1. Which of the following is not a recognized stage of Tomain's life cycle regarding government regulation of an industry?

Government regulation imposed as a rule

The free market itself

An industry specifically requests government regulation

Identification of a market failure

2. The national defense is an example of a(n) __________.

third-party beneficiary contract

exigent circumstance

public good

private service

3. Pollution is a characteristic example of a __________.

negative internality

concurrent condition

negative externality

condition subsequent

4. State authority to regulate commerce resides in the __________ specified by the United States Constitution.

police power

Supremacy Clause

Commerce Clause

Tenth Amendment power

5. Conflicts between federal law and state or local laws are most often resolved by reference to which of the following provisions of the United States Constitution?

The Sixth Amendment

The Commerce Clause

The Fifth Amendment

The Supremacy Clause

6. In 2018, the United States Supreme Court found the Professional and Amateur Sports Protection Act (PASPA) a violation of theAmendment to the U.S. Constitution.

1. Ninth
2. Fifth
3. Sixth
4. Tenth
5. 7. What was the United States Supreme Court's holding in Tennessee Wine and Spirits Retailers Association v. Tennessee Alcoholic Beverage Commission?
   1. Executive and independent
   2. Legislative and executive
   3. Legislative and independent
   4. Executive and judicial
6. Which of the following is correct regarding federal versus state and local regulations affecting businesses?
   1. State and local rules have an enormous impact on business practices.
   2. States are not involved in regulating securities.
   3. The federal government is primarily responsible for regulating the insurance industry.
   4. States are not involved in regulating the banking industry.

10. Which of the following is an example of an independent federal administrative agencyZ

1. The Securities and Exchange Commission
2. The United States Department of Energy
3. The U.S. Department of Education
4. The United States Department of Defense