Regulatory Theories and Agencies Quiz

Government policies that limit the control of one company over different types of media, such as newspapers, television, and radio.

The theory that views regulations as a result of market imperfections, influential individuals, and the influence of private interests.

The process of reducing regulatory controls in specific industries.

Organizations responsible for setting and overseeing regulations within a particular industry.

The process of transferring ownership of government-controlled companies to private entities.

An action by one economic agent directly affects someone else's preferences or production possibilities.

A good consumed by one person does not reduce its availability for others. Examples: National defense, public roads.

One party in a transaction has more information than the other. This can lead to market inefficiencies.

Sellers have incomplete information about buyers, potentially leading to unfair deals.

Policies that do not hold individuals fully accountable for their actions, encouraging risky behavior.

Government intervention to correct market imperfections, but regulation can sometimes worsen the situation.

Regulation initially aims to fix market problems but eventually serves the interests of the regulated industry.

Regulation can be a way to achieve fairness goals, like providing discounted services to low-income individuals.

A period characterized by the rise of non-market actions by interest groups to influence economic decisions.

An era marked by government expansion of regulation into labor markets, industries, securities, and banking.

A regulatory period focusing on the environment and workplace safety.

A period of reducing government control in various sectors like electric power and air transport.

Organizations that oversee specific economic sectors, setting rules, and enforcing compliance.

The influence of non-market factors on regulatory decisions

These explain the 'why' behind regulation, including market imperfections caused by monopolies, information asymmetry, and externalities.

A situation where one firm can produce a good or service at a lower cost than any other number of firms due to economies of scale, often leading to price regulation.

A situation where the costs or benefits of an action are not fully reflected in the market price. This can lead to market failures.

A legal framework that governs the creation and operation of federal administrative agencies.