Conflict can occur between public services and commercial procedures (e.g. 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. Correct Answer: Monetary policies. chapter 6 section 3 the role of prices quizlet, UNCLASSIFIED ACP 121(I) i FOREWORD 1. iii. 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. The economy operates with a huge and growing amount of regulation. Regulations can limit or prevent: Demerit goods (alcohol, drugs, smoking) Goods with negative externalities (burning of coal) Abuse of monopoly power. Policies that affect the supply, demand, and value of a nation’s currency are: Answer Selected Answer: Monetary policies. Aggregate Supply i. The total demand in an economy. To overcome market failure, the government may place laws and regulations which prohibit certain behaviour and actions. Today, we’re going to wrap up our discussion of economic policy by looking at government regulation. Privatization: the act of moving a formerly public sector/nationalized firm to the private sector. 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. Monetary policies. The total supply in an economy ii. Examples of laws and regulation. The government appointed regulators who can impose price controls in most of the main utilities such as telecommunications, electricity, gas and rail transport. If a business or operation has lots of rules or regulations on it, that could be very costly. roads, public schools, maintenance of peace and order, etc.) Question 2 3 out of 3 points Deregulation is often: Selected Answer: A politically popular idea. and the community in general, rather than from the actions of any given landowner, in their role as mere titleholder. Correct Answer: Cut across industry lines. To achieve these objectives it … Start studying Economics 12 H. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Regulation is generally defined as legislation imposed by a government on individuals and private sector firms in order to regulate and modify economic behaviors. Question 1 3 out of 3 points Economic regulations: Selected Answer: Cut across industry lines. 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. 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