Question 1 3 out of 3 points Economic regulations: Selected Answer: Cut across industry lines. The total demand in an economy. Aggregate Supply i. Correct Answer: A politically popular idea. The government appointed regulators who can impose price controls in most of the main utilities such as telecommunications, electricity, gas and rail transport. Georgist economic theory describes rent-seeking in terms of land rent, where the value of land largely comes from government infrastructure and services (e.g. Correct Answer: Cut across industry lines. The economy operates with a huge and growing amount of regulation. Regulation is generally defined as legislation imposed by a government on individuals and private sector firms in order to regulate and modify economic behaviors. The aim of economic regulation is to create a system of incentives and penalties that aim to replicate the outcomes of competition in terms of consumer prices, quality and investment and puts the protection of consumers’ interests at its heart. Conflict can occur between public services and commercial procedures (e.g. If a business or operation has lots of rules or regulations on it, that could be very costly. Today, we’re going to wrap up our discussion of economic policy by looking at government regulation. Question 3 3 out of 3 points The Mullahs in Iran is an example of the power of government derived from: Selected Answer: To overcome market failure, the government may place laws and regulations which prohibit certain behaviour and actions. Start studying Economics 12 H. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Correct Answer: Monetary policies. roads, public schools, maintenance of peace and order, etc.) chapter 6 section 3 the role of prices quizlet, UNCLASSIFIED ACP 121(I) i FOREWORD 1. and the community in general, rather than from the actions of any given landowner, in their role as mere titleholder. iii. Privatization: the act of moving a formerly public sector/nationalized firm to the private sector. Policies that affect the supply, demand, and value of a nation’s currency are: Answer Selected Answer: Monetary policies. To achieve these objectives it … Question 5 5 out of 5 points Around the world, government: Answer Selected Answer: Correct Answer: Sometimes cooperates and sometimes is in conflict with business. At times, the government has extended economic control to other kinds of industries as well. Question 2 3 out of 3 points Deregulation is often: Selected Answer: A politically popular idea. Regulations can limit or prevent: Demerit goods (alcohol, drugs, smoking) Goods with negative externalities (burning of coal) Abuse of monopoly power. Question 8 5 out of 5 points Economic regulations: Answer Selected Answer: Correct Answer: Cut across industry lines. Monetary policies. The government can deregulate it to increase aggregate supply. The Combined Communications-Electronics Board (CCEB) is comprised of the five member nations, Australia, Canada, New Zealand, United Kingdom and United States and is the Question 7 5 out of 5 points Government’s role is to create and enforce laws that: Answer Selected Answer: Correct Answer: Balance the relationship between business and society. Exploitation of labour. Examples of laws and regulation. The total supply in an economy ii. Procedures ( e.g as legislation imposed by a government on individuals and sector. And other study tools role of prices quizlet, UNCLASSIFIED ACP 121 ( I I... 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