Question 1

What is the role of the World Trade Organization?

Accepted Answer

A)  To create model trade treaties such as NAFTA and GATT to help establish conditions of global trade.
B)  To stimulate negotiations among member nations and to adjudicate trade disagreements among member nations
C)  To enforce U.S.trade laws globally throughout 160 member nations.
D)  To promote standardized trade laws globally.
E)  To restrict the flow of goods across borders in order to promote and protect domestic trade among member nations.F) A) and B)
G) B) and E)

Question 2

Which of the following is an executive agency?

Accepted Answer

A)  The Federal Trade Commission
B)  The Nuclear Regulatory Commission
C)  The Federal Deposit Insurance Corporation
D)  The Federal Communications Commission
E)  The Securities and Exchange CommissionF) B) and C)
G) A) and E)

Question 3

Candy wants to start an Internet business doing business which will operate domestically as well as internationally.She is told by the Chinese government that certain items on her site are objectionable and illegal,and that if she wants to do business in China,she must remove the objectionable material.Which of the following is true?

Accepted Answer

A)  Candy is within her rights and should stand her ground.She is a U.S.citizen,and so long as she obeys U.S.laws,she can do business in China.
B)  Candy is within her rights only if she petitioned her state senator and obtained his or her permission to proceed.
C)  By international law,there is a set fee of $10,000 that Candy can pay if she wants to obey only U.S.law.If she pays that amount,she can continue in China without any modification.
D)  By international law,there is a set fee of $5,000 that Candy can pay if she wants to obey only U.S.law.If she pays that amount,she can continue in China without any modification.
E)  If Candy wants to do business in China,she must abide by Chinese law.F) B) and D)
G) D) and E)

Question 4

Miko comes to Jamal's law office to ask him about the law in regard to dogs running at large in her neighborhood.Jamal tells Miko that he will research the issue and get back to her.Where should Jamal look first in order to locate applicable law?

Accepted Answer

A)  Restatements
B)  Executive orders
C)  Uniform laws
D)  Case law
E)  State statutesF) None of the above
G) B) and E) E

Question 5

When the officer declared that Hannah must obey duly authorized law,his statement was a reference to which of the following?

Accepted Answer

A)  Natural law
B)  Legal realism
C)  The historical school of law
D)  Stare decisis
E)  Legal positivismF) A) and B)
G) C) and D)

Question 6

When the Securities and Exchange Commission prosecutes someone for insider trading,the prosecution is an example of which type of law?

Accepted Answer

A)  Natural
B)  Criminal
C)  Procedural
D)  Positive
E)  Civil and naturalF) None of the above
G) B) and E)

Question 7

Constitutions and statutes always cover all of the detailed rules that affect business and government relations.

Accepted Answer

A) True 
 B)False

Question 8

"Legal positivism" is also known as "natural law."

Accepted Answer

A) True 
 B)False

Question 9

Assume a judge writes that she is deciding to enforce a law in question but that her decision does not mean that she sees the law as the morally correct rule.The judge would have leanings in the direction of ________.

Accepted Answer

A)  Conscience reaction
B)  Legal positivism
C)  Legal realism
D)  Concluding law
E)  Natural lawF) A) and E)
G) B) and C)

Question 10

When courts rely on precedent,they are obeying _.

Accepted Answer

A)  Common analysis
B)  In rem process
C)  Res judicata
D)  Federal law
E)  Stare decisisF) A) and D)
G) A) and E)

Question 11

Why should business managers be familiar with laws that regulate business practices between nations?

Accepted Answer

A)  Businesses are required to know the laws and to become WTO members to have Internet websites.
B)  NAFTA requires registered businesses to understand and comply with international law.
C)  GATT Mandates that U.S.organizations know the laws in the United States and in 150 other member countries in order to incorporate.
D)  Advances in trade and technology have made trade with other countries easy,but companies must comply with local laws
E)  Businesses may meet foreigners and should be familiar with their customs to foster positive business relationshipsF) A) and E)
G) A) and B) D

Question 12

Which of the following is reported in the Federal Reporter?

Accepted Answer

A)  Executive orders
B)  Statutes
C)  Local ordinances
D)  Administrative laws
E)  Common lawF) All of the above
G) A) and B)

Question 13

A national restaurant chain must pay damages for breach of contract to a cooking oil supplier.What type of law is involved?

Accepted Answer

A)  Private law and civil law
B)  Civil law only
C)  Private law only
D)  Public,private,and civil law
E)  Public law onlyF) C) and D)
G) A) and C)

Question 14

The city council is considering a new ordinance to require stores provide reusable bags and eliminate disposal paper or plastic bags.In determining whether to pass the law,the city council obtained an estimate for the expense stores would incur in offering reusable instead of disposable bags.They also obtained estimate for the savings which would result from not having to clean up litter from disposable bags.Finally,they consulted with an environmentalist to assess the positive impact that phasing out bags would have,including enhanced safety for local wildlife.In deciding whether to pass the law,the council relied on:

Accepted Answer

A)  Legal positive
B)  The historical school
C)  Stare decisis
D)  A cost benefit analysis
E)  Common lawF) A) and D)
G) A) and B) D

Question 15

The concept of ________ suggests that individuals should have the freedom to disobey a law enacted by people if their conscience goes against the law and they believe the law is wrong.

Accepted Answer

A)  Legal positivism
B)  Natural law
C)  Comparative law
D)  Conscience reaction
E)  Legal RealismF) C) and E)
G) A) and B)

Question 16

Which of the following entities enforces laws?

Accepted Answer

A)  Courts
B)  The executive branch
C)  Community consensus
D)  Federal Congress
E)  State legislaturesF) All of the above
G) C) and E)

Question 17

Bob's action against Ricardo for defamation involves which types of law?

Accepted Answer

A)  Insider law and public law
B)  Civil law and private law
C)  Administrative law and public law
D)  Civil law and public law
E)  Criminal law and public lawF) None of the above
G) C) and D)

Question 18

The text references two ways in which a treaty between the U.S.and a foreign country is similar to a contract.Discuss these two ways.

Accepted Answer

Both treaties and contracts are attempts...

Question 19

If a victim of assault does not want the abuser arrested but the prosecutor brings charges anyway since the assault violated criminal laws,the reason for the prosecutor's actions is:

Accepted Answer

A)  A violation of criminal laws is an act against the public as a whole.
B)  The prosecutor's responsibility is to regulate disputes between private individuals under criminal law
C)  Natural law has been violated and the prosecutor has a duty to act
D)  The abuser has committed a civil law violation in addition to a criminal one
E)  Private law has been violated and the prosecutor has a duty to act.F) B) and D)
G) None of the above

Question 20

Because of the law,we rely on the goodwill and dependability of one another.

Accepted Answer

A) True 
 B)False

Exam 1: An Introduction to Dynamic Business Law

What is the role of the World Trade Organization?

Correct Answer
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Which of the following is an executive agency?

Correct Answer
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Correct Answer
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Miko comes to Jamal's law office to ask him about the law in regard to dogs running at large in her neighborhood.Jamal tells Miko that he will research the issue and get back to her.Where should Jamal look first in order to locate applicable law?

Correct Answer
verified
E

When the officer declared that Hannah must obey duly authorized law,his statement was a reference to which of the following?

Correct Answer
verified

When the Securities and Exchange Commission prosecutes someone for insider trading,the prosecution is an example of which type of law?

Correct Answer
verified

Constitutions and statutes always cover all of the detailed rules that affect business and government relations.

Correct Answer
verified

"Legal positivism" is also known as "natural law."

Correct Answer
verified

Assume a judge writes that she is deciding to enforce a law in question but that her decision does not mean that she sees the law as the morally correct rule.The judge would have leanings in the direction of ________.

Correct Answer
verified

When courts rely on precedent,they are obeying _.

Correct Answer
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Why should business managers be familiar with laws that regulate business practices between nations?

Correct Answer
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D

Which of the following is reported in the Federal Reporter?

Correct Answer
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A national restaurant chain must pay damages for breach of contract to a cooking oil supplier.What type of law is involved?

Correct Answer
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Correct Answer
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D

The concept of ________ suggests that individuals should have the freedom to disobey a law enacted by people if their conscience goes against the law and they believe the law is wrong.

Correct Answer
verified

Which of the following entities enforces laws?

Correct Answer
verified

Bob's action against Ricardo for defamation involves which types of law?

Correct Answer
verified

The text references two ways in which a treaty between the U.S.and a foreign country is similar to a contract.Discuss these two ways.

Correct Answer
verified
Both treaties and contracts are attempts...
View Answer

If a victim of assault does not want the abuser arrested but the prosecutor brings charges anyway since the assault violated criminal laws,the reason for the prosecutor's actions is:

Correct Answer
verified

Because of the law,we rely on the goodwill and dependability of one another.

Correct Answer
verified

Exam 1: An Introduction to Dynamic Business Law

What is the role of the World Trade Organization?

Correct AnswerverifiedShow Answer

Which of the following is an executive agency?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Miko comes to Jamal's law office to ask him about the law in regard to dogs running at large in her neighborhood.Jamal tells Miko that he will research the issue and get back to her.Where should Jamal look first in order to locate applicable law?

Correct AnswerverifiedE

When the officer declared that Hannah must obey duly authorized law,his statement was a reference to which of the following?

Correct AnswerverifiedShow Answer

When the Securities and Exchange Commission prosecutes someone for insider trading,the prosecution is an example of which type of law?

Correct AnswerverifiedShow Answer

Constitutions and statutes always cover all of the detailed rules that affect business and government relations.

Correct AnswerverifiedShow Answer

"Legal positivism" is also known as "natural law."

Correct AnswerverifiedShow Answer

Assume a judge writes that she is deciding to enforce a law in question but that her decision does not mean that she sees the law as the morally correct rule.The judge would have leanings in the direction of ________.

Correct AnswerverifiedShow Answer

When courts rely on precedent,they are obeying _.

Correct AnswerverifiedShow Answer

Why should business managers be familiar with laws that regulate business practices between nations?

Correct AnswerverifiedD

Which of the following is reported in the Federal Reporter?

Correct AnswerverifiedShow Answer

A national restaurant chain must pay damages for breach of contract to a cooking oil supplier.What type of law is involved?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedD

The concept of ________ suggests that individuals should have the freedom to disobey a law enacted by people if their conscience goes against the law and they believe the law is wrong.

Correct AnswerverifiedShow Answer

Which of the following entities enforces laws?

Correct AnswerverifiedShow Answer

Bob's action against Ricardo for defamation involves which types of law?

Correct AnswerverifiedShow Answer

The text references two ways in which a treaty between the U.S.and a foreign country is similar to a contract.Discuss these two ways.

Correct AnswerverifiedBoth treaties and contracts are attempts...View AnswerShow Answer

If a victim of assault does not want the abuser arrested but the prosecutor brings charges anyway since the assault violated criminal laws,the reason for the prosecutor's actions is:

Correct AnswerverifiedShow Answer

Because of the law,we rely on the goodwill and dependability of one another.

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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E

Correct Answer
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D

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D

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Both treaties and contracts are attempts...
View Answer

Correct Answer
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Correct Answer
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