The economy operates with a huge and growing amount of regulation. To overcome market failure, the government may place laws and regulations which prohibit certain behaviour and actions. Regulation is generally defined as legislation imposed by a government on individuals and private sector firms in order to regulate and modify economic behaviors. Correct Answer: Cut across industry lines. 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. The total demand in an economy. roads, public schools, maintenance of peace and order, etc.) At times, the government has extended economic control to other kinds of industries as well. To achieve these objectives it … 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 Start studying Economics 12 H. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Question 2 3 out of 3 points Deregulation is often: Selected Answer: A politically popular idea. Privatization: the act of moving a formerly public sector/nationalized firm to the private sector. Question 1 3 out of 3 points Economic regulations: Selected Answer: Cut across industry lines. Conflict can occur between public services and commercial procedures (e.g. The government can deregulate it to increase aggregate supply. 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. The government appointed regulators who can impose price controls in most of the main utilities such as telecommunications, electricity, gas and rail transport. 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. Question 3 3 out of 3 points The Mullahs in Iran is an example of the power of government derived from: Selected Answer: Correct Answer: A politically popular idea. iii. If a business or operation has lots of rules or regulations on it, that could be very costly. chapter 6 section 3 the role of prices quizlet, UNCLASSIFIED ACP 121(I) i FOREWORD 1. The total supply in an economy ii. 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: Monetary policies. Monetary policies. Today, we’re going to wrap up our discussion of economic policy by looking at government regulation. 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