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According to Milton Friedman, the firm that maximizes its profits is not necessarily
maximizing its contribution to the society.
The Internet delivers private communications between particular users, much as a
phone system.
As a result of the existence of an exclusive deal, competitors are denied a source of
supply or a market for sale.
In all nations, the payment of bribes is considered as an unlawful way of doing
business.
Employment discrimination is lawful where sex, religion, or national origin is a bona
fide occupational qualification (BFOQ) reasonably necessary to the normal operation of
a business.
In many states, a plaintiff who willingly enters a dangerous situation and is injured will
be given a nominal amount as recovery.
Differences in wages and conditions of employment are permissible under the Civil
Rights Act of 1964 where those differences are the result of a bona fide seniority
system.
A search warrant issued by a judge is necessary to comply with the Constitution in
making a narcotics search.
The Landrum-Griffin Act prohibits labor unions from lending money except under
specified circumstances and procedures, all of which must be reported annually to the
government.
Formalism requires us to follow those rules that generate the greatest value for society.
The ability of a seller to profitably maintain prices above competitive levels for a
significant period of time is called _____.
A. price fixing
B. market foreclosure
C. market power
D. predatory pricing
In the context of the Internet, what is the reason for the access imbalance that exists in
the United States?
A. Availability of service is a problem in the United States.
B. Digital literacy is an issue in the United States.
C. Security concern in the United States is high.
D. About 98 percent of American households are located where broadband is absent.
The Foreign Corrupt Practices Act (FCPA) requires rigorous internal accounting
controls and careful recordkeeping to ensure that bribes cannot be concealed via 'slush
funds" and other devices.
The Communications Decency Act of 1996 violated the _____.
A. Sixth Amendment
B. Eighth Amendment
C. First Amendment
D. Fourth Amendment
Which of the following means that the government must provide notice and a fair
hearing before taking an action affecting a citizen's life, liberty, or property?
A. The Supremacy Clause
B. Regulatory taking
C. The exclusionary rule
D. Procedural due process
Which of the following best defines the stakeholders of a corporation?
A. All those who stand to gain from the corporation's success
B. All those who have invested financially in the corporation's activities
C. All the groups that may significantly affect the corporation's performance or be
affected by it
D. All those whose livelihood depends directly on the corporation itself
On termination of a corporation, which of the following has the highest priority for
payment?
A. Dividend arrearages owed to preferred shareholders
B. Claims of common shareholders
C. Claims of creditors
D. Claims of directors
A(n) _____ believes that good must be weighed against evil in reaching an ethical
decision.
A. deontologist
B. libertarian
C. utilitarian
D. existentialist
Which of the following is involved in a teleological view of life?
A. Obligations
B. Principles
C. Duties
D. Ends
Discrimination against transsexuals based on sex stereotyping is prohibited under
_____.
A. the Americans with Disabilities Act
B. Section 2-306 of the Uniform Commercial Code
C. the Genetic Information Nondiscrimination Act
D. Title VII of the Civil Rights Act of 1964
Sometimes genuine assent is not secured and a contract may be rescinded because one
of the parties is forced to agree, for fear of harm. The legal defense available in this
situation is _____.
A. duress
B. undue influence
C. fraud
D. mistake
_____, one of the primary sources of U.S. law, prescribe the general structure of
governments and provide protection for individual rights.
A. Cases
B. Regulations
C. Statutes
D. Constitutions
The 501(c)4 groups are particularly attractive because:
A. contributors€ names need not be disclosed.
B. the names of Super PAC donors need not be disclosed.
C. these organizations cannot make political contributions in support of their goals.
D. contributions collected by these groups do not have to be spent on political
advertising.
Which of the following is a horizontal restraint of trade?
A. Tying arrangements
B. Resale price maintenance
C. Price fixing
D. Free riding
Which of the following acts addresses the dangers of both nonhazardous and hazardous
solid wastes?
A. The Clean Air Act
B. The Clean Water Act
C. The Resource Conservation and Recovery Act
D. The National Environmental Policy Act
To receive a court's attention, a litigant must demonstrate _____. That is, the person
must show that her or his interest in the outcome of the controversy is sufficiently direct
and substantial as to justify the court's consideration.
A. standing to sue
B. voir dire
C. double jeopardy
D. in rem action
Which of the following statements is true of the tort of negligence?
A. Intent is absent, but because of one party's carelessness, another has suffered injury.
B. It is limited to unreasonably dangerous products and practices.
C. It is a no-fault concept where an individual is responsible for harm without proof of
carelessness.
D. The plaintiff needs to show that the harm itself was intended.
Lucy uses her credit card to make purchases for her new house. She bills a sum of
$2,000 and repays $1,200 within a month. However, she is not able to repay the
remaining $800 for about a year. The debt collection partner of her bank repeatedly
calls her during odd hours and threatens to seize her property if she fails to repay the
outstanding amount along with an unreasonable late fee in a week's time. In the context
of the federal Fair Debt Collection Practices Act (FDCPA), which of the following
statements holds true in this scenario?
A. The act extends only to creditors who are themselves trying to recover money owed
to them.
B. Lucy is not protected under the act unless the debt collection agency uses physical
force on her.
C. Lucy is protected under the act as it prohibits creditors from making contact with a
debtor during inconvenient hours.
D. The act allows debt collection agencies to employ any tactic to recover the
outstanding debt from a consumer.
Cheryl, a human resource manager at a multinational corporation, finds that one of the
employees in the firm had misstated his education credentials. Cheryl can sue the
employee for _____.
A. r©sum© fraud
B. defamation
C. invasion of privacy
D. negligence
Which of the following types of contracts refers to those entered by minors who have
the option, under the law, of either disaffirming or fulfilling most contracts?
A. Unenforceable contracts
B. Void contracts
C. Unconscionable contracts
D. Voidable contracts
