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Explain why the suggested government action may or may not make economic sense in the following...

Question:

Explain why the suggested government action may or may not make economic sense in the following scenario: Parachutes are more likely to fail if not operated properly. The government should put mandatory labels with operating instructions on each parachute pack.

Operating Instructions:

Operating instructions are the arranged sets of actions that tell how electrical devices are operated. These instructions tell everything related to the installation and operations of these devices.

Answer and Explanation: 1

Yes, this government action provides the economic sense. This is because if the failure rates of parachutes would be higher, then the business of parachute-manufacturing firms would fall. If the people do not know the instructions for opening parachute packs properly, then the people would blame on the quality of parachutes. This would hamper the business of those firms. These mandatory labels would prevent the firms from such scenarios.


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Standard Operating Procedures: Definition & Explanation

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Chapter 2 / Lesson 14
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Standard operating procedures, or SOPs, are written instructions that document how to perform an organization's routine activities, such as processes, responses to situations, or policies. Learn more about the definition of the standard operating procedure, benefits of having them available to employees, examples of SOPs, and tips for writing SOPs.


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