One of the Basic Differences Between Social and Economic Regulations

question 250

Multiple Choice

One of the basic differences between social and economic regulations is that

• A) economic regulations only apply to financial institutions while social regulations apply to a greater variety of institutions.
• B) social regulations only apply to non-profit organizations while economic regulations apply only to for-profit organizations.
• C) economic regulations cover only particular industries while social regulations apply to all firms in the economy.
• D) economic regulations focus on the banking industry while social regulations focus on monopolies.

---

Definitions:

Sensation Seeking

The tendency to seek out varied, novel, complex, and intense experiences and the willingness to take physical, social, legal, and financial risks for the sake of such experiences.

Conformist Lifestyle

A way of living that closely follows the norms, values, and expectations of society, often at the expense of individuality.

Self-Efficacy

The belief in one's capabilities to organize and execute the courses of action required to manage prospective situations.

Locus of Control

Pertains to a person's convictions about the origins of their experiences and the elements they credit for their successes or failures.