Question 1

The major determinations to be made in negligence cases include all of the following EXCEPT:

Accepted Answer

A)  Was the defendant negligent? 
B)  If there is more than one plaintiff involved, was there contributory negligence on the part of the plaintiffs)? 
C)  Was there justification for the defendant's acts? 
D)  If there is only one plaintiff involved, was there contributory negligence on the part of the plaintiff? 
E)  What is the extent of the injury to the plaintiff or plaintiffs? 
A)  Was the defendant negligent? 
B)  If there is more than one plaintiff involved, was there contributory negligence on the part of the plaintiffs)? 
C)  Was there justification for the defendant's acts? 
D)  If there is only one plaintiff involved, was there contributory negligence on the part of the plaintiff? 
E)  What is the extent of the injury to the plaintiff or plaintiffs? C

Question 2

A consent decree is a statement of certain provisions agreed to by both an administrative agency of the United States federal government and the alleged wrongdoer named in a complaint filed with that agency.

Accepted Answer

A) True 
 B)False  True

Question 3

Tort law pertains to:

Accepted Answer

A)  acts where injuries are sustained by private parties as a result of non-performance of a duty created by law. 
B)  acts that are viewed as offenses against a federal, state or local government. 
C)  wrongful acts in breach of contracts. 
D)  binding agreements between two or more parties wherein one of the parties is obliged to do or refrain from doing a specific act and the obligation incurred is recognized or enforced by law. 
E)  laws regulating any business practices or agreements that intensify monopoly power or otherwise restrict trade. 
A)  acts where injuries are sustained by private parties as a result of non-performance of a duty created by law. 
B)  acts that are viewed as offenses against a federal, state or local government. 
C)  wrongful acts in breach of contracts. 
D)  binding agreements between two or more parties wherein one of the parties is obliged to do or refrain from doing a specific act and the obligation incurred is recognized or enforced by law. 
E)  laws regulating any business practices or agreements that intensify monopoly power or otherwise restrict trade. A

Question 4

Contract law deals with injuries sustained by private parties as a result of non-performance of a duty created by law.

Accepted Answer

A) True 
 B)False

Question 5

A natural monopoly is present where economies of scale are sufficiently large that, if two or more firms were to be involved in the production of the industry output, unit costs would be higher than for a monopoly.

Accepted Answer

A) True 
 B)False

Question 6

Laws enacted to preserve competition and prevent the concentration of economic power in one or a firms are commonly called:

Accepted Answer

A)  business practice laws 
B)  criminal laws 
C)  contract laws 
D)  antitrust laws 
E)  tort laws. 
A)  business practice laws 
B)  criminal laws 
C)  contract laws 
D)  antitrust laws 
E)  tort laws.

Question 7

Exclusive dealing refers to a situation where a firm buying or leasing the goods of one firm agrees not to deal with competing suppliers.

Accepted Answer

A) True 
 B)False

Question 8

"Per se" violations of U.S. federal antitrust laws include all of the following business practices EXCEPT:

Accepted Answer

A)  Price fixing. 
B)  Division of markets. 
C)  Price discrimination. 
D)  Tying agreements. 
E)  Group boycotts. 
A)  Price fixing. 
B)  Division of markets. 
C)  Price discrimination. 
D)  Tying agreements. 
E)  Group boycotts.

Question 9

Criminal law pertains to:

Accepted Answer

A)  acts where injuries are sustained by private parties as a result of non-performance of a duty created by law. 
B)  acts that are viewed as offenses against a federal, state or local government. 
C)  wrongful acts in breach of contracts. 
D)  binding agreements between two or more parties wherein one of the parties is obliged to do or refrain from doing a specific act and the obligation incurred is recognized or enforced by law. 
E)  laws regulating any business practices or agreements that intensify monopoly power or otherwise restrict trade. 
A)  acts where injuries are sustained by private parties as a result of non-performance of a duty created by law. 
B)  acts that are viewed as offenses against a federal, state or local government. 
C)  wrongful acts in breach of contracts. 
D)  binding agreements between two or more parties wherein one of the parties is obliged to do or refrain from doing a specific act and the obligation incurred is recognized or enforced by law. 
E)  laws regulating any business practices or agreements that intensify monopoly power or otherwise restrict trade.

Question 10

The major determinations to be made in negligence cases include all of the following EXCEPT:

Accepted Answer

A)  Was the defendant negligent? 
B)  If there is more than one plaintiff involved, was there contributory negligence on the part of the plaintiffs)? 
C)  Was there justification for the defendant's acts? 
D)  If there is only one plaintiff involved, was there contributory negligence on the part of the plaintiff? 
E)  What is the extent of the injury to the plaintiff or plaintiffs? 
A)  Was the defendant negligent? 
B)  If there is more than one plaintiff involved, was there contributory negligence on the part of the plaintiffs)? 
C)  Was there justification for the defendant's acts? 
D)  If there is only one plaintiff involved, was there contributory negligence on the part of the plaintiff? 
E)  What is the extent of the injury to the plaintiff or plaintiffs?

Question 11

The practice of a group of firms agreeing to set the price if a final or intermediate product at a specific level is called:

Accepted Answer

A)  price fixing. 
B)  a tying agreement. 
C)  exclusive dealing. 
D)  a consent decree. 
E)  a multilateral contract. 
A)  price fixing. 
B)  a tying agreement. 
C)  exclusive dealing. 
D)  a consent decree. 
E)  a multilateral contract.

Question 12

A contract is a binding agreement between two parties wherein one of the parties is obliged to perform a specific act and the obligation to perform that act is recognized or enforced by law.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following statements is TRUE regarding the penalties for violations of the antitrust laws?

Accepted Answer

A)  For firms, fines have ranged up to $500,000 per violation. 
B)  Penalties for violation of the antitrust laws can be quite severe with fines ranging up to $1,000,000. 
C)  Prison sentences have never been used for as a remedy for individual officers and employees of firms involved in antitrust activities. 
D)  The cost of defending a firm in an antitrust suit is small because the government provides each firm with representation if requested. 
E)  The cost of antitrust lawsuits has been kept somewhat in check because the antitrust laws prohibit the imposition of treble or punitive damages. 
A)  For firms, fines have ranged up to $500,000 per violation. 
B)  Penalties for violation of the antitrust laws can be quite severe with fines ranging up to $1,000,000. 
C)  Prison sentences have never been used for as a remedy for individual officers and employees of firms involved in antitrust activities. 
D)  The cost of defending a firm in an antitrust suit is small because the government provides each firm with representation if requested. 
E)  The cost of antitrust lawsuits has been kept somewhat in check because the antitrust laws prohibit the imposition of treble or punitive damages.

Question 14

Criminal law pertains to acts that are viewed as offenses against a federal, state or local government.

Accepted Answer

A) True 
 B)False

Question 15

In the case of public utility rate setting, one of the jobs of the regulators is to insure that privately owned utility firms earn a fair of return on its investment.

Accepted Answer

A) True 
 B)False

Question 16

When a firm buying or leasing the goods of one firm agrees not to deal with competing suppliers, that practice is called:

Accepted Answer

A)  price fixing. 
B)  a tying agreement. 
C)  exclusive dealing. 
D)  a consent decree. 
E)  a multilateral contract. 
A)  price fixing. 
B)  a tying agreement. 
C)  exclusive dealing. 
D)  a consent decree. 
E)  a multilateral contract.

Question 17

Natural monopolies are often found in the all of the following industries EXCEPT:

Accepted Answer

A)  Distribution of electricity. 
B)  Petroleum refining and marketing. 
C)  Distribution of natural gas. 
D)  Transportation. 
E)  Communications. 
A)  Distribution of electricity. 
B)  Petroleum refining and marketing. 
C)  Distribution of natural gas. 
D)  Transportation. 
E)  Communications.

Question 18

Firms in an industry where economies of scale are sufficiently large that if two or more firms were to be involved in the production of the industry output, unit cost would be higher than for a monopoly are called:

Accepted Answer

A)  natural monopolies. 
B)  oligopolies. 
C)  purely competitive firms. 
D)  monopolistically competitive firms. 
E)  duopolies. 
A)  natural monopolies. 
B)  oligopolies. 
C)  purely competitive firms. 
D)  monopolistically competitive firms. 
E)  duopolies.

Question 19

Exclusive dealing occurs when a firm agrees that goods sold or leased will be used only with other goods of the seller or lessor.

Accepted Answer

A) True 
 B)False

Question 20

Criminal law deals with injuries sustained by private parties as a result of non-performance of a duty created by law.

Accepted Answer

A) True 
 B)False

The major determinations to be made in negligence cases include all of the following EXCEPT:

A consent decree is a statement of certain provisions agreed to by both an administrative agency of the United States federal government and the alleged wrongdoer named in a complaint filed with that agency.

Tort law pertains to:

Contract law deals with injuries sustained by private parties as a result of non-performance of a duty created by law.

A natural monopoly is present where economies of scale are sufficiently large that, if two or more firms were to be involved in the production of the industry output, unit costs would be higher than for a monopoly.

Laws enacted to preserve competition and prevent the concentration of economic power in one or a firms are commonly called:

Exclusive dealing refers to a situation where a firm buying or leasing the goods of one firm agrees not to deal with competing suppliers.

"Per se" violations of U.S. federal antitrust laws include all of the following business practices EXCEPT:

Criminal law pertains to:

The major determinations to be made in negligence cases include all of the following EXCEPT:

The practice of a group of firms agreeing to set the price if a final or intermediate product at a specific level is called:

A contract is a binding agreement between two parties wherein one of the parties is obliged to perform a specific act and the obligation to perform that act is recognized or enforced by law.

Which of the following statements is TRUE regarding the penalties for violations of the antitrust laws?

Criminal law pertains to acts that are viewed as offenses against a federal, state or local government.

In the case of public utility rate setting, one of the jobs of the regulators is to insure that privately owned utility firms earn a fair of return on its investment.

When a firm buying or leasing the goods of one firm agrees not to deal with competing suppliers, that practice is called:

Natural monopolies are often found in the all of the following industries EXCEPT:

Firms in an industry where economies of scale are sufficiently large that if two or more firms were to be involved in the production of the industry output, unit cost would be higher than for a monopoly are called:

Exclusive dealing occurs when a firm agrees that goods sold or leased will be used only with other goods of the seller or lessor.

Criminal law deals with injuries sustained by private parties as a result of non-performance of a duty created by law.

Introduction, Basic Principles, and Methodology

Revenue of the Firm

Topics in Demand Analysis and Estimation

Economic Forecasting

Production Analysis

Cost of Production

Profit Analysis of the Firm

Perfect Competition and Monopoly

Monopolistic Competition and Oligopoly

Games, Information and Strategy

Topics in Pricing and Profit Analysis

Factor Markets

Fundamentals of Project Evaluation

Risk in Project Analysis

Economics of Public Sector Decisions

Filters

Exam 16: Legal and Regulatory Environment of the Firm

The major determinations to be made in negligence cases include all of the following EXCEPT:

A consent decree is a statement of certain provisions agreed to by both an administrative agency of the United States federal government and the alleged wrongdoer named in a complaint filed with that agency.

Tort law pertains to:

Contract law deals with injuries sustained by private parties as a result of non-performance of a duty created by law.

A natural monopoly is present where economies of scale are sufficiently large that, if two or more firms were to be involved in the production of the industry output, unit costs would be higher than for a monopoly.

Laws enacted to preserve competition and prevent the concentration of economic power in one or a firms are commonly called:

Exclusive dealing refers to a situation where a firm buying or leasing the goods of one firm agrees not to deal with competing suppliers.

"Per se" violations of U.S. federal antitrust laws include all of the following business practices EXCEPT:

Criminal law pertains to:

The major determinations to be made in negligence cases include all of the following EXCEPT:

The practice of a group of firms agreeing to set the price if a final or intermediate product at a specific level is called:

A contract is a binding agreement between two parties wherein one of the parties is obliged to perform a specific act and the obligation to perform that act is recognized or enforced by law.

Which of the following statements is TRUE regarding the penalties for violations of the antitrust laws?

Criminal law pertains to acts that are viewed as offenses against a federal, state or local government.

In the case of public utility rate setting, one of the jobs of the regulators is to insure that privately owned utility firms earn a fair of return on its investment.

When a firm buying or leasing the goods of one firm agrees not to deal with competing suppliers, that practice is called:

Natural monopolies are often found in the all of the following industries EXCEPT:

Firms in an industry where economies of scale are sufficiently large that if two or more firms were to be involved in the production of the industry output, unit cost would be higher than for a monopoly are called:

Exclusive dealing occurs when a firm agrees that goods sold or leased will be used only with other goods of the seller or lessor.

Criminal law deals with injuries sustained by private parties as a result of non-performance of a duty created by law.

Introduction, Basic Principles, and Methodology

Revenue of the Firm

Topics in Demand Analysis and Estimation

Economic Forecasting

Production Analysis

Cost of Production

Profit Analysis of the Firm

Perfect Competition and Monopoly

Monopolistic Competition and Oligopoly

Games, Information and Strategy

Topics in Pricing and Profit Analysis

Factor Markets

Fundamentals of Project Evaluation

Risk in Project Analysis

Economics of Public Sector Decisions

Filters