Archives: Quiz

111. To help stimulate jobs in its wine industry, New York does not tax New York wines but taxes other wines $1 per bottle. This tax is: a. a constitutional control on intrastate business b. constitutional, so long as it […]

The Market Forces of Supply and Demand Multiple Choice – Section 00: Introduction 1. The two words most often used by economists are a. prices and quantities. b. resources and allocation. c. supply and demand. d. efficiency and equity. ANSWER: […]

1 Chapter 34 Employment, Immigration, and Labor Law N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition […]

56. If Congress imposes a regulation on business, the states: a. may not have any regulations in the same area of concern b. may adopt regulations to replace the federal regulations, but they may only apply inside the borders of […]

742 Interdependence and the Gains from Trade 7. Refer to Scenario 3-1. Which if any good(s) does Greg have an absolute advantage producing? ANSWER: Greg has an absolute advantage in both the production of ice cream and cake. POINTS: 1 […]

1 Chapter 33 Agency Liability and Termination N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition of […]

Multiple Choice 1. George Washington presided over a convention at which the U.S. Constitution was drafted in which city? a. Washington, D.C. b. Richmond c. Philadelphia d. Baltimore e. New York 2. The U.S. Constitution was ratified and became effective […]

Interdependence and the Gains from Trade 727 37. Two countries can achieve gains from trade even if one country has an absolute advantage in the production of both goods. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Difficulty: Moderate […]

1 Chapter 32 Agency Formation and Duties N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition of […]

116. In Georgia State Licensing Board for Residential and General Contractors v. Allen the Georgia Supreme Court held that an injunction would be issues against the Board against its licensing process as contractors had not be properly informed of new […]

Interdependence and the Gains from Trade 707 19. Refer to Table 3-37. Iceland should export a. coolers and import radios. b. radios and import coolers. c. both goods and import neither good. d. neither good and import both goods. ANSWER: […]

1 Chapter 31 Bankruptcy Law N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition of the Test […]

64. If a witness, such as a company president, refuses to give a deposition that the court thinks is proper, then judgment may be entered against the company. a. True b. False 65. One reason companies often settle suits out […]

Interdependence and the Gains from Trade 687 245. Which of the following is not correct? a. Economists are generally united in their support of free trade. b. The conclusions of Adam Smith and David Ricardo on the gains from trade […]

1 Chapter 30 Secured Transactions N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition of the Test […]

True / False 1. The plaintiff selects the court in which to file an action against a defendant. a. True b. False 2. The defendant has the right to move a suit to the court “of greatest convenience.” a. True […]

Interdependence and the Gains from Trade 667 207. Refer to Figure 3-21. Suppose Uzbekistan decides to increase its production of bolts by 10. What is the opportunity cost of this decision? a. 1/2 nail b. 2 nails c. 5 nails […]

1 Chapter 29 Creditors’ Rights and Remedies N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition of […]

322. What is the general rule concerning what is said during a mediation and a later court proceeding? a. mediators must always testify about what they know b. mediators will often, but not always, have to testify c. mediators cannot […]

Interdependence and the Gains from Trade 647 171. Refer to Figure 3-17. Suppose Maxine decides to increase her production of tarts by 5. What is the opportunity cost of this decision? a. 2/5 pie b. 2 pies c. 5/2 pies […]

1 Chapter 28 Banking in the Digital Age N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition […]

289. Which is not true about an arbitration decision: a. it need not be in writing b. it is entered in the public record c. no rationale need be given for the decision d. punitive damages may be awarded e. […]

Interdependence and the Gains from Trade 627 136. Refer to Table 3-30. Varick has a comparative advantage in the production of a. wheat. b. cloth. c. both goods. d. neither good. ANSWER: b POINTS: 1 DIFFICULTY: Difficulty: Moderate LEARNING OBJECTIVES: […]

1 Chapter 27 Liability, Defenses, and Discharge N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition of […]

229. Parties can appeal a court’s decision if: a. there was a failure by the trial judge to admit or exclude certain evidence b. there were improper instructions being given to the jury c. there was granting or denying of […]

Interdependence and the Gains from Trade 607 96. Refer to Table 3-24. At which of the following prices would both England and Spain gain from trade with each other? a. 16 units of bread for 16 units of cheese b. […]

1 Chapter 26 Transferability and Holder in Due Course N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from the previous […]

176. A judge will declare a mistrial if: a. the jury reaches a verdict too quickly b. the jury reaches a verdict after more than 3 days c. the jury cannot reach a verdict d. the jury pretends to reach […]

Interdependence and the Gains from Trade 587 57. Refer to Table 3-20. Brad has a comparative advantage in the production of a. wheat and Theresa has a comparative advantage in the production of beef. b. beef and Theresa has a […]

1 Chapter 25 The Function and Creation of Negotiable Instruments N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from the […]

117. In contrast to the American system, judges in British court proceedings: a. summarize the evidence for the jury before instructing them on the relevant laws b. summarize the potential sentencing possibilities c. remind the jury of its duties d. […]

Interdependence and the Gains from Trade 567 16. Travis can mow a lawn in two hours or he can trim a tree in one hour. Ricardo can mow a lawn in three hours or he can trim a tree in […]

Chapter 24 International Law in a Global Economy 1 ANSWER: F PAGE: 456 TYPE: N BUSPROG: Analytic AICPA: BB-Legal N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of […]

60. After the initial exchange of pleadings, litigation enters the: a. diversified stage b. complaint stage c. processing stage d. discovery stage e. result stage 61. The process of obtaining information about the dispute is known as: a. processing b. […]

Interdependence and the Gains from Trade 547 99. Refer to Figure 3-7. If Bintu must work 2 hours to make each cup, then her production possibilities frontier is based on how many hours of work? a. 2 hours b. 4 […]

1 Chapter 23 Warranties N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition of the Test Bank. […]

Multiple Choice 1. An adversary system of justice does not: a. reflect the belief that truth is discovered through the presentation of competing ideas b. require opposing parties to argue their positions before a court c. require an actual case […]

Interdependence and the Gains from Trade 527 67. Refer to Table 3-17. If the production possibilities frontier is a straight line, then “?” must be a. 180. b. 200. c. 220. d. 240. ANSWER: b POINTS: 1 DIFFICULTY: Difficulty: Moderate […]

1 Chapter 22 Performance and Breach of Sales and Lease Contracts N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from […]

100. Because more than one court cannot have jurisdiction over the same case, federal courts have removal jurisdiction to insure that cases are moved to the proper state court. a. True b. False 101. An action may be removed from […]

Interdependence and the Gains from Trade 507 31. Refer to Table 3-6. Which of the following represents Zimbabwe’s and Portugal’s production possibilities frontiers when each country has 60 minutes of machine time available? a. Zimbabwe Portugal b. Zimbabwe Portugal c. […]

1 Chapter 21 Title, Risk, and Insurable Interest N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition […]

66. Cases concerning the application of the U.S. Constitution are federal questions within the power of the federal courts. a. True b. False 67. Diversity of citizenship is a basis for allowing federal jurisdiction when a legal dispute arises between […]

Interdependence and the Gains from Trade Multiple Choice – Section 00: Introduction 1. People who provide you with goods and services a. are acting out of generosity. b. do so because they get something in return. c. have chosen not […]

1 Chapter 20 The Formation of Sales and Lease Contracts N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from the […]

True / False 1. With the exception of the U.S. Supreme Court, Congress has the power to abolish and create federal courts. a. True b. False 2. The Constitution created the U.S. Supreme Court and authorized it to establish lower […]

Thinking Like an Economist 475 24. Refer to Figure 2-14. What is the opportunity cost of moving from point R to point Q? ANSWER: 80 bushels of apples POINTS: 1 DIFFICULTY: Difficulty: Moderate LEARNING OBJECTIVES: ECON.MANK.15.6 – LO: 2-1 NATIONAL […]

1 Chapter 19 Breach of Contract and Remedies N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition […]

276. In Erie Railroad Co. v. Tompkins, where Tompkins sued a New York company that owned a train that hit him in Pennsylvania: a. the U.S. Supreme Court said that federal common law must be applied in federal court b. […]

Thinking Like an Economist 463 133. Draw a production possibilities frontier showing increasing opportunity cost of hammers in terms of horseshoes. a. On the graph, identify the area of feasible outcomes and the area of infeasible outcomes. b. On the […]