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Question 111

True/False

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The Federal Trade Commission Act prohibits unfair methods of competition.

A) True
B) False

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Question 112

Multiple Choice

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One of the benefits that deregulation is supposed to provide to customers is:

A) fewer choices.
B) reduced prices.
C) less quality.
D) improved government oversight.

E) A) and B)
F) A) and D)

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Question 113

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Explain two of the major U.S.antitrust laws.

The Sarbanes-Oxley Act was passed to help allay consumer fears concerning falsified corporate financial statements.

Under contract law,"damages" are the monetary settlements awarded to a person who is injured by a breach of contract.

Copyrights are filed with the Library of Congress and involve large amounts of paperwork.

A patent gives inventors exclusive rights to their inventions for 20 years.

If in the normal course of a job an employee creates a cartoon,the copyright belongs to the employer.

If I agree to sell you my bike for $50 and we are both competent individuals we have a contract.

Chapter 11 bankruptcy is a way for sick companies to recover and is designed to help both debtors and creditors find the best solution.

Copyrights can be passed on to the creator's heirs.

The changing nature of U.S.business from manufacturing to knowledge technology has led to the call for new levels of regulation from federal agencies.

If State University violates its housing contract with a student,the student is prohibited from suing the university for damages because the contract was for the delivery of services rather than the delivery of goods.

The primary objective of a tax credit is to encourage businesses to behave in certain ways.One example is offering a tax credit to automobile manufacturers for the purchase of robotics used in the manufacture of automobiles.

Income taxes include taxes paid on real and personal property.

The Sarbanes-Oxley Act requires CEOs to verify the accuracy of their firms' financial statements to the SEC.

Contract law is a set of laws that covers sales laws and other commercial laws.

One result of deregulation in the airline industry has been:

Common law is based on the precedent of earlier court decisions.

The Federal Trade Commission enforces laws and guidelines regarding unfair business practices.