Archives: Quiz

121. Termination of an offer by operation of law does not occur: a. if a law is passed making the subject of the offer illegal b. by death or insanity of the offeror c. if the subject matter of the […]

61. In contract law, an agreement means there is a mutual understanding between the parties as to the substance of the contract. This agreement between the parties is legally reached through: a. negotiation and deliberation b. communication of conditions c. […]

Production and Growth 6191 57. The catch-up effect refers to the idea that a. saving will always catch-up with investment spending. b. it is easier for a country to grow fast and so catch-up if it starts out relatively poor. […]

Multiple Choice 1. The evolved in commerce over the centuries. a. law of contracts b. law of commerce c. law of trade d. law of documents e. law of freedom 2. The evolved in commerce over the centuries. a. law […]

Production and Growth 6171 11. The traditional view of the production process is that capital is subject to a. constant returns. b. increasing returns. c. diminishing returns. d. diminishing returns for low levels of capital, and increasing returns for high […]

122. If a work is copyrighted, it must have a notice of copyright on it, such as ©, or others have the right to presume the work is in the public domain. a. True b. False 123. If a work […]

Production and Growth 6151 121. Amy discovers a way to produce water heaters so they are less expensive and use less natural gas. Amy’s discovery is a. physical capital. If Amy’s discovery leads to lower natural gas prices, it has […]

69. In Audi AG v. D’Amato the appeals court held that Audi could stop D’Amato’s use of the domain name audisport.com. a. True b. False 70. In Audi AG v. D’Amato the appeals court held that Audi’s name suffered dilution […]

True / False 1. Intellectual property must show some evidence of labor having been provided to create it for protection to be granted. a. True b. False 2. Copyrights, trademarks and trade names are examples of intellectual property. a. True […]

Production and Growth 6111 24. In one day Portal Computer Company made 400 laptops with 1200 hours of labor. What was its productivity? a. 1/3 laptop per hour b. 3 hours per laptop c. 1200 laptops d. 400 laptops ANSWER: […]

215. In Bowman v. Monsanto, where Bowman used Monsanto’s patented Roundup Ready seeds and, in violation of the contract provided by Monsanto, kept seeds from his crop to use next year so that the seeds had the genetic composition of […]

Production and Growth 6091 34. The United Kingdom is a. an advanced economy, and over the past century its rate of economic growth has been higher than that of the United States. b. an advanced economy, and over the past […]

177. Which of the following is part of a notice of copyright: a. the official name of the work b. proof of originality c. the circle-C (©) d. all of the other specific choices are correct e. none of the […]

117. “Inherently distinctive” trade dress is protected under the: a. Property Act b. Trade Dress Act c. Shelton Act d. Copyright Act e. none of the other choices are correct 118. In Wal-Mart v. Samara Brothers, where Wal–Mart was accused […]

61. Arbitrary and fanciful, suggestive, descriptive, and generic are classifications of: a. patents b. torts c. trademarks d. copyrights e. none of the other choices are correct ANSWER: c POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States – BUSPROG: Communication […]

Multiple Choice 1. Trademarks, trade names, patents, and copyrights represent a category of property called: a. intangible property b. tangible property c. real property d. statutory property e. personal property 2. Trademarks, trade names, patents, and copyrights represent a category […]

109. Shooting a bullet across someone else’s property without stepping onto the property may be the tort of trespass to land. a. True b. False 110. Someone tells you it is ok to hunt on a farmer’s property, but in […]

Measuring the Cost of Living 181 105. If the nominal interest rate is 4 percent and the real interest rate is 7 percent, then the inflation rate is a. –3 percent. b. 0.75 percent. c. 3 percent. d. 11 percent. […]

71. If a condition was attached to the sale of a home that said it could not have dog kennels on the property that would be likely known as a covenant. a. True b. False 72. A covenant that violates […]

Measuring the Cost of Living 161 63. Refer to Table 24–13. Suppose Olivia’s 2009 clothing expenditure in 2010 dollars amounts to $1,440. Then X, the consumer price index for 2009, has a value of a. 120. b. 130. c. 140. […]

Measuring the Cost of Living 141 23. Refer to Scenario 24-1. In 1975 dollars, a 1975 tennis ball cost $0.10 and a 2005 tennis ball cost a. $0.27, so tennis balls were cheaper in 1975. b. $0.27, so tennis balls […]

264. You go to a flea market and buy a LCD TV for $100. One day you receive a notice that the owner of the TV, which had been stolen from her house and sold by the thief at the […]

Measuring the Cost of Living 121 10. Which of the following statements is true? a. Even if we know the values of the consumer price index for the years 2009 and 2010, we cannot calculate the inflation rate for 2010 […]

True / False 1. Moveable property, or personal property, may be called chattel. a. True b. False 2. Real property was traditionally referred to as chattel. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States […]

Chapter 06: Interest Rates The difficulty of these questions as seen by students will depend on (1) what was discussed in class and (2) how long students have to answer the questions. If time is not an issue, then many […]

171. Commercial leases, compared to residential leases, tend to: a. be much longer b. be more controlled by state statute c. require the landlord to provide most interior furnishings d. be more likely to be of short duration e. all […]

Measuring the Cost of Living 81 158. The consumer price index tries to gauge how much incomes must rise to maintain a. an increasing standard of living. b. a constant standard of living. c. a decreasing standard of living. d. […]

118. A hostile user of another person’s land may come to own the property or an easement through: a. hostile possession b. land use possession c. regular use clauses d. adverse possession e. none of the other choices are correct […]

61. Subsurface mineral rights: a. must transfer in fee simple with deeds to land b. must transfer in fee simple with title to land c. are owned by the government d. are owned by the people in common e. none […]

Multiple Choice 1. Traditionally, personal property was referred to as: a. property in rem b. quasi in rem property c. chattel d. aggregate property e. none of the other choices 2. Chattel is the traditional term for: a. personal property […]

Measuring the Cost of Living 21 28. If the consumer price index was 96 in 2012, 100 in 2013, and 102 in 2014, then the base year must be a. 2012. b. 2013. c. 2014. d. The base year cannot […]

63. An express warranty is a promise that is clearly stated by the seller to the buyer; it is a part of the contract. a. True b. False 64. An express warranty of safety in a product is one the […]

True / False 1. About a half-million tort cases are filed each year. a. True b. False 2. The tort system in the U.S. is estimated to cost right about $40 billion per year. a. True b. False ANSWER: False […]

214. Which of the following is not a potential statutory limit on potential tort liability: a. worker compensation statutes b. certain products that must follow federal labeling requirements c. products made in foreign country under their liability laws for sale […]

168. In Parish v. ICON, where a person was severely injured when jumping on a trampoline and sued its maker and the maker of a safety net for failure to warn, the Iowa high court held that: a. the makers […]

Measuring a Nation’s Income 5771 5. GDP does not reflect a. the value of leisure. b. the value of goods and services produced at home. c. the quality of the environment. d. All of the above are correct. ANSWER: d […]

112. An implied warranty is: a. illegal in many states b. one the manufacturer always provides to the buyer in every relationship c. one that the law prohibits from being waived d. one consumers demand in all contracts e. none […]

Measuring a Nation’s Income 5751 57. Refer to Table 23-5. In 2017, this country’s a. real GDP was $900, and the GDP deflator was 138.9. b. real GDP was $1250, and the GDP deflator was 128.0. c. real GDP was […]

55. The is primarily concerned with harms suffered by buyers and other persons who use defective products. a. law of stock protection b. law of malpractice liability c. law of seller liability d. law of commercial liability e. none of […]

Multiple Choice 1. Intentional torts occur when: a. the tortfeasor is found to have intended to invade a protected interest and the tortfeasor knew, or should have known, of the consequences of the act that resulted in an injury b. […]

Measuring a Nation’s Income 5711 88. In the economy of Talikastan in 2015, consumption was $3000, exports were $400, GDP was $5000, imports were $500, and investment was $1400. What were Talikastan’s government purchases in 2015? a. $60 b. $500 […]

100. In,Lawler v. Montblanc North America, where Lawler was fired soon after telling her supervisor that for medical reasons she could not work more than 20 hours per week the appeals court held she could sue the employer for mental […]

64. To prove intent for an intentional tort, the plaintiff must show willful misconduct by the defendant. a. True b. False 65. For there to be an intentional tort, the person who commits the tort must be shown to have […]

Measuring a Nation’s Income 5671 6. Consumption consists of spending by households on goods and services, with the exception of a. purchases of intangible services. b. purchases of durable goods. c. purchases of new houses. d. spending on education. ANSWER: […]

True / False 1. A tort is broadly defined as a civil wrong, other than a breach of contract, for which the law provides a remedy. a. True b. False 2. The rules of tort law have changed little over […]

311. A medical worker was sued by a patient for discussing the patient’s medical condition with a mutual friend. The patient most likely sued the medical worker for the tort of: a. false imprisonment b. mental distress c. invasion of […]

282. If an accounting firm is sued for negligently preparing a faulty financial report for a company, it is likely that the accounting firm is: a. not liable; a reasonable number of mistakes are expected to occur b. liable if […]

225. Carl’s neighbor writes a column for the local paper. One week he reveals Carl‘s drug abuse problems and Carl is subsequently fired from work. Carl will probably sue his neighbor for: a. invasion of privacy b. assault c. battery […]

Measuring a Nation’s Income 5611 3. Which of the following is a way to compute GDP? a. total income earned. b. total expenditures on final goods. c. add up the market values of all final goods and services. d. All […]

170. Voluntary participation in a contact sport is an example of: a. consent in participation b. consent to risk taking c. consent in battery d. all of the other specific choices e. none of the other specific choices 171. Player […]