Quiz 5 - BUL3320
Which of the following statements is true of liability of partners in a general partnership?
A partner having unlimited liability will be jointly and severally liable for the partnership's obligations.
If there is no deception or antitrust violation involved, which of the following is a question the Federal Trade Commission asks to determine if business conduct is "unfair"?
Is the conduct moral, ethical, and in the best interest of the business?
Which of the following is true of the Occupational Safety and Health Administration (OSHA)?
It ensures all workers a safe and healthy work environment.
Which of the following statements is true of the triple damages awarded to the injured parties under the Sherman Act?
Legislation allows both federal and state governments to file a suit for triple damages.
Backpack designers Lily and Rose have designed a new travel backpack. This backpack is manufactured and sold by their company, Mountain Gear. The backpack they devised uses new technology that they created and their backpack far exceeds the capabilities of any current backpack. This gives them a monopoly in the backpack market. Which of the following statements is true in this scenario?
Mountain Gear has monopoly power that does not violate the Sherman Act.
Which of the following statements is true of the functionality of agencies providing services?
Social Security programs necessitate that there be a federal agency to determine eligibility and pay benefits.
When a court of review examines the findings of fact made by an administrative agency, which of the following statements is true?
The court does not make an independent determination of fact.
The ________ function of an administrative agency may be accomplished by making reports to the president or to Congress.
advisory
In a closely held corporation, the majority shareholders
can control election of a board of directors.
Fields Tech School decides to expand and open a new campus in another state. Rather than acquiring land and building new buildings, the school board decides to merge with an existing school, Fennelstate, which has similar programs in the other state. Fennelstate is a small commuter school with the majority of the students from the same state. The merger between Fields Tech School and Fennelstate is best described as a ________.
geographic extension merger
Under the Colgate doctrine, the Supreme Court recognizes that
manufacturers can announce their prices and refuse to deal with those who fail to comply.
The ________, announced by the Supreme Court in Standard Oil Co. v. United States, holds that contracts or conspiracies in restraint of trade are illegal only if they constituted undue or unreasonable restraints of trade and that only unreasonable attempts to monopolize are covered by the Sherman Act.
rule of reason