BUSINESS LAW


BUSINESS LAW
PRACTICE QUESTIONS
PLEASE ANSWER THEM IN COLOR RED IN THIS FILE AND SEND IT BACK

QUESTION 1

Our system of government and laws was founded on principles incorporating the ethical beliefs of Locke, Kant and Aquinas, as well as others. What were the guiding principles used by the Founders and thus the basis for the Nation they founded? Secondly, they developed a system of government that sought to insure these basic principles would be guaranteed to the people of this Nation. How did they structure the Constitution to achieve that goal? Be specific making reference to Articles of the Constitution as well as the framework of government. This question does not seek your opinion. Be specific based upon your readings and the content of course lectures.

2-3) PARAGRAPHS
• Question 2
The Constitution permits the executive to choose which laws to enforce and not to enforce laws that infringe upon the rights of people.
Answers: True
False

• Question 3
An adverse ruling from an administrative agency may always be appealed to a court of law.
Answers: True
False

• Question 4
Practical rationality is the principle by which human action is to judged as ________________.

• Question 5
A duty and a right are obligations of law imposed upon people for various purposes.
Answers: True
False

• Question 6
There are two general classifications of laws. Name them. _______________________ _____________________________

• Question 7
In New York, there are three levels of criminal offense. Which response correctly identifies each?

Answers: A.
Felony, crime, misdemeanor
B.
Misdemeanor, violation and federal offense.
C.
Felony. Misdemeanor and violation.
D. None of the above.




• Question 8
The Federal District Court was created directly by the Constitution.
Answers: True
False

• Question 9
Powers not exclusively granted to government within the Constitution are expressly

• Question 10
Unfair methods of business competition are illegal under the following laws:
Answers: Sherman Antitrust Act.
Clayton Act.
Robinson-Patman Act
All of the above.

• Question 11
The cost that results from a one unit change in the production rate is the Marginal Cost.
Answers: True
False

• Question 12
The Sherman Antitrust Act applies to what types of business activities?

• Question 13
The Clayton Act appies to
Answers: Mergers along the supply chain.
Mergers along the production and manufacturing chain.
Mergers of companies with more than 100 employees.
None of the above.
• Question 14
What is an administrative agency?

• Question 15
Before an agency may act, it must receive jurisdiction from the Supreme Court.
Answers: True
False

• Question 16
The purpose of an administrative agency is
Answers: Carry out decisions of the U.S. Supreme Court.
Carry out Executive orders issued by the president.
Carry out general policies specified by Congress.
A and B but not C

• Question 17
Those who head administrative agencies are appointed by the President with the consent of Congress.
Answers: True
False

• Question 18
Why do nations enter into international trade agreements?

• Question 19
A letter of credit is a device used by a company to guarantee payment for goods to another company.
Answers: True
False

• Question 20
What is the stated goal of G.A.T.T.- the General Agreement of Tariff and Trade?

• Question 21
U.S. Courts may assume jurisdiction and apply United States antitrust laws to conduct outside the United States.
Answers: True
False

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