1. In six sentences or less, define an "agency" under U.S. federal law, name three federal agencies, provide a brief summary of what each agency does, and include a link to each agencies website
2. In six sentences or less, describe the characteristics of an independent regulatory agency.
3. In six sentences or less, explain the Tragedy of the Commons.
4. In six sentences or less, explain three reasons why the government regulates private actions, and three approaches or tools the government employs when it regulates.
5. In six sentences or less, briefly summarize cost-benefit analysis and its role in regulation.