Some argue that government needs to increase its regulation of business for the good of society as a whole, while others believe that the marketplace is self-regulating and that government intervention through needless regulation places an unfair, costly burden on businesses in general and on small businesses in par-ticular. What role do you believe government regulation should play to ensure ethical conduct by businesses? How do different political viewpoints potentially shape the answer to this question?

Q: Private University, a private nonprofit educational institution located in Califor¬nia, decides to issue "Shares in Learning" certificates in a one-time offering to the public. These shares will be sold for $500 each and entitle the bearer to redeem each certificate for two undergraduate or one graduate college credit in any of its schools at any time in the future. The shares may also be resold without restric¬tion by the initial purchaser. The offering will be made via the Internet.

Will the offering need to be registered with the Securities and Exchange Commission (SEC) under the Securities Act of 1933? Explain. Does your answer differ if "Shares in Learning" are issued by Private College, a proprietary for-profit institution that does business in all 50 states? Why?