Econ. Ch. 3

Question 1

CPSC

Answer 1

Consumer product safety commission’s.

Question 2

EPA

Answer 2

Environmental protection agency.

Question 3

FTC

Answer 3

Federal trade commission.

Question 4

OSHA

Answer 4

Occupational safety and health Administry.

Question 5

Characteristics of free enterprise (5)

Answer 5

• Private property
• choice
• voluntary exchange
• competition
• economic incentive

Question 6

Public interest

Answer 6

Concerns of the public as a whole.

Question 7

Purpose of free enterprise

Answer 7

system is to give consumers the freedom to make their own economic choices.

Question 8

Public disclosure laws

Answer 8

require companies to give consumers important information about their product.

Question 9

Interest group

Answer 9

A private organization that tries to persuade public officials to act or vote according to the interests of the groups members.

Question 10

Poverty threshold

Answer 10

are the original version of the federal poverty measure. The thresholds are used mainly for statistical purposes.

Question 11

welfare

Answer 11

focuses on the optimal allocation of resources and goods and how this affects social welfare.

Question 12

Social security

Answer 12

any government system that provides monetary assistance to people with an inadequate or no income.

Question 13

Lobby

Answer 13

the act of attempting to influence decisions made by officials in a government, most often legislators or members of regulatory agencies.