Question 1

After publication in the _____ final regulations are codified in the:
A) Code of Federal Regulations;Official Congressional Directory.
B) Federal Register;Code of Federal Regulations.
C) Code of Federal Regulations;Federal Register.
D) Federal Register;United States Reports.

Accepted Answer

The final regulations are published in the Federal Register initially, but they are later codified in the Code of Federal Regulations (CFR) to provide a permanent record of the regulations. The Official Congressional Directory and United States Reports are not relevant to the codification of regulations.

Question 2

Government activity that guides the behavior of citizens,groups,and corporations to reach economic or social goals is known as:
A) autarky.
B) national treatment.
C) regulation.
D) liberalization.

Accepted Answer

Government activity that guides the behavior of citizens, groups, and corporations to reach economic or social goals is known as regulation. Autarky refers to a policy of self-sufficiency and avoiding international trade, national treatment refers to equal treatment for foreign and domestic businesses, and liberalization refers to the reduction of government restrictions on economic activity. None of these fully capture the definition given in the question.

Question 3

Proposed rules are sent by executive branch agencies to the _____ where a staff of about 50 scrutinizes the proposed rule to see if it is really needed,if all alternatives have been examined,and whether its costs are justified.
A) Office of Administration
B) Office of Management and Budget
C) Office of Information and Regulatory Affairs
D) Office of Personnel Management

Accepted Answer

The Office of Information and Regulatory Affairs (OIRA) is responsible for reviewing proposed or existing federal regulations to assess their benefits, costs, and potential effects on the public. It scrutinizes regulatory impact analyses and ensures that agencies follow legal and procedural requirements before implementing a new regulation. OIRA employs around 50 staff members who work to ensure that the proposed rule is necessary, alternative options have been considered, and the associated costs are justified.

Question 4

Which of the following is true about regulatory statutes?
A) A bill containing regulatory authority has to be passed by at least one house of the Congress.
B) After the bill containing regulatory authority is passed,it is assigned exclusively to an independent commission.
C) Statutes contain all the specific rules needed.
D) Federal regulation originates in an act of Congress.

Accepted Answer

Federal regulation originates in an act of Congress. Regulatory statutes are laws created by the legislative branch of government to regulate certain activities, industries, or areas of the economy. These statutes give regulatory agencies the power to create rules and guidelines that must be followed in order to comply with the law. The regulatory agency responsible for implementing the statute is usually named in the statute itself, and is usually an executive branch agency rather than an independent commission.

Question 5

When an agency decides to promulgate a rule and the draft is ready,the agency publishes it as a proposed rule in the:
A) Code of Federal Regulations.
B) Official Congressional Directory.
C) United States Reports.
D) Federal Register.

Accepted Answer

When an agency decides to promulgate a rule and the draft is ready, the agency publishes it as a proposed rule in the Federal Register. The Federal Register is the official daily publication for rules, proposed rules, and notices of federal agencies and organizations, as well as executive orders and other presidential documents. The Code of Federal Regulations is a more permanent collection of the final rules and regulations published in the Federal Register. The Official Congressional Directory is a print and online directory of the United States Congress, while the United States Reports are the official record of decisions and opinions of the United States Supreme Court.

Question 6

The basic steps of the rulemaking process were set forth in the:
A) Congressional Review Act.
B) Sherman Antitrust Act.
C) Administrative Procedures Act.
D) Emergency Economic Stabilization Act.

Accepted Answer

The Administrative Procedures Act (APA) set forth the basic steps of the rulemaking process, such as the requirement for notice and comment periods, publication in the Federal Register, and judicial review. The Congressional Review Act (A) allows Congress to review and potentially reject new regulations, but it is not the law that established the rulemaking process. The Sherman Antitrust Act (B) is a law that deals with anticompetitive behavior in the market, and the Emergency Economic Stabilization Act (D) is a law that established the Troubled Asset Relief Program (TARP) in response to the financial crisis of 2008.

Question 7

Executive-branch agencies have to submit proposed and final rules to the ____,whereas independent regulatory commissions must follow procedures in the:
A) Office of Administration;Congressional Review Act.
B) Office of Management and Budget;Sherman Antitrust Act.
C) Office of Personnel Management;Emergency Economic Stabilization Act.
D) Office of Information and Regulatory Affairs;Administrative Procedures Act.

Accepted Answer

Executive-branch agencies have to submit proposed and final rules to the Office of Information and Regulatory Affairs (OIRA), whereas independent regulatory commissions must follow procedures in the Administrative Procedures Act (APA). This is because OIRA is responsible for reviewing and coordinating executive agency rulemaking activities, while the APA is the statute that governs how federal agencies can propose and establish regulations.

Question 8

Which of the following statements is true about rulemaking in the U.S.regulatory process?
A) Proposed rules are sent by independent regulatory agencies to the Office of Information and Regulatory Affairs.
B) Publication of a proposed rule opens a period,usually 60 to 90 days,during which the public can comment to the agency.
C) Rulemaking for lesser regulations to be completed often takes years.
D) An OIRA staff of about 50 scrutinizes a proposed rule to see if it is really needed.

Accepted Answer

The answer of Which of the following statements is true...

Question 9

Which of the following is true about guidance?
A) It is legally binding.
B) It is issued exclusively by Congress.
C) It is intended to clarify official regulations.
D) It does not affect existing rules.

Accepted Answer

Guidance is intended to clarify official regulations, providing additional guidance on how to interpret or apply existing rules. It is not legally binding and does not create new regulations.

Question 10

A _____ is a decree issued by an agency to implement a law passed by Congress.
A) veto
B) rule
C) revocation
D) stratagem

Accepted Answer

A rule is a decree or regulation issued by an agency to implement a law passed by Congress. Veto refers to the power of the President to reject a bill passed by Congress. Revocation refers to the cancellation or annulment of an existing law or regulation. Stratagem refers to a scheme or plan to achieve a specific goal.

Question 11

What is a "significant regulatory action"?
A) A rule to control risk in financial markets.
B) A rule with an annual effect on the economy of $100 million or more.
C) A rule that gives the federal government wide power to regulate business.
D) A rule to bring "Relief,Recovery,and Reform."

Accepted Answer

According to Executive Order 12866, a "significant regulatory action" is defined as a regulatory action that has an annual effect on the economy of $100 million or more or adversely affects in a material way the economy, a sector of the economy, productivity, competition, jobs, the environment, public health or safety, or state, local, or tribal governments or communities.

Question 12

The _____ is a daily government publication containing proposed rules,final rules,and notices of public meetings by regulatory agencies,and presidential executive orders.
A) Federal Register
B) Code of Federal Regulations
C) Official Congressional Directory
D) United States Reports

Accepted Answer

The Federal Register is a daily government publication that contains proposed rules, final rules, and notices of public meetings by regulatory agencies, as well as presidential executive orders. The Code of Federal Regulations contains the permanent rules and regulations of government agencies, while the Official Congressional Directory provides information on members of Congress and congressional committees. The United States Reports are a collection of Supreme Court decisions.

Question 13

Which Act was passed by Congress in 2008 to restore financial stability?
A) The Expedited Funds Availability Act
B) The Emergency Economic Stabilization Act
C) The Congressional Accountability Act
D) The Tax Extenders and Alternative Minimum Tax Relief Act

Accepted Answer

The Emergency Economic Stabilization Act was passed by Congress in 2008 to authorize the Troubled Asset Relief Program (TARP) aimed at restoring financial stability and confidence in the wake of the 2008 financial crisis. The other options listed are not related to financial stability or the 2008 crisis.

Question 14

The _____ was a program that gave federal regulators power to exchange funds for an ownership interest in banks and corporations.
A) Troubled Asset Relief Program
B) Temporary Liquidity Guarantee Program
C) NCUA Corporate Stabilization Program
D) Commercial Paper Funding Facility Program

Accepted Answer

The Troubled Asset Relief Program (TARP) was a program enacted in response to the 2008 financial crisis that allowed the U.S. Treasury to purchase troubled assets from financial institutions. This involved the exchange of funds for ownership interests in these institutions.

Question 15

The _____ Act mandates that most new rules cannot go into effect until 60 days after they have been sent to Congress for analysis.
A) Congressional Review
B) Administrative Procedure
C) Congressional Accountability
D) Apportionment

Accepted Answer

The Congressional Review Act allows Congress to review and potentially overturn new federal regulations issued by government agencies. By requiring that most rules cannot go into effect until 60 days after they have been submitted to both houses of Congress and the Government Accountability Office, it provides a period for Congress to examine and act on these regulations.

Question 16

When ready,rules in their final wording are printed in the:
A) Federal Register.
B) Code of Federal Regulations.
C) Official Congressional Directory.
D) United States Reports.

Accepted Answer

Rules in their final wording are printed in the Federal Register. The Code of Federal Regulations contains the ongoing updates of the rules as they are amended over time. The Official Congressional Directory provides contact information for members of Congress, and the United States Reports contains published court opinions.

Question 17

Which of the following statements is true about the Department of Homeland Security?
A) It issues rules affecting every industry.
B) Its budget is almost 10 times that of the next largest agency,the EPA.
C) It has 60,000 employees.
D) It is primarily a business regulator.

Accepted Answer

The Department of Homeland Security (DHS) issues rules and regulations that can affect a wide range of industries, from aviation and border security to cybersecurity and emergency response. This broad mandate allows it to impact various sectors, unlike agencies with a more narrow focus.

Question 18

In addition to regulations,agencies issue larger volumes of _____ in documents such as memoranda,circulars,compliance manuals,and advisory opinions.
A) rules
B) policies
C) principles
D) guidance

Accepted Answer

Regulations are a specific type of rule set forth by agencies. The other options (policies, principles, and memoranda) can all be types of guidance provided by agencies in addition to regulations. Therefore, the best choice to complete the sentence is D, guidance.

Question 19

Which 2010 Act,passed to control risk in financial markets,is the biggest surge in economic regulation since the New Deal?
A) The Dodd-Frank Act
B) The Expedited Funds Availability Act
C) The Tax Extenders and Alternative Minimum Tax Relief Act
D) The Congressional Accountability Act

Accepted Answer

The Dodd-Frank Act, passed in 2010, was designed to regulate risky behaviors in the financial markets and prevent another financial crisis like the one in 2008. It imposed stricter regulations on banks, established the Consumer Financial Protection Bureau, and created the Financial Stability Oversight Council. It is considered the largest regulatory overhaul of the financial system since the New Deal.

Question 20

To administer the Troubled Asset Relief Program,Congress created a new agency in the Treasury Department known as the:
A) Office of the Comptroller of the Currency.
B) Office of Financial Stability.
C) Office of Financial Institutions.
D) Office of Government Financial Policy.

Accepted Answer

The Office of Financial Stability was created in the Treasury Department to administer the Troubled Asset Relief Program (TARP) established by Congress in 2008. The other options listed are existing agencies within the Treasury Department but were not specifically created to administer TARP.

Quiz 10: Regulating Business

After publication in the _____ final regulations are codified in the:

Government activity that guides the behavior of citizens,groups,and corporations to reach economic or social goals is known as:

Proposed rules are sent by executive branch agencies to the _____ where a staff of about 50 scrutinizes the proposed rule to see if it is really needed,if all alternatives have been examined,and whether its costs are justified.

Which of the following is true about regulatory statutes?

When an agency decides to promulgate a rule and the draft is ready,the agency publishes it as a proposed rule in the:

The basic steps of the rulemaking process were set forth in the:

Executive-branch agencies have to submit proposed and final rules to the ____,whereas independent regulatory commissions must follow procedures in the:

Which of the following statements is true about rulemaking in the U.S.regulatory process?

Which of the following is true about guidance?

A _____ is a decree issued by an agency to implement a law passed by Congress.

What is a "significant regulatory action"?

The _____ is a daily government publication containing proposed rules,final rules,and notices of public meetings by regulatory agencies,and presidential executive orders.

Which Act was passed by Congress in 2008 to restore financial stability?

The _____ was a program that gave federal regulators power to exchange funds for an ownership interest in banks and corporations.

The _____ Act mandates that most new rules cannot go into effect until 60 days after they have been sent to Congress for analysis.

When ready,rules in their final wording are printed in the:

Which of the following statements is true about the Department of Homeland Security?

In addition to regulations,agencies issue larger volumes of _____ in documents such as memoranda,circulars,compliance manuals,and advisory opinions.

Which 2010 Act,passed to control risk in financial markets,is the biggest surge in economic regulation since the New Deal?

To administer the Troubled Asset Relief Program,Congress created a new agency in the Treasury Department known as the: