Question 1

Utilize the knowledge you have gained to respond to the following essay questions. Your answers should state your position and use logical arguments and content from this and other chapters in the textbook to support it.
-Regulation imposes new costs on business, including direct, indirect, and induced costs. Which type of additional cost is most important to consider in the regulation process?

Accepted Answer

All additional costs are important, even...

Question 2

Keeping people informed is an important social goal of government.

Accepted Answer

A) True 
 B)False

Question 3

Arguments against industrial policy include all of the following except

Accepted Answer

A)   reduces market efficiency
B)   The need to rescue "sunset" industries.
C)   the need to promote "sunrise" industries.
D)   foreign industrial policy success has been variable.

Question 4

Industrial policy is:

Accepted Answer

A)   by default.
B)   a powerful nonregulating approach by government to influence business.
C)   non debatable.
D)   consistent in each government administration.

Question 5

Arguments against privatization include all of these except:

Accepted Answer

A)   social goals.
B)   service provisions.
C)   public backlash.
D)   safety concerns.

Question 6

After the 1950s, most Congressional legislation that affected business was

Accepted Answer

A)   economic in nature.
B)   concerned largely with the quality of life.
C)   supportive of business.
D)   aimed at promoting competition.

Question 7

Our goals for business focus solely on the production and distribution of goods and services.

Accepted Answer

A) True 
 B)False

Question 8

One of the recurring problems in industries that have been deregulated is that they tend to become dominated by a few firms.

Accepted Answer

A) True 
 B)False

Question 9

Governmental regulations that seek to further societal objectives are examples of

Accepted Answer

A)   social regulation.
B)   economic regulation.
C)   environmental control.
D)   central planning.

Question 10

Most Congressional legislation before the 1950s that affected business was

Accepted Answer

A)   economic in nature.
B)   social regulation.
C)   aimed at protecting individuals' rights.
D)   to protect consumers' privacy.

Question 11

The relationship between government and business is limited to government's influence over business.

Accepted Answer

A) True 
 B)False

Question 12

Government payments to industries or groups with special qualifications are called

Accepted Answer

A)   transfer payments.
B)   subsidies.
C)   loan guarantees.
D)   moral suasion.

Question 13

The act of governing or bringing under the control of law or constituted authority is called

Accepted Answer

A)   regulation.
B)   despotism.
C)   central planning.
D)   dictatorship.

Question 14

The public and government use all of the following methods of influencing each other except

Accepted Answer

A)   politicking.
B)   voting.
C)   forming special-interest groups.
D)   coercion.

Question 15

Utilize the knowledge you have gained to respond to the following essay questions. Your answers should state your position and use logical arguments and content from this and other chapters in the textbook to support it.
-Given information from this chapter, can governments manage more ethically than capitalism?

Accepted Answer

While student answers will be variable i...

Question 16

Which of the following is not considered a part of the induced costs of regulation?

Accepted Answer

A)   the effect on innovation
B)   the effect on investments in plant and equipment
C)   the effect on small business
D)   the effect on consumers

Question 17

A 2015 Pew research survey found that respondents think the government is doing well on many issues except

Accepted Answer

A)   setting workplace standards.
B)   protecting the environment.
C)   keeping us safe from terrorists.
D)   cutting corporate taxes.

Question 18

Government attempts to persuade business to act in the public interest are called

Accepted Answer

A)   monetary policies.
B)   moral suasion.
C)   standard setting.
D)   transfer payments.

Question 19

The newer form of industrial policy is exemplified by:

Accepted Answer

A)   a focus on enabling industrialization.
B)   Karl Aiginer's book, "Industrial Policy: A Dying Breed or a Re-emerging Phoenix?"
C)   policy that does not conflict with widely held view on the role of government in the economy.
D)   Robert Reich's book, "The Next American Frontier."

Question 20

Negative externalities are often referred to as

Accepted Answer

A)   full absorption costs.
B)   social costs.
C)   allocated costs.
D)   environmental costs.

Exam 11: Business, Government, and Regulation.

Which of the following is not considered a part of the induced costs of regulation?

Correct Answer
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Keeping people informed is an important social goal of government.

Correct Answer
verified

The relationship between government and business is limited to government's influence over business.

Correct Answer
verified

Our goals for business focus solely on the production and distribution of goods and services.

Correct Answer
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Arguments against industrial policy include all of the following except

Correct Answer
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Industrial policy is:

Correct Answer
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The act of governing or bringing under the control of law or constituted authority is called

Correct Answer
verified

Government payments to industries or groups with special qualifications are called

Correct Answer
verified

A 2015 Pew research survey found that respondents think the government is doing well on many issues except

Correct Answer
verified

Government attempts to persuade business to act in the public interest are called

Correct Answer
verified

Correct Answer
verified
All additional costs are important, even...
View Answer

Most Congressional legislation before the 1950s that affected business was

Correct Answer
verified

One of the recurring problems in industries that have been deregulated is that they tend to become dominated by a few firms.

Correct Answer
verified

The public and government use all of the following methods of influencing each other except

Correct Answer
verified

After the 1950s, most Congressional legislation that affected business was

Correct Answer
verified

Negative externalities are often referred to as

Correct Answer
verified

Governmental regulations that seek to further societal objectives are examples of

Correct Answer
verified

The newer form of industrial policy is exemplified by:

Correct Answer
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Arguments against privatization include all of these except:

Correct Answer
verified

Correct Answer
verified
While student answers will be variable i...
View Answer

Exam 11: Business, Government, and Regulation.

Which of the following is not considered a part of the induced costs of regulation?

Correct AnswerverifiedShow Answer

Keeping people informed is an important social goal of government.

Correct AnswerverifiedShow Answer

The relationship between government and business is limited to government's influence over business.

Correct AnswerverifiedShow Answer

Our goals for business focus solely on the production and distribution of goods and services.

Correct AnswerverifiedShow Answer

Arguments against industrial policy include all of the following except

Correct AnswerverifiedShow Answer

Industrial policy is:

Correct AnswerverifiedShow Answer

The act of governing or bringing under the control of law or constituted authority is called

Correct AnswerverifiedShow Answer

Government payments to industries or groups with special qualifications are called

Correct AnswerverifiedShow Answer

A 2015 Pew research survey found that respondents think the government is doing well on many issues except

Correct AnswerverifiedShow Answer

Government attempts to persuade business to act in the public interest are called

Correct AnswerverifiedShow Answer

Correct AnswerverifiedAll additional costs are important, even...View AnswerShow Answer

Most Congressional legislation before the 1950s that affected business was

Correct AnswerverifiedShow Answer

One of the recurring problems in industries that have been deregulated is that they tend to become dominated by a few firms.

Correct AnswerverifiedShow Answer

The public and government use all of the following methods of influencing each other except

Correct AnswerverifiedShow Answer

After the 1950s, most Congressional legislation that affected business was

Correct AnswerverifiedShow Answer

Negative externalities are often referred to as

Correct AnswerverifiedShow Answer

Governmental regulations that seek to further societal objectives are examples of

Correct AnswerverifiedShow Answer

The newer form of industrial policy is exemplified by:

Correct AnswerverifiedShow Answer

Arguments against privatization include all of these except:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedWhile student answers will be variable i...View AnswerShow Answer

Correct Answer
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All additional costs are important, even...
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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While student answers will be variable i...
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