1. Identify an accurate
statement about the Food, Drug, and Cosmetic Act (FDCA).
A. It
prohibits the disclosure of nutrition information on food labels.
B. It
only covers the quality of actual products and does not encompass packaging.
C. It
prohibits the shipment, distribution, or sale of adulterated food.
D. It
does not place liability on manufacturers or distributors for deceptive
labelling.
2. Which product is exempt
from Food and Drug Administration (FDA) regulation of cosmetics?
A. Household
soap
B. Facial
cleanser
C. Lip
color
D. Eye
shadow
3. Glitter is a clothing
store advertising a week-long sale featuring low-price summer merchandise. Amy
visits the store on the second day of the sale to buy discounted clothing.
However, the store has very few of the low-price clothes remaining. When Amy inquires
about the sale, she is, instead, directed to a section of very expensive
clothing that is not on sale. Feeling pressurized by the salesperson to buy
some of the expensive clothes, Amy ends up spending a lot of money at the
store. What type of deceptive business practice is best illustrated in the
scenario?
A. Credit
and debt
B. Trade
libel
C. Door-to-door
sales
D. Bait
and switch
4. What is an environmental
impact statement most likely to contain?
A. Guidelines
for maintaining environmental standards for state governments
B. A
cost-benefit analysis of a proposed federal action that might affect the
environment
C. Annual
environmental reports provided by state governments
D. Conservation
proposals made by environmental experts outside the government
5. Identify the federal act
that was enacted to regulate the disposal of new hazardous wastes and empowers
the Environmental Protection Agency (EPA) to regulate facilities that generate,
treat, store, transport, and dispose hazardous wastes.
A. Resource
Conservation and Recovery Act (RCRA)
B. Toxic
Substances Control Act
C. National
Environmental Policy Act (NEPA)
D. Nuclear
Waste Policy Act
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6. What is a true statement
in the context of environmental laws?
A. The
Clean Air Act encompasses only stationary sources of pollution and not
automobiles.
B. States
are responsible for the enforcement of air quality standards even though the
Environmental Protection Agency (EPA) sets the standards.
C. The
primary task of enforcing the provisions of the Clean Water Act rests with the
federal government and not state governments.
D. The
federal Clean Water Act does not encompass the maintenance of wetlands.
7. What is true of the per
se rule according to Section 1 of the Sherman Act?
A. It
holds that even reasonable restraints violate Section 1 of the Sherman Act.
B. It
applies to restraints that are intrinsically anticompetitive.
C. It
applies to cases where restraints have both pro- and anticompetitive effects.
D. It
applies to cases where justifications and evidence can be considered to
evaluate restraints.
8. Envy, Bling, and Pattern
are three established and well-known clothing manufacturers and sellers. They
decide not to sell their clothes to Embellish, a clothing retail store. Which form
of horizontal restraint does this scenario best exemplify?
A. Price
fixing
B. Division
of markets
C. Group
boycotts
D. Conscious
parallelisms
9. Some forms of business
and activities like labor unions and agricultural cooperatives are expressly
exempt from the reach of antitrust laws in the rules enacted by Congress. What
type of exemptions are these?
A. Statutory
exemptions
B. Implied
exemptions
C. State
action exemptions
D. Organization
exemptions
10. When is a court likely
to apply the piercing the corporate veil doctrine?
A. When
a corporation is not generating adequate profits because of a drop in sales
B. When
a shareholder has been found to be misusing corporate assets
C. When
shareholders are not adequately participating in the management of the
corporation
D. When
an employee has violated corporation rules
11. What statement is true
in the context of the board of directors of a corporation?
A. All
members of the board should be officers of the corporation.
B. All
members of the board should have the same set of specific qualifications.
C. Officers
of other corporations can be elected as directors of the board.
D. Directors
of the board should be residents of the state in which the corporation was
incorporated.
12. Riya is a corporate
officer as well as a senior academic author at Derive Inc., a content management
company. The company develops question banks and learning material for students.
Riya, without permission from the company, starts her own content management
company. Derive then recovers damages and profits from Riya. Which act of
disloyalty does this scenario best exemplify in the context of fiduciary
duties?
A. Making
a secret profit
B. Usurping
a corporate opportunity
C. Self-dealing
D. Competing
with the corporation
13.What step can food
manufacturers and processors take to avoid legal risks associated with the
Nutrition Labeling and Education Act (NLEA)?
A. Exclude
dietary information on packaging
B. Provide
information about all the nutrients on packaging
C. Provide
only point-of-purchase nutrition information
D. Exclude
information about serving size on packaging
14. According to Section 2
of the Clayton Act, in which of these scenarios is a seller most likely to face
a legal risk?
A. Jeremy,
a seller, uses price discrimination to meet a competitor's price.
B. Alex,
a seller, sells similar quality products to two customers at different prices
around the same time.
C. Marcos,
a seller, increases product prices because of increased costs of production and
packaging.
D. Chang,
a seller, offers a service to a particular customer for a reduced price.
15. What will help chemical
industries avoid legal risks in the context of environmental laws?
A. Using
special labeling for toxic substances
B. Avoiding
testing of new chemicals
C. Meeting
only the standards that are economically feasible
D. Adopting
only technologically feasible disposal standards
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