Law – correct answer -Requirements for human conduct applying to all persons within their jurisdiction.
Public Goods – correct answer -Necessary and beneficial commodities that private entities will not
supply because there is no incentive in providing them.
Externality – correct answer -When the production or consumption of a good affects someone who does
not fully consent to the effect and when the costs of the good are not fully incorporated in the price of
the good.
Monopoly – correct answer -When the fixed costs of providing a good are high relative to the variable
costs of producing the good.
Public goods, externalities, monopolies, information asymmetry – correct answer -What are the four
market failures that apply to drug use?
Market failure – correct answer -What justifies government agencies to interfere with private choice?
Public Goods – correct answer -Orphan drugs and vaccines are an example of what market failure?
Externality – correct answer -Overuse of antibiotics and air pollution are an example of what market
failure?
Monopoly – correct answer -Government incentives on creating new drugs help regulate what market
failure?
Information Asymmetry – correct answer -When the consumer is uniformed about the true value of a
good.
Information Asymmetry – correct answer -When consumers cannot determine the benefits or
detriments of a drug, it could lead to what market failure?
Young v. Board of Pharmacy – correct answer -What legal case was overruled by the New Mexico
Supreme Court in 1969 because the court did not find inadequate record keeping to be a reliable
judgement of professionalism?
Legislative Branch – correct answer -What branch of the US government “makes” the law?
Executive Branch – correct answer -What branch of the US government “enforces” the law?
Judicial Branch – correct answer -What branch of the US government “interprets” the law?
The Constitution – correct answer -What is the supreme law of the US?
16 – correct answer -How many amendments, in addition to the Bill of Rights, have there been to the
Constitution since 1787?
Legislature – correct answer -An elected body of persons with the primary responsibility to enact laws or
statutes.
Legislature – correct answer -Who makes administrative agencies to administer a body of substantive
law?
De Novo – correct answer -What is it called when a court demands a new trial due to insufficient
evidence in an administrative agency judicial trial?
Code of Federal Regulations – correct answer -What is the compilation of final regulations divided and
indexed by subject matter?
Title 21 – correct answer -What title contains all of the FDA regulations in the CFR
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