common and overarching forms of government intervention in the economy.

Question 7

All of the following are forms of social regulation EXCEPT

Accepted Answer

B is not a form of social regulation because it is an example of economic regulation. Social regulation refers to government regulation that applies to the health, safety, and morals of citizens, while economic regulation refers to government regulation that affects the structure, conduct, and performance of a specific industry, such as setting prices or controlling entry into the market. A, C, and D are all examples of social regulation because they each address a specific area of public health or safety.

Question 8

The major goal of social regulation is

Accepted Answer

The major goal of social regulation is to promote a better quality of life by ensuring a clean environment, safe working conditions, and the production of safer and better products. This is achieved by implementing regulations and standards to protect consumer and worker rights, prevent pollution and environmental damage, and ensure that corporations operate in a socially responsible manner. The other options (B, C, and D) are goals of economic regulation, which aims to promote competition and prevent monopolistic practices, but they are not the main focus of social regulation.

Question 9

The federal regulatory agency whose mission is to regulate workplace health and safety is the

Accepted Answer

OSHA (Occupational Safety and Health Administration) is the federal regulatory agency responsible for regulating workplace health and safety. The other options, AFL-CIO is a national trade union center, FTC (Federal Trade Commission) is responsible for promoting consumer protection and preventing anti-competitive business practices, and SEC (Securities and Exchange Commission) is responsible for regulating the securities markets and protecting investors.

Question 10

This agency is responsible for preventing businesses from engaging in misleading advertising, unfair trade practices, and monopolistic actions, as well as for protecting consumer rights.

Accepted Answer

The agency responsible for preventing businesses from engaging in misleading advertising, unfair trade practices, and monopolistic actions, as well as for protecting consumer rights is the Federal Trade Commission (FTC). The Environmental Protection Agency (EPA) is responsible for protecting the environment and human health. The Food and Drug Administration (FDA) regulates the safety of food, drugs, and medical devices. The Equal Employment Opportunity Commission (EEOC) enforces federal laws that prohibit employment discrimination.

Question 11

This agency is responsible for regulating the quality and safety of foods, health and medical products, pharmaceuticals, cosmetics, and animal feed.

Accepted Answer

The Food and Drug Administration (FDA) is responsible for regulating the quality and safety of foods, health and medical products, pharmaceuticals, cosmetics, and animal feed. The Environmental Protection Agency (EPA) is responsible for protecting the environment and public health. The Equal Employment Opportunity Commission (EEOC) is responsible for enforcing federal laws that prohibit employment discrimination. The Federal Trade Commission (FTC) is responsible for protecting consumers from fraudulent or misleading business practices.

Question 12

While economic regulation applies to ________ industries, social regulation applies to ________ firms.

Accepted Answer

Economic regulation is specific to particular industries, such as utilities or banking, where the government controls prices, entry, and exit. Social regulation, on the other hand, applies to all firms across various industries and focuses on issues like workplace safety, environmental protection, and equal employment opportunity.

Question 13

This agency regulates workplace safety and health conditions.

Accepted Answer

The Occupational Safety and Health Administration (OSHA) is responsible for ensuring safe and healthy working conditions for employees. They provide standards and regulations that employers must follow to maintain workplace safety. The other agencies listed have different areas of responsibility, such as regulating environmental quality, product safety, or equal employment opportunities.

Question 14

All of the following are regulatory agencies EXCEPT

Accepted Answer

The National Rifle Association is not a regulatory agency. It is a non-governmental organization that advocates for gun rights and Second Amendment issues. The other options listed are all federal agencies responsible for regulating various aspects of society.

Question 15

Which of the following is concerned with social regulation?

Accepted Answer

The Food and Drug Administration (FDA) is a regulatory agency responsible for protecting public health by ensuring that food, drugs, and medical devices are safe and effective. This falls under the category of social regulation. The other choices are not primarily concerned with social regulation: A) the Federal Reserve Board regulates monetary policy, B) the Sherman Commission was a historical committee focused on antitrust regulation, and D) the Board of Education oversees educational policies and regulations.

Question 16

This agency is responsible for protecting consumers from products posing fire, electrical, chemical, or mechanical hazards or dangers to children.

Accepted Answer

The Consumer Product Safety Commission (CPSC) is responsible for protecting consumers from products posing fire, electrical, chemical, or mechanical hazards or dangers to children. The Environmental Protection Agency (EPA) is responsible for protecting the environment, the Equal Employment Opportunity Commission (EEOC) is responsible for enforcing anti-discrimination laws in the workplace, and the Occupational Safety and Health Administration (OSHA) is responsible for ensuring safe and healthy working conditions for employees.

Question 17

Which of the statements best describes the difference between economic regulation and social regulation?

Accepted Answer

Economic regulation primarily deals with regulating industries that affect economic output and price such as utilities, while social regulation usually focuses on improving the quality of life of citizens by regulating areas such as workplace safety, environmental protection, and consumer protection.

Question 18

This agency develops and enforces environmental standards for air, water, toxic waste, and noise.

Accepted Answer

The Environmental Protection Agency is responsible for developing and enforcing environmental standards to protect air, water, toxic waste, and noise. The other options have different responsibilities (consumer product safety, equal employment opportunity, occupational safety and health).

Question 19

Regulation imposed by such organizations as the Food and Drug Administration or the Environmental Protection Agency seeking to protect the welfare of people in our nation is referred to as

Accepted Answer

Social regulation is the type of government regulation that seeks to protect the health, safety, and welfare of people in our nation. Examples of social regulation agencies include the Food and Drug Administration (FDA) and the Environmental Protection Agency (EPA). Moral regulation refers to government regulation of personal conduct, while natural regulation refers to the automatic self-regulation of markets. Rate-of-return regulation, on the other hand, refers to government regulation of the profits earned by utility companies.

Question 20

This agency is responsible for investigating complaints of discrimination based on race, religion, sex or age in hiring, promotion, firing, wages, testing, and all other conditions of employment.

Accepted Answer

The Equal Employment Opportunity Commission is the federal agency responsible for investigating complaints of employment discrimination based on race, religion, sex, age, disability, and other protected characteristics. It enforces federal laws that prohibit discrimination in employment practices, such as hiring, promotions, pay, and other conditions of employment.

Quiz 27: Regulation and Antitrust Policy in a Globalized Economy

An agency that regulates labor markets is the

An agency that regulates product markets is the

The two basic types of government regulation are

Social regulation is focused on all of the following EXCEPT

Since 1970, federal expenditures by regulatory agencies have

The two basic types of government regulation are

All of the following are forms of social regulation EXCEPT

The major goal of social regulation is

The federal regulatory agency whose mission is to regulate workplace health and safety is the

This agency is responsible for preventing businesses from engaging in misleading advertising, unfair trade practices, and monopolistic actions, as well as for protecting consumer rights.

This agency is responsible for regulating the quality and safety of foods, health and medical products, pharmaceuticals, cosmetics, and animal feed.

While economic regulation applies to industries, social regulation applies to firms.

This agency regulates workplace safety and health conditions.

All of the following are regulatory agencies EXCEPT

Which of the following is concerned with social regulation?

This agency is responsible for protecting consumers from products posing fire, electrical, chemical, or mechanical hazards or dangers to children.

Which of the statements best describes the difference between economic regulation and social regulation?

This agency develops and enforces environmental standards for air, water, toxic waste, and noise.

Regulation imposed by such organizations as the Food and Drug Administration or the Environmental Protection Agency seeking to protect the welfare of people in our nation is referred to as

This agency is responsible for investigating complaints of discrimination based on race, religion, sex or age in hiring, promotion, firing, wages, testing, and all other conditions of employment.