Question 1

In what way do managers make their own private law?

Accepted Answer

A)  By advocating for judicial independence 
B)  By submitting to burdensome licensing requirements and filing fees 
C)  By retaining counsel ahead of any problems or issues 
D)  By entering into contracts and crafting certain governance structures

Question 2

In which of the following ways does U.S.law promote consumer welfare?

Accepted Answer

A)  Facilitate innovative products and services 
B)  Regulate certain terms and conditions of employment 
C)  Collect taxes and spend money 
D)  Protect the environment

Question 3

At its core,legal astuteness is the ability of a manager to

Accepted Answer

A)  effectively communicate and solve problems with counsel. 
B)  prevent deceptive trade practices and piracy. 
C)  develop the firm's brand and marketing strategy. 
D)  encourage the sale of safe products at a fair price.

Question 4

The ____ approach to business and society introduced in the text is a descriptive framework that integrates legal and societal considerations with mainstream theories of competitive advantage and social responsibility.

Accepted Answer

A)  Integrative 
B)  Systems 
C)  Proactive 
D)  Economic

Question 5

Researchers found a statistically significant inverse relationship between a country's economic prosperity,as measured by the per capita gross domestic product,and the country's judicial independence.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following does NOT provide an example of how organizations and the law are endogenously coevolutionary?

Accepted Answer

A)  Managers lobbying legislators 
B)  Managers forming coalitions 
C)  Managers lobbying members of the executive branch 
D)  Government relying on managers' self-regulation

Question 7

According to the text,adequate protection of minority shareholder rights increases investment in new ventures.

Accepted Answer

A) True 
 B)False

Question 8

Under the __________ view of the firm,resources can be a source of competitive advantage if they are __________.

Accepted Answer

A)  resource-based; rare 
B)  systems-based; hard to copy 
C)  resource-based; available to competitors 
D)  systems-based; available to competitors

Question 9

Promoting economic growth is one of the primary public policy objectives of laws and regulations applicable to business.

Accepted Answer

A) True 
 B)False

Question 10

In 2016,which of the following spent the most in efforts toward lobbying lawmakers?

Accepted Answer

A)  Blue Cross/Blue Shield 
B)  U.S.Chamber of Commerce 
C)  National Association of Realtors 
D)  JPMorgan Chase

Question 11

Which of the following is NOT a component of legal astuteness as referenced in the text?

Accepted Answer

A)  A set of value-laden attitudes about the importance of law to the firm's success 
B)  A practice of leaving the resolution of legal issues to outside counsel 
C)  The ability to exercise informed judgment when managing the legal aspects of business 
D)  Context-specific knowledge of the law and the appropriate use of legal tools

Question 12

Which of the following entities is at the center of a systems approach to law,business,and society?

Accepted Answer

A)  Public law 
B)  Value proposition 
C)  Competitive environment 
D)  Top management team

Question 13

To manage risk,firms may use insurance policies.

Accepted Answer

A) True 
 B)False

Question 14

__________ law is a type of law referencing formal rules embodied in constitutions and statutes enacted by legislatures.

Accepted Answer

A)  Public 
B)  Private 
C)  Substantive 
D)  Remedial

Question 15

The center of operations for the European Union is located in Brussels,Belgium.

Accepted Answer

A) True 
 B)False

Question 16

Law is not just a static,external force acting upon managers and their firms; rather law and organizations are "endogenously coevolutionary."

Accepted Answer

A) True 
 B)False

Question 17

Private law provides the legal rules within which firms compete.

Accepted Answer

A) True 
 B)False

Question 18

A legally astute manager would take a proactive approach to legal issues and relevant regulations.

Accepted Answer

A) True 
 B)False

Question 19

_____ strategies for dealing with the interface between a firm's business and the natural environment that go beyond environmental regulatory compliance have been associated with _____ financial performance.

Accepted Answer

A)  Proactive; sub-par 
B)  Legislative; improved 
C)  Proactive; improved 
D)  Defensive; peak

Question 20

Lobbying legislators is one method by which managers can help shape the environment in which they do business.

Accepted Answer

A) True 
 B)False

Exam 1: Law-Value-Creation-And-Risk-Management

In what way do managers make their own private law?

In which of the following ways does U.S.law promote consumer welfare?

At its core,legal astuteness is the ability of a manager to

The ____ approach to business and society introduced in the text is a descriptive framework that integrates legal and societal considerations with mainstream theories of competitive advantage and social responsibility.

Researchers found a statistically significant inverse relationship between a country's economic prosperity,as measured by the per capita gross domestic product,and the country's judicial independence.

Which of the following does NOT provide an example of how organizations and the law are endogenously coevolutionary?

According to the text,adequate protection of minority shareholder rights increases investment in new ventures.

Under the view of the firm,resources can be a source of competitive advantage if they are .

Promoting economic growth is one of the primary public policy objectives of laws and regulations applicable to business.

In 2016,which of the following spent the most in efforts toward lobbying lawmakers?

Which of the following is NOT a component of legal astuteness as referenced in the text?

Which of the following entities is at the center of a systems approach to law,business,and society?

To manage risk,firms may use insurance policies.

__________ law is a type of law referencing formal rules embodied in constitutions and statutes enacted by legislatures.

The center of operations for the European Union is located in Brussels,Belgium.

Law is not just a static,external force acting upon managers and their firms; rather law and organizations are "endogenously coevolutionary."

Private law provides the legal rules within which firms compete.

A legally astute manager would take a proactive approach to legal issues and relevant regulations.

_ strategies for dealing with the interface between a firm's business and the natural environment that go beyond environmental regulatory compliance have been associated with _ financial performance.

Lobbying legislators is one method by which managers can help shape the environment in which they do business.