Question

1) The overwhelming majority of federal health regulatory activity occurs in which cabinet?

Centers for Disease COntrol

Department of Health and Human Services

Food & Drug Adminstration Homeland Security

2)  

When someone's actions affects another person who is not a participant in the transaction, this is known as a(n) ______

distributive

externality

redistributive none of the above

3)

Medicaid is an example of what type of legislation, according to Feldstein?

Externality

Distributive

Redistributive Producer

4)

The most recent tax bill (12/17) passed by Congress & signed by the President is an example of which theory of government regulation?

economic theory

public interest theory

bureaucratic theory

None of the above

Answer 1

1)Food & Drug Adminstration. The Food and Drug Administration is responsible for protecting the public health by ensuring the safety, efficacy, and security of human and veterinary drugs, biological products, and medical devices; and by ensuring the safety of our nation's food supply, cosmetics, and products that emit radiation

2)Externalities. Externalities arise whenever the actions of one economic agent make another economic agent worse or better off, yet the first agent neither bears the costs nor receives the benefits of doing so.

3) Redistributive Medicaid plans are, by definition, a redistribution of wealth since they are funded by taxpayer money to fund programs that those taxpayers would not qualify for

4) public interest theory. tax cut provide relief to americans, hence it is public interest theory.