Unit 4 Lesson 11 Vocab Review

What is the term for the establishment of rules aimed at influencing the behavior of firms and individuals?

• Deregulation

• Regulation

• Merger

• Regulatory Capture

What is the power of a government to take private property for public use with fair compensation called?

• Deregulation

• Eminent Domain

• Price Fixing

• Cap and Trade

What is the process of removing government restrictions on firms to promote competition or economic activity?

• Regulation

• Deregulation

• Merger

• Command-and-Control Policies

What is the term for the combining of two or more separately owned firms into a single firm?

• Merger

• Regulatory Capture

• Bid Rigging

• Market Division

What is the illegal practice where firms agree in advance who will submit the lowest bid for a contract?

• Price Fixing

• Bid Rigging

• Market Division

• Logrolling

What is the illegal practice where firms agree to set a common price for a good or service?

• Price Fixing

• Bid Rigging

• Market Division

• Regulatory Capture

What is the term for a government unit created to set and enforce standards for specific industries or economic activities?

• Regulatory Agency

• Command-and-Control Policies

• Corrective Tax

• Quota

What is the term for a circumstance where a shared resource is overused or destroyed due to lack of preservation responsibility?

• Tragedy of the Commons

• Common Resource

• Public Provision

• Income Redistribution

What is the term for converting a publicly owned resource to private ownership?

• Privatize

• Public Provision

• Common Resource

• Economic Mobility

What is the percentage of the population below the poverty line called?

• Poverty Threshold

• Poverty Rate

• Means-Tested Program

• Economic Stimulus