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Exam 11: Business, Government, and Regulation.

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Question 21

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Provide a short answer to each of these questions. Be sure to fully explain your answer. -In an economy that says it seeks to maximize profits for the individual firm, how can the United States government justify regulating business to control excess profits?

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Question 22

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Provide a short answer to each of these questions. Be sure to fully explain your answer. -Who determines the public interest?

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Question 23

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A market in which the economies of scale are so great that the largest firm has the lowest costs and is able to drive out competitors is called a(n)

Early economic regulations and the government bodies that administered them were usually formed along industry lines.

Newer social regulations covers business practices in all industries.

Which of the following is not an effect of induced costs?

The reason that the United States government passed anti-trust legislation was

Arguments for industrial policy include all of the following except

Business generally follows the ethic of

Which of the following is not a major reason given for governmental regulation?

Provide a short answer to each of these questions. Be sure to fully explain your answer. -Discuss the ability of the public or its government to establish social priorities.

When it comes to the government business relationship, the public thinks:

Provide a short answer to each of these questions. Be sure to fully explain your answer. -One reason that government might regulate business is to control excessive competition. Government also regulates business to control natural monopolies. Which situation is worse--monopoly or excessive competition?

Regulating the way business operates is only one of several roles the government has in its relationship with business.

The level of government regulation of business has always been low.

Provide a short answer to each of these questions. Be sure to fully explain your answer. -Compare and contrast economic regulation and social regulation.

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. -Using the arguments for and against industrial policy, discuss the benefits and detriments of government support for the hydrogen economy (i.e., using hydrogen as a primary source of fuel to replace oil).

All of the following are reasons that government regulation of business is needed except

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. -According to the authors, the tension between business and government is "a clash of ethical systems." If it is, compare such a viewpoint with Neil Jacoby's comments provided in the text.

One of the most direct ways in which government influences business is through transfer payments.