Quizizz--Economics (Module 6--Element 2.3)--Limits on Government

What is one way that government regulations can impede economic progress?

• By increasing market competition

• By reducing trade barriers

• By restricting entry into markets

• By promoting free trade

According to the text, what is a major source of trade barriers and market entry restraints?

• Consumer preferences

• Government regulations

• Technological advancements

• Natural resources

What must individuals often do to start a business in countries with strict regulations?

• Ignore regulatory tests

• Avoid acquiring a license

• Obtain permission from different bureaus

• Reduce financing requirements

According to Hernando de Soto, how many days did it take to meet the regulations required to legally open a small business in Lima, Peru?

• 97 days

• 289 days

• 144 days

• 4 days

What is one consequence of regulations that substitute political authority for the rule of law?

• Increased trade gains

• Reduced regulatory uncertainty

• Undermined gains from trade

• Enhanced business attractiveness

In which country did customs officials in the mid-1980s have the authority to waive tariffs in the 'national interest'?

• Peru

• Brazil

• Guatemala

• Venezuela

How many days did it take to legally open a business in the United States according to the World Bank report?

• 2.5 days

• 4 days

• 97 days

• 119 days

What is a potential negative effect of regulations according to the text?

• They always ensure fair competition.

• They can become roadblocks to trade if not precise.

• They guarantee consumer protection.

• They reduce the need for lobbying.

How do regulations sometimes benefit certain businesses?

• By reducing their operational costs.

• By restricting their competitors.

• By increasing consumer demand.

• By lowering taxes.

What is one consequence of lobbying mentioned in the text?

• It increases the productivity of businesses.

• It consumes the time and effort of skilled individuals.

• It reduces the need for regulations.

• It guarantees political neutrality.