Handout 2
The meat Inspection act led to better inspection of food products. Which type of regulation is this?
Examples vary, must include many producers, identical producs, easy entry into market, no price control
Because there are some things that private companies don't want to provide!
What was Image 2 in Handout 4 about?
A mother saying she cannot afford to feed her baby because of taxes (she needs more redistribution of income)
What day is the last day of school (finals week?)
June 5!
What is Price Fixing?
When a company agrees to sell a product for a specific price
What is an example of a common resource?
The air, nature, etc (multiple answers)
What is the goal of income redistribution?
To close the gap between the rich and poor in society
Which popular red summer fruit is about 92% water?
Watermelon!
What is it called when one company dominates an industry?
A monopoly
What type of government regulation is OSHA (which has decreased workplace incidents)
Protecting workers
Which event caused the government to manage the economy more closely?
The stock market crash of 1929 and the Great Depression
(closest wins) How many hot dogs do Americans eat each summer?
About 7 Billion (closest wins)
Which role of the government describes that the government wants to protect privately owned assets, which are valuable to the economy?
Protecting Property rights!
When everyone overuses a common resource like nature
What is it called when the government spends money to fix the economy?
Stimulus spending
When is national Ice Cream month?
July
Which role of the government describes that the govenrment wants to ensure there are multiple companies in any sector, instead of one?
Maintaining Competition
Making sure that companies don't pollute too much is an example of what?
Addressing negative externalities
Higher tax rates on certain individuals is an example of which type of government regulation?
Redistributing Income
What is the Summer Solstice?
The longest day of sunlight each year (usually end of June)