Bus 404 Chpt 8 Daily Double

the govt intervenes to thwart anticompetitive behaviors throughout the mktplace

a natural monopoly exists where a sing. large firm, such as a utility, is more efficient than several small ones

when all the costs and benefits of a good or service are fully internalized or absorbed by producers or consumers, those costs or benefits fall elsewhere as externalities

Negative externalities are those in which a decision maker does not receive the full benefit of a decision

the supremacy clause of the US cont' broadly specifies the power accorded to the fed to regulate business activity

optimal effeciency often demands one uniform fed rule rather than a patchwork of 50 state fules

the us const' does not expressly forbid state regulation of interstate commerce

police power refers to the right of the state govt to promote public health, safety, morals, and gneral welfare

purely instrastate activities can be regulated by the fed if they have a substantial effect on interstate commerce

the commerce clause, as interpreted by the judiciary, affords private cos exclusive discretion over foreign commerce

in the event of an irreconcilable conflict b/w fed and state law, the supremacy clause provides that fed law will preempt state or local law rendering it unconst'

fed agency rules and orders cannot be challenged in court

adjudication ordinarily involves standards to be applied to the future conduct of a class of unspecified parties

states cannot regulate insurance as this is solely a fed responsibility

local govt intervention in business typically involves various licensure requirements

admin law principles are generally applicable to the conduct of state and local govt

admin agencies act as pseudo govts, performing purely exec, leg, and judicial roles

agency commissioners are appted typically for a life term

congress controls agency budgets and thus can encourage or discourage particular agency action

most likely be considered a negative externality for a manufacturing firm

when all costs and benefits of a good or service are not fully internalized or absorbed, those cost or benefits fall elsewhere as what economists have labeled _______

today, attention in the monopoly area is largely directed to _____

true of public good

forbids the use, cultivation, or possession or marijuana for any purpose

ended prohibition in 1933 and gave the states broad authority to regulate the sale of alc

example of fed exceeding its authority in regulating commerce

true of licensure

first fed regulatory agency that congress estab. in 1887 for the purpose of regulating RR routes and rates

true of ind fed agencies

correct statement about fed agency

served as the basis for the creation of the 4th branch of govt by congress

primary purpose of most of the early agencies was to address

the _____ was enacted to provide a framework for agency rule-making and to detail broad standards for judicial review of agency decsions

CartMed, over the counter drug manu., is directed by the office of nat' drug control policy to refrain from manufacturing cough syrups that exceed 22% alc content for children below age 10. this authority falls under which fed regulatory categories?

type of rules that offer an admin agency's view of the meaning of those statutes for which the agency has admin responsibility

true of exec functions of fed agencies

example of an exec function performed by a fed agency

related to procedural rules

fed trade commission rules providing for a cooling off period of 3 business days w/in which the buyer may cancel door to door sales contracts are an example of an agency's application of its ____ rules

internal rev service regulations are an example of ____ rules

true of rule making by agencies

true of judicial review of agency rules

true of the FCC indecency rules

a(n) ____ in an econs argument claiming that an indiv or business that is protected from risk will increase its risk taking behavior in the future in the belief that a bailout will follow, if needed

since the late 70s, the US has been in a period of deregulation during which