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Exam 21: Appendix: Working Within the Legal Environment

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Question 111

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Some economists advocate a ________ on the consumption of such products as gasoline, liquor, cigarettes, and even soda, in the hope that consumers will think about how their purchases are having negative impacts on themselves and their environment.

A) progressive tax
B) sin tax
C) flat tax
D) tax credit

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

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Question 112

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If Brad agrees to sing at Sean's wedding for free and then doesn't show up, Sean may sue Brad for breach of contract.

A) True
B) False

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Question 113

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A tax credit is a document that increases a tax bill.

Decisions made by judges in previous cases are an important part of common law.

The Nike swoosh and the golden arches of McDonald's are examples of a

A copyright protects an individual's ownership rights to materials such as books, articles, photos, and cartoons, which they created.

The Justice Department's antitrust division serves as a watchdog for violations of the Uniform Commercial Code.

Implied warranties are guarantees legally imposed on the seller.

A trademark gives exclusive legal protection to a name, symbol, or design that distinguishes the goods or services of one seller from those of competitors.

The Nutrition Labeling and Education Act of 1990 requires truthful and uniform nutritional labeling on all food the FDA regulates.

Which of the following industries has been deregulated?

About ________ percent of patent applications are approved.

What type of law is tort law? Explain what a tort is as well as the meaning of negligence.

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.

Under contract law, damages are the monetary settlements awarded to a person who is injured by a breach of contract.

The Clayton Act of 1914 prohibits price discrimination.

Business law refers to a body of regulations that, when enforced, provides a framework within which business may be conducted.

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

The U.S. court system is organized solely at the federal and state levels.

The social movement designed to increase and strengthen the rights and powers of buyers in business transactions is called