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. and the community in general, rather than from the actions of any given landowner, in their role as mere titleholder. Correct Answer: A politically popular idea. To overcome market failure, the government may place laws and regulations which prohibit certain behaviour and actions. 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. Examples of laws and regulation. Question 2 3 out of 3 points Deregulation is often: Selected Answer: A politically popular idea. 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. Aggregate Supply i. Policies that affect the supply, demand, and value of a nation’s currency are: Answer Selected Answer: Monetary policies. 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: Exploitation of labour. Correct Answer: Cut across industry lines. Start studying Economics 12 H. Learn vocabulary, terms, and more with flashcards, games, and other study tools. 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. Conflict can occur between public services and commercial procedures (e.g. Question 1 3 out of 3 points Economic regulations: Selected Answer: Cut across industry lines. Regulations can limit or prevent: Demerit goods (alcohol, drugs, smoking) Goods with negative externalities (burning of coal) Abuse of monopoly power. 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 At times, the government has extended economic control to other kinds of industries as well. The government can deregulate it to increase aggregate supply. Question 8 5 out of 5 points Economic regulations: Answer Selected Answer: Correct Answer: Cut across industry lines. The total supply in an economy ii. Privatization: the act of moving a formerly public sector/nationalized firm to the private sector. chapter 6 section 3 the role of prices quizlet, UNCLASSIFIED ACP 121(I) i FOREWORD 1. roads, public schools, maintenance of peace and order, etc.) iii. 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