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Questions
Q:
The ________ Act mandates that the federal government consider the "adverse impact" of proposed legislation, rulemaking, or other federal government action on the environment before the action is implemented.
Q:
The NEPA and EPA regulations require that a(n) ________ be prepared by the federal government for any proposed legislation or major federal action that significantly affects the quality of the natural and human environment.
Q:
The ________ is a federal agency that can initiate judicial proceedings in court against suspected violators of federal environmental laws.
Q:
An EIS can be challenged in court by environmentalists and other interested parties.
Q:
In the above figure, if the firm is facing demand curve d 2, then to maximize profits it will produce at output levelA) A. B) B.C) C. D) D.
Q:
An environmental impact statement (EIS) must contain a cost-benefit analysis of the proposed action and alternative actions.
Q:
The NEPA and EPA regulations require that an environmental impact statement (EIS) be prepared by the state government.
Q:
The Environmental Protection Agency (EPA) administers the National Environmental Policy Act (NEPA) and has the authority to adopt regulations for the enforcement of the act.
Q:
If the price of labor is constant and a firm experiences diminishing marginal product, then itsA) marginal costs decrease. B) fixed costs increase.C) average variable cost increases. D) total costs decrease.
Q:
The Environmental Protection Agency (EPA) lacks adjudicative powers to hold hearings and order remedies for violation of environmental laws.
Q:
Which of the following is true of an environmental impact statement (EIS)?
A) It is not required by state or local laws, only federal law.
B) It can be challenged in court by environmentalists or other interested parties.
C) It can only be accepted after the U.S. Congress passes a bill adopting the EIS.
D) It is not required for projects undertaken by private parties.
Q:
Which of the following steps immediately follows the publication of the environmental impact statement (EIS) for a proposed project?
A) The U.S. Congress passes a bill adopting the EIS.
B) Environmentalists are allowed access to the EIS.
C) The government issues an order to proceed with federal action on the project, consistent with the recommendations set forth in the EIS.
D) Interested parties are allowed to submit comments to the Environmental Protection Agency (EPA).
Q:
Which of the following is a document required by the National Environmental Policy Act (NEPA) that must be prepared for any proposed legislation or major federal action that significantly affects the quality of the human environment?
A) environmental influence abstract (EIA)
B) environmental impact statement (EIS)
C) environmental imprimatur declaration (EID)
D) strategic environmental assessment (SEA)
Q:
If marginal product is negative, thenA) total product is rising. B) total product is falling.C) marginal cost is falling. D) average profit is rising.
Q:
The ________ administers the NEPA and has the authority to adopt regulations for the enforcement of the act.
A) Environmental Protection Agency (EPA)
B) Environmental Investigation Agency (EIA)
C) Ministry of Environmental Protection (MEP)
D) Association of Environmental Professionals (AEP)
Q:
The National Environmental Policy Act (NEPA) is a federal statute that mandates that the federal government must ________.
A) consider focusing on air and water pollution to the exclusion of other sources of pollution, as these two modes of pollution have the greatest impact on human lives
B) implement a complete ban on the commercial usage of the two hundred toxic substances identified as being harmful and polluting
C) implement a zero tolerance policy for all business activities that discharge waste products into water bodies
D) consider the adverse impact a federal government action would have on the environment before the action is implemented
Q:
The ________ is a federal administrative agency created by the U.S. Congress to coordinate the implementation and enforcement of federal environmental protection laws.
A) Ministry of Environmental Protection (MEP)
B) Environmental Investigation Agency (EIA)
C) Environmental Protection Agency (EPA)
D) Global Environment Facility (GEF)
Q:
The Equal Credit Opportunity Act does not have provisions for consumers to recover damages against the creditor.
Q:
Which of the following is the most common form of a business organization?A) corporation B) partnershipC) sole proprietorship D) subchapter S corporation
Q:
The Fair and Accurate Credit Transactions Act permits consumers to place fraud alerts on their credit files.
Q:
Casual leases between consumers are subject to the Consumer Leasing Act (CLA).
Q:
The Fair Credit Billing Act requires that creditors promptly acknowledge in writing consumer billing complaints and investigate billing errors.
Q:
Regulation of mortgage lending comes under the purview of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Q:
The slope of the budget line will changeA) when the consumerʹs income increases. B) when the consumerʹs taste changes.C) when the total satisfaction changes.D) when the price of one of the products changes.
Q:
The ________ Act is a federal statute that prohibits discrimination in the extension of credit based on sex, marital status, race, color, national origin, religion, age, or receipt of income from public assistance programs.
A) Fair Debt Collection Practices
B) Equal Credit Opportunity
C) Fair Credit Billing
D) Truth-in-Lending
Q:
Tim has been approached by Kent, his best friend, regarding Tim's credit card debt with 1st Security One. 1st Security One previously informed Kent that Tim was in default on his credit card debt, and encouraged Kent to tell his friend to "do the right thing." Kent says he has come to get assurance that Tim will make the required payment. Which of the following legislation has 1st Security One violated by informing Kent of Tim's debt?
A) Fair Credit Reporting Act
B) Fair and Accurate Credit Transactions Act
C) Fair Credit and Charge Card Disclosure Act
D) Fair Debt Collection Practices Act
Q:
Melissa owes money to her bank for her credit card bills. For the past two weeks, debt collectors have been harassing her for bill payment by sending people to her workplace. Her boss expressly asks her to avoid such meetings, but despite Melissa's repeated requests that the collection agency stop, the collectors continue to visit her workplace. Which of the following Acts has provisions that would help protect Melissa from such harassment?
A) Fair and Accurate Credit Transactions Act
B) Fair Credit Reporting Act
C) Fair Debt Collection Practices Act
D) Fair Credit and Charge Card Disclosure Act
Q:
Consumers do not buy as many units of each good as they want becauseA) of the law of diminishing marginal utility.B) they have limited incomes.C) they do not know what they want in all situations.D) eventually marginal utility equals zero.
Q:
The ________ Act of 2003 permits consumers to place fraud alerts on their credit files.
A) Fair Debt Collection Practices
B) Fair Credit Billing
C) Fair and Accurate Credit Transactions
D) Fair Credit Reporting
Q:
Which of the following legislation protects consumers in challenging information contained in a credit file?
A) Fair Credit Billing Act
B) Equal Credit Opportunity Act
C) Fair Debt Collection Practices Act
D) Fair Credit Reporting Act
Q:
Creditors that violate the Consumer Lease Act are subject to the civil and criminal penalties provided in the ________ Act.
A) Truth-in-Lending
B) Fair Credit Billing
C) Fair Credit and Charge Card Disclosure
D) Fair Debt Collection Practices
Q:
Use the above figure. Which graph depicts an inferior good?A) A B) B C) C D) D
Q:
Regulation Z is an administrative agency regulation that sets forth detailed rules for compliance with the ________ Act.
A) Fair Credit Reporting
B) Truth-in-Lending
C) Fair Credit Billing
D) Fair Debt Collection Practices
Q:
Which of the following federal statutes requires creditors to disclose finance charges, including interest, points, and other fees paid for the extension of credit to debtors?
A) Fair Debt Collection Practices Act
B) Consumer Financial Protection Act of 2010
C) Mortgage Reform and Anti-Predatory Lending Act of 2010
D) Truth-in-Lending Act
Q:
Which of the following acts is particularly designed to regulate the home loan market and put the burden on lenders to verify that a borrower can afford to repay the loan for which he or she has applied?
A) Fair Credit Reporting Act
B) Consumer Financial Protection Act of 2010
C) Truth-in-Lending Act
D) Mortgage Reform and Anti-Predatory Lending Act
Q:
The ________ Act of 2010 is a federal statute that requires increased disclosure of credit information and terms to consumers and regulates consumer credit providers and others.
A) Fair Credit Billing
B) Consumer Leasing
C) Mortgage Reform and Anti-Predatory Lending
D) Consumer Financial Protection
Q:
When the absolute percentage change in quantity demanded is just equal to the percentage change in price, demand isA) elastic. B) perfectly inelastic. C) unit-elastic. D) relatively inelastic.
Q:
What is the United Nation's Biosafety Protocol for genetically altered food?
Q:
The Biosafety Protocol label is used to identify certain food products that have been genetically modified.
Q:
What is the importance of the Biosafety Protocol prescribed by the United Nations?
A) It dictates the terms and conditions for the production of genetically modified food.
B) It prevents people from differentiating between normal and organic food.
C) It notifies people of the presence of genetically modified food in the market.
D) It assures people of the quality of the food by providing details of its testing process.
Q:
Biosafety Protocol is a United Nations-sponsored protocol that requires signatory countries to place the label ________ on all genetically engineered foods.
A) "Warning–unnatural food particles"
B) "May contain living modified organisms"
C) "FDA tested and approved food"
D) "WHO tested and approved food"
Q:
Property owned by everyone (and thus no one in particular) is generally referred to asA) social property. B) private property.C) common property. D) natural property.
Q:
The Federal Trade Commission (FTC) created and administers the ________, on which consumers can place their telephone numbers and free themselves from most unsolicited telemarketing and commercial telephone calls.
Q:
The U.S. Supreme Court has deemed the Do-Not-Call Registry service as an unconstitutional violation of commercial speech.
Q:
The Do-Not-Call Registry allows consumers to designate specific companies not to call them.
Q:
The new federal governmentʹs national health care program imposes the following regulations on health care insurers EXCEPTA) health insurers must cover all who apply, including people who already have health problems.B) all new plans must cover certain preventive services such as mammograms and colonoscopies but must be paid 100% by patients.C) a ceiling is imposed on the rate of increase in health insurance prices charged to elderly people.D) insurance companies will be prohibited from imposing lifetime dollar limits on essential benefits, like hospital stays.
Q:
Proof of actual deception is required for an advertising to be considered false under Section 5 of the FTC.
Q:
The FTC can sue in either the state or federal courts to obtain compensation on behalf of consumers.
Q:
Which of the following is true of the Do-not-Call Registry for consumers?
A) The registration is valid for the lifetime of the customer who opted for it.
B) Telemarketers have three days to remove the customer's name upon registry.
C) Charitable and political organizations are exempt from the registry.
D) Customers cannot choose the companies from which they do not wish to receive calls.
Q:
The Do-Not-Call Registry was provided by the ________ to protect consumers from unsolicited commercial telephone calls.
A) Federal Trade Commission
B) Food and Drug Administration
C) Consumer Product Safety Commission
D) Federal Communications Commission
Q:
Refer to the above figure. Which curve shows the second most unequal distribution of income?A) A B) B C) C D) D
Q:
Which of the following would constitute false advertising under the FTC Act?
A) sales talk
B) unsubstantiated claims
C) minimal commercial speech
D) statements of opinion
Q:
Which of the following is true of the Federal Trade Commission (FTC)?
A) The FTC can only sue in state courts.
B) The FTC's decision can be appealed in a state court.
C) The FTC can sue to obtain compensation on behalf of the consumer.
D) The FTC is not allowed to directly disclose its findings to the public.
Q:
List the new protections for insured persons under the Health Care Reform Act of 2010.
Q:
What are the powers of the Consumer Product Safety Commission (CPSC)? Name some consumer products excluded from the purview of the CPSC.
Q:
Craft unions exert market control byA) limiting the demand for labor. B) limiting the supply of labor. C) setting minimum wages. D) setting maximum wages.
Q:
Give an account of the regulation of medicinal devices in the United States.
Q:
The Patient Protection and Affordable Care Act (PPACA) was amended by the Health Care and Education Reconciliation Act. The amended act is commonly referred to as the ________ Act of 2010. The goal of this act was to increase the number of persons who have health care insurance in the United States.
Q:
The ________ is an independent federal administrative agency empowered to conduct research on the safety of consumer products.
Q:
________ requires restaurants and retail food establishments with twenty or more locations to disclose calorie counts of their food items on menus and menu boards.
Q:
The individual firm operating in a perfectly competitive labor marketA) can hire more labor only by offering a higher wage.B) faces an inelastic demand for labor.C) will pay less to the additional labor employed.D) can buy all the labor it wants at the going market wage rate.
Q:
The ________ is the federal administrative agency empowered to enforce the FDCA.
Q:
The ________, enacted in 1962, gives the FDA power to withdraw approval of any previously licensed drug.
Q:
The Health Care Reform Act prohibits insurers from establishing an annual spending cap for benefit payments.
Q:
Under the Health Care Reform Act, persons who do not obtain health coverage will be provided free health insurance by the government.
Q:
Which of the following acts outlawed selling products at ʺunreasonably low pricesʺ with the intent of reducing competition?A) Sherman Act B) FTC ActC) Robinson-Patman Act D) Wheeler-Lea Act
Q:
The goal of the Health Care Reform Act is to increase the number of persons who have health care insurance in the United States.
Q:
Firearms represent an example of consumer products that do not come under the Consumer Product Safety Commission (CPSC) rules.
Q:
If a consumer product is found to be imminently hazardous, the Consumer Product Safety Commission (CPSC) has the power to require the manufacturer to recall the product.
Q:
One of the basic differences between social and economic regulations is thatA) economic regulations only apply to financial institutions while social regulations apply to a greater variety of institutions.B) social regulations only apply to non -profit organizations while economic regulations apply only to for-profit organizations.C) economic regulations cover only particular industries while social regulations apply to all firms in the economy.D) economic regulations focus on the banking industry while social regulations focus on monopolies.
Q:
Under the Consumer Product Safety Act, a private party can sue for an injunction to prevent violations of the act or of Consumer Product Safety Commission (CPSC) rules and regulations.
Q:
The Consumer Product Safety Commission (CPSC) is an independent federal administrative agency empowered to regulate potentially dangerous consumer products and issue product safety standards.
Q:
Kidney dialysis machines are scrutinized for attainment of quality standards under the Drug Amendment to the FDCA.
Q:
The mislabeling of medicinal devices is prohibited under the Nutrition Labeling and Education Act.
Q:
An oligopolistic industry is characterized byA) a small number of firms. B) a large number of firms. C) no interdependence. D) no barriers to entry.
Q:
The FDA cannot recall any cosmetics that contain unsubstantiated claims of preserving youth or increasing virility from the market.
Q:
The FDA labels ordinary household soap as a cosmetic product.
Q:
The FDA cannot withdraw approval of any previously licensed drug.
Q:
Refer to the above figure. As more and more firms are able to and actually do enter the industry, the demand curve of each firm and its marginal revenue curveA) will shift inward until the demand curve is tangent to the average total cost curve. B) will become vertical.C) will become upward sloping.D) None of the above will occur.
Q:
The Drug Amendment to the FDCA gives the FDA broad powers to license new drugs in the United States.