Identify and describe the two main categories of government regulation.
What will be an ideal response?
Government regulation can be economic or social. Economic regulation has long sought to assure competition by preventing monopolies and unfair methods of competition. It has also regulated aspects of economic activity, including entry into a business, price, safety, and standards of service. Social regulation focuses on the quality of life by seeking to safeguard the environment; protect workers’ health and safety; assure the safety and quality of consumer products; and prohibit discrimination on grounds of race, color, sex, age, or disability.
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Prior to the early twentieth century, the American culture emphasized frugality and people were expected to save their money, only buying necessities. Consumerism is a product of the twentieth century
Indicate whether this statement is true or false.
In 1832, the National Republicans and the Democratic Party settled on a new method of choosing candidates for president and vice president called the _____
A) national nominating convention B) presidential caucus C) closed primary D) presidential primary E) invisible primary