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BUS 345: Chapter 11 MC

Government intervention in business began with
(b) a push for tariffs
The reason that the US government passed anti-trust legislation was
(c) due to the anti-competitive practices of some large trusts
Government’s new role in its relationship with business during the New Deal era was one of
(d) restoring prosperity and promoting economic growth
Most congressional legislation before the 1950s that affected business was
(A) economic in nature
After the 1950s, most Congressional legislation that affected business was
(B) concerned largely with the quality of life
Modem goals for business include all of the following except
(C) promoting the social welfare
The clash of ethical systems between government and business is centered around
(C) individualist and collectivist ethics
Business generally follows the ethic of
(C) individualism
Government is generally thought to follow the ethic of
(B) collectivism
Which of the following is not mentioned as a frustration executives have with government officials, according to a recent McKinsey survey?
(D) concerned that government aims to redistribute the balance of wealth
Which of the following is not a method that government uses to influence business?
(A) lobbying
The public and government use all of the following methods of influencing each other except
(D) coercion
Every form of state intervention that affects industry as a distinct part of the economy is called
(C) industrial policy
The question of whether current public functions should be performed by the government of private sector is addressed by
(B) privatization
Arguments for industrial policy include all of the following except
(D) stifling innovation
Arguments against industrial policy include all of the following except
(B) the need to rescue “sunset” industries
A strong industrial policy:
(D) helps firms compete in a fast-moving global economy
Industrial policy is
(B) a powerful non-regulating approach by government to influence business
There has always been a strong reaction in the US to any form of industrial policy because
(B) it conflicts with the widely held view of government’s role in the economy
The opposite of privatization could be considered
(D) federalization
Government influences business through all of the following non-regulatory methods except
(C) requiring equal employment opportunities be granted to job applicants
Government payments to industries or groups with special qualifications are called
(B) subsidies
Government attempts to persuade business to act in the public interest are called
(B) moral suasion
All of the following are reasons that government regulation of business is needed except
(B) maintain competitive markets
Government regulations have been criticized for all of the following reasons except
(D) being ineffective
The act of governing or bringing under the control of law or constituted authority is called
(A) regulation
The primary reason for government regulation of business is
(C) market failure
Which of the following is not a major reason given for governmental regulation
(D) maintaining a trade surplus with foreign countries
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)
(A) natural monopoly
Government intervention in monopolistic industries is often brought about by
(C) anticompetitive practices
Negative externalities are often referred to as
(B) social costs
Government regulation of business through the control of economic or market variables is a form of
(C) economic regulation
Governmental regulations that seek to further societal objectives are examples of
(A) social regulation
Social regulation’s focus on people encompasses their roles as all of the following except
(D) business owners
The newest types of social regulations is concerned primarily with
(C) security
The dilemma of regulation is the tradeoff between
(B) effective control and the burden placed on firms
Which of the following is not considered a part of the induced costs of regulation?
(D) the effect on consumers
The primary purpose of deregulation is to
(B) remove certain industries from old-line economic regulations
The dilemma of deregulation is
(B) to enhance competition within the industry without sacrificing applicable social regulations
Which of the following industries has not been affected by deregulation
(C) computer software
Which of the following is not a role increasing government’s complex relationship with business?
(C) government cannot have buying power
Which of the following is not a concern expressed by executives about government involvement in business?
(D) US adults said government should do more
The newer form of industrial policy is exemplified by
(D) Robert Reich’s book, “American Frontier”
Arguments against privatization include all of these except
(B) service provisions
Which of the following is not an effect of induced costs?
(B) new agencies may be created

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