BGSO Final Exam 2023 with 100% correct answers

What are the benefits of government regulation of business? - correct answer 1. Helps business act ethically 2. without it, one or more companies would control all of market 3. destructive competition 4. negative externalities 5. safe and ethical products made 6. protectionist rules (jobs) what are the costs of government regulation on business? - correct answer 1. too much red tae, doesn't allow for companies to be innovative 2. costly to follow regulations (esp. small businesses) 3. should have product liability instead 4. spending and staffing for regulatory agencies are expensive social regulation - correct answer protects consumers and the environment (safe workplaces) economic regulation - correct answer focus on supply and demand, free market, oldest for of regulation regulatory agencies - correct answer help govern economic and social regulation federal trade commission - correct answer deals with antitrust laws consumer product safety commission - correct answer recalls (samsung phones) food and drug admi