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Research into genetically modified crops has led to significant productivity gains for countries such as the United States that employ these techniques. Countries such as the European Union's member nations, however, have imposed controls on the import of these products, citing concern for public health. Is the European Union's regulation of genetically modified crops social regulation or economic regulation?

Short Answer

Expert verified

The European nation's genetically modified crop regulation is regarded as a social regulation.

Step by step solution

01

Introduction

The genetically modified crop regulation in Europe is a societal regulation. Consumers are protected against chemically dangerous products by social regulations imposed by European governments.

02

Given Information

-For countries like the United States, genetically modified crops have resulted in huge production gains.

-The control of genetically modified crops by the European Union, whether it is social or economic regulation.

03

Explanation

  • The control on genetically modified crops in Europe is a societal regulation. Social regulations are in place in Europe to safeguard consumers from chemically harmful items.
  • Consumers' safety and security are taken into account under social regulations. Consumers' health may suffer as a result of genetically engineered crops.
  • The balance of trade and economic reasoning are considered in economic regulations. Health-related issues are not taken into account.
  • As a result, the European nation's legislation on genetically modified crops is considered a social regulation.

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Most popular questions from this chapter

Consider the following fictitious sales data (in thousands of dollars) for both e-books and physical books. Firms have numbers instead of names, and Firm 1generates only e-book sales. Suppose that antitrust authorities' initial evaluation of whether a single firm may possess "monopoly power" is whether its share of sales in the relevant market exceeds 70percent.

a. Suppose that the antitrust authorities determine that selling physical books and e-book selling are individually separate relevant markets. Does an initial evaluation suggest that any single firm has monopoly power, as defined by the antitrust authorities?

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