Chapter 7 Quiz
Deregulation is often:
A politically popular idea
Which of these cost-savings measures saved U.S. regulatory agencies nearly $2 billion since 2011?
All of the above.
Antitrust laws protect consumers from:
Anticompetitive practices by business.
Managers' understanding of government regulations is:
Both a domestic and international issue.
Which of the following represents a structural remedy for an antitrust violation?
Breaking up a monopoly.
Past decisions of the courts, the original basis for the U.S. legal system, are called:
Common laws
Economic regulations:
Cut across industry lines.
When a government orders companies not to conduct business in another country because of a war, human rights violations, or lack of a legitimate government; these orders are called:
Economic sanctions
Which of the following are examples of natural monopolies?
Electric utilities and railroads.
An example of a regulatory agency charged with enforcing social regulation is:
Federal Trade Commission
Governments hold the power to:
Grant or refuse permission for many types of business activity.
When the market fails to adjust for the full costs of a firm's behavior, this is called:
Market failure
Policies that affect the supply, demand, and value of a nation's currency are:
Monetary policies.
Which of the following is not an example of a social regulatory agency?
National Labor Relations Board.
The primary way of accomplishing public policy is through:
Regulation.
Total social regulation costs are:
Significantly higher than total economic regulation costs.
Around the world, government:
Sometimes cooperates and sometimes is in conflict with business
Cooperation between business and government often occurs when:
They encounter a common problem or enemy.
Regulation can be argued as justified based on:
Utilitarian and justice grounds
Economists reported that the costs of regulatory compliance were highest for:
Worker safety.