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Exam 22: Extension: Working Within the Legal Environment

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Question 1

True/False

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The Federal Trade Commission issues and interprets rules and regulations regarding business activities. The Federal Trade Commission is a governmental administrative agency.

A) True
B) False

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True

Question 2

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Several states now allow for competition in the electric power industry. Business customers, for example, can purchase their electric service from several different utility companies. This activity reflects a movement toward ________ in the utility industry.

A) re-regulation
B) monopoly pricing
C) deregulation
D) privatizing

E) A) and B)
F) A) and C)

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Question 3

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Chapter 7 bankruptcy requires the sale of the nonexempt assets of debtors.

The government's involvement in governing the behavior of business people seems to be increasing.

The primary objective of a sin tax is to generate additional revenue for the government.

Most bankruptcies today are involuntary because creditors want to retrieve as much of their money as possible.

A warranty guarantees that the product sold will be acceptable for the purpose for which the buyer intends to use it.

You and your neighbor have agreed to a contract whereby he will cut your grass every other week for which you will pay $30. However, for no apparent reason, he has not cut your grass for a month. Your neighbor has committed a(n) :

McDonald's was the subject of a product liability suit charging that its food caused obesity, diabetes, and other health problems in children.

Mary Ann owns a rare Monet painting and she has agreed to a contract whereby she will sell it to the Museum of Art for $5.3 million. At the last minute she decides she cannot bear to part with her painting and will not sell it to the Museum. The Museum can sue Mary Ann for specific performance.

Which of the following holds a company liable for negligence in the production, design, sale, or use of products the firm markets?

Copyrights can be passed on to the creator's heirs.

With today's widespread use of water-based house paint, no paint manufacturer can be sued for damages today that are caused by lead-based paint that may still remain on the surface of some house and apartment walls.

Producers of government-approved drugs and chemicals cannot be sued by individuals who develop side effects years later.

The Constitution gives the judiciary the power to establish bankruptcy laws.

Trademarks generally belong to the owner forever, as long as they are properly registered and renewed every 10 years.

A government policy aimed at reducing the purchase of a specific good through increased taxes has been most often applied to:

A(n) _________ guarantees that the product you buy will conform to the customary standards of the trade/industry.

Consumerism is a social movement that seeks to increase and to strengthen the rights and powers of buyers in relation to sellers.

________ is the process of eliminating laws and regulations that hinder competition.