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Questions
Q:
Section 4205 of the Patient Protection and Affordable Health Care Act of 2010 requires restaurants and retail food establishments with 20 or more locations to disclose calorie counts of their food items.
Q:
Sellers of raw fruits and vegetables can adopt a voluntary approach when it comes to labeling requirements.
Q:
The Nutrition Labeling and Education Act (NLEA) applies to packaged foods and other foods regulated by the Food and Drug Administration.
Q:
A monopolist will not be able to receive a positive economic profit at any price -output combination at whichA) marginal cost is less than average total cost when the monopolist has equated marginal revenue and marginal cost.B) the average total cost curve is everywhere above the demand curve.C) marginal cost is less than average variable cost when the monopolist has equated marginal revenue and marginal cost.D) marginal revenue falls at a faster rate than marginal cost increases.
Q:
A manufacturer can be held liable for deceptive labeling or packaging under the Health Care Reform Act.
Q:
FDA approval is not mandatory for medicinal devices to be legally sold in the United States.
Q:
The Consumer Product Safety Commission is the federal administrative agency empowered to enforce the FDCA.
Q:
The Consumer Product Safety Commission, created in 1972, has the authority to require a manufacturer to recall unsafe toys.
Q:
Which of the following is a characteristic of a monopoly market?A) many firms B) one firmC) easy entry D) firm is a price taker
Q:
The ________ prohibits health insurance companies from terminating health insurance coverage when a person gets sick.
A) Health Care Reform Act
B) Drug Amendment of the FDCA Act
C) Medicinal Device Amendment Act
D) Food, Drug, and Cosmetic Act
Q:
Which of the following is true of the Health Care Reform Act?
A) Excise taxes for pharmaceuticals are reduced.
B) Employers of large corporations are given subsidies for providing health insurance to their employees.
C) All employers are required to provide health insurance coverage to their employees.
D) Persons who do not obtain coverage are required to pay a tax penalty to the federal government.
Q:
Which of the following is a function that the Consumer Product Safety Commission is empowered to execute?
A) collecting data regarding injuries caused by consumer products
B) regulating the distribution of genetically modified food products
C) recalling drugs that have been found to be harmful from the market
D) accepting petitions from consumers on wrongly labeled food products
Q:
Which of the following is true of seeking injunctions on consumer products that violate the Consumer Product Safety Act (CPSA) or Consumer Product Safety Commission (CPSC) rules?
A) Only the CPSC can seek an injunction once a private party has lodged a complaint with it.
B) Only the CPSC can sue for an injunction when CPSC rules are violated.
C) A private party can sue for an injunction to prevent violations of the act or of CPSC rules and regulations.
D) Injunctions cannot be pursued on products that have not yet been sold or marketed.
Q:
OutputTotal Costs100$400101402102405103409104414105420106427107435A firm in a perfectly competitive industry faces the following cost and revenue conditions: ATC = $6; AVC = $3; MR = MC = $5. The firm isA) earning economic profits.B) experiencing economic losses.C) experiencing zero profits.D) in a position in which it should shut down.
Q:
The Consumer Product Safety Commission (CPSC) is ________.
A) a communion of two state-funded regulatory bodies working together to ensure consumer safety
B) a federal body created to ensure the safety of few consumer products like motor vehicles, boats, aircraft, and firearms
C) an independent federal administrative agency that regulates potentially dangerous consumer products
D) a federal agency working to ensure product safety standards for food, poultry, medicines, and medicinal devices
Q:
Which of the following consumer products comes under the purview of the Consumer Product Safety Commission (CPSC)?
A) aircrafts
B) motor vehicles
C) firearms
D) children's toys
Q:
Which of the following would come under the purview of the Medicinal Device Amendment to the FDCA?
A) a new oral medication for depression
B) a new range of cosmetics to reduce signs of aging
C) a new and compact heart pacemaker
D) a revolutionary drug therapy for cancer
Q:
In which of the following ways does the FDA regulate cosmetics?
A) by adding warnings for potential carcinogens
B) by regulating the sale of cosmetics through exclusive FDA approved stores
C) by placing a complete ban on animal testing in the cosmetic industry
D) by autonomously undertaking criminal proceedings against nonconforming cosmetic companies
Q:
If the price of labor is constant and a firm experiences diminishing marginal product, then itsA) marginal costs increase. B) marginal costs decrease.C) fixed costs increase. D) total costs decrease.
Q:
The new line of fairness-enhancing products marketed by Radiance has allegedly been developed using large-scale animal testing procedures. Insiders reveal that the high levels of lead present in the cosmetics have proven to be fatal for many of the animals used in the laboratories. Radiance is likely to be inspected for suspected criminal violations of the ________.
A) Food, Drug, and Cosmetic Act
B) Consumer Product Safety Act
C) Health Care Reform Act
D) Federal Trade Commission Act
Q:
Which of the following is true of the FDA's role in the introduction of a new drug in the market?
A) The FDA bases its approval of a new drug on the rule of caveat emptor.
B) The FDA limits itself to providing relevant suggestions to improve the drug.
C) The FDA has the power to implement a complete ban on a questionable drug.
D) The FDA prosecutes producers of questionable medicines directly by the powers vested in it by the U.S. Department of Justice.
Q:
If the marginal product curve is increasing from workers 1 -89 and then decreases steadily, crossing the horizontal axis at 190 workers, we know thatA) the total output curve increases from workers 1 -89, decreases from workers 90-189, and becomes 0 at the 190th worker.B) the total output curve is increasing at an increasing rate from workers 1 -89, then increases at a decreasing rate until the 190th worker, after which it decreases.C) the total output curve is increasing throughout, although at an increasing rate for the first 190 workers and at a decreasing rate after the 190th worker. D) diminishing marginal product sets in with the 190th worker.
Q:
The ________ is a federal law that gives the FDA broad powers to license new drugs in the United States.
A) Drug Amendment to the FDCA
B) Food Labeling and Education Act
C) Health Care Reform Act
D) Patient Protection and Affordable Health Care Act
Q:
Section 4205 of the Patient Protection and Affordable Health Care Act requires restaurants and retail food establishments with 20 or more locations to disclose calorie counts of their food items and supply information on how many calories a healthy person should eat in a day. The provisions of this legislation are enforced by the ________.
A) U.S. Food and Drug Administration
B) United Nations
C) Federal Trade Commission
D) Consumer Product Safety Commission
Q:
The ________ requires food manufacturers and processors to disclose uniform information about the serving sizes and nutrients contained in the food, and establishes standard definitions for terms like "low fat," "lean," and "organic," which are indiscriminately used by food processors.
A) Consumer Product Safety Act
B) Nutrition Labeling and Education Act
C) Patient Protection and Affordable Care Act
D) Health Care Reform Act
Q:
The U.S. Department of Agriculture places mandatory and consistent labeling requirements on ________.
A) ready-to-eat meals
B) raw fruits and vegetables
C) raw seafood
D) meat and poultry products
Q:
At the food processing company where Mika works, his primary job responsibility is to review the quality of preservatives that are used in the food products being made. A new and highly recommended preservative that has the potential to preserve food longer without refrigeration was approved by Mika. However, Mika failed to identify that the substance used to make the particular preservative was banned. The food product was released into the market with the preservative containing the banned substance. Which of the following agencies has the power to enact the statutes that govern such violations?
A) the Medicines and Healthcare Products Regulatory Agency
B) the U.S. Department of Agriculture
C) the Federal Trade Commission
D) the Food and Drug Administration
Q:
The three basic legal forms of business enterprise in the United States areA) monopolies, enterprises, and competitors.B) vertical, horizontal, and conglomerate corporations. C) national, global, and multinational corporations.D) proprietorships, partnerships, and corporations.
Q:
At the food processing company where Mika works, his primary job responsibility is to review the quality of preservatives that are used in the food products being made. A new and highly recommended preservative that has the potential to preserve food longer without refrigeration was approved by Mika. However, Mika failed to identify that the substance used to make the particular preservative was banned. If the food product is released with this new preservative, which of the following provisions of the Nutrition Labeling and Education Act (NLEA) would help consumers identify the banned preservative prior to consumption?
A) condemnation of unfit food products
B) disclosure of information on food labels
C) inspection of the storage facilities
D) initiation of legal proceedings against violators
Q:
Rapid Rise is a health drink targeted at teenagers. Their advertisement campaign claims that regular consumption of the drink over a two-month period leads to a four-inch increase in height. However, this claim is not substantiated by laboratory research and has not been proven in most of its users. This act of making scientifically unsubstantiated health claims about one's product is likely to be a violation of the ________.
A) Health Care Reform Act
B) Nutrition Labeling and Education Act
C) Consumer Product Safety Act
D) Patient Protection and Affordable Care Act
Q:
Which of the following is true of the Nutrition Labeling and Education Act (NLEA)?
A) The NLEA is a state law and its implementation is not federally regulated.
B) The NLEA applies to packaged foods and other foods regulated by the Food and Drug Administration.
C) The NLEA mandates compulsory labeling for all kinds of raw and processed food with any exceptions.
D) The NLEA specifically eliminates the practice of providing point-of-purchase nutrition information by sellers.
Q:
The Nutrition Labeling and Education Act (NLEA) applies to packaged foods and other foods regulated by the ________.
A) U.S. Department of Agriculture
B) Consumer Product Safety Commission
C) Patient Protection and Affordable Care Act
D) Food and Drug Administration
Q:
Use the above figure. Last week Joe consumed combination ʺAʺ of goods ʺXʺ and ʺY.ʺ This week he purchased combination ʺB.ʺ The reason for this change is that theA) price of good X has increased. B) price of good X has decreased. C) price of good Y has decreased. D) price of good Y has increased.
Q:
The ________ is a federal statute passed in 1990 that requires food manufacturers and processors to provide nutrition information on many foods and prohibits them from making scientifically unsubstantiated health claims.
A) Food, Drug, and Cosmetic Act
B) Health Care and Education Reconciliation Act
C) Nutrition Labeling and Education Act
D) Patient Protection and Affordable Care Act
Q:
The Food and Drug Administration is empowered to ________.
A) recall unsafe toys, appliances, and other consumer products which are harmful to users
B) regulate the safety of meat, poultry, and other food products
C) prosecute violators directly by imposing fines and pronouncing sentences
D) obtain orders for the seizure, recall, and condemnation of harmful products
Q:
Ajax, a pharmaceutical company, has designed a new medicine for morning sickness among pregnant women. Testing at their R&D center showed the drug to be highly reliable. Ajax has to approach a U.S. federal administrative agency called the ________ for the drug to be deemed legal for sale to the public.
A) Medicines and Healthcare Products Regulatory Agency
B) Consumer Product Safety Commission
C) Federal Trade Commission
D) Food and Drug Administration
Q:
In a restaurant we can observe people consuming coffee, tea, and soft drinks. All are priced the same. If Sally consumes coffee and Ali consumes soft drinks, we can conclude thatA) Bill will be drinking tea.B) Sally likes coffee more than Ali does, and Ali likes soft drinks more than Sally does.C) Sally derives more utility from coffee than from tea or soft drinks, and Ali derives more utility from soft drinks than from tea or coffee.D) the utility Sally receives from coffee consumption equals the utility that Ali receives from consuming soft drinks.
Q:
The Food, Drug, and Cosmetic Act is a federal statute that ________.
A) covers all food products including poultry and processed meat
B) regulates the sale of food additives, drugs, cosmetics, and medicinal devices
C) implements the Federal Meat Inspection Act, enacted in 1906
D) protects the public by providing greater medical coverage from food-related illnesses
Q:
In the United States, the ________ is the federal administrative agency that is primarily responsible for regulating meat, poultry, and other food products.
Q:
The U.S. Department of Agriculture is the federal administrative agency that is primarily responsible for regulating meat, poultry, and other food products.
Q:
The U.S. Food and Drug Administration promotes the principle of caveat emptor in sales transactions involving food and drugs.
Q:
The income elasticity of demand for all goods taken together must beA) zero. B) -1.C) +1. D) between 0 and 1.
Q:
In which of the following cases of consumer safety violations will the U.S. Department of Agriculture be required to take action?
A) A new drug was released into the market without adequate testing and this lead to adverse side effects among users.
B) A brand of soft toys for infants was produced with low grade foam and fabrics that are harmful for children when ingested.
C) A batch of sausages and cold cuts from a particular vendor was found to have high levels of salmonella and other pathogenic organisms.
D) A fleet of cars released into the market by a famous company was found to have a defective braking system which could prove fatal for owners.
Q:
Jones & Hilton Co. owned a large cold storage warehouse where they stored and processed meat and meat products. An insider revealed to the media that the facility failed to meet numerous safety standards, encountered rodent infestation, and sold potentially harmful and infected meat in the market without notifying authorities. The ________ has the authority to conduct inspections of the cold storage warehouse and initiate legal proceedings against the owners for endangering the health of consumers.
A) Food and Drug Administration
B) Consumer Product Safety Commission
C) Federal Healthcare Commission
D) U.S. Department of Agriculture
Q:
The ________ is a federal administrative agency that is primarily responsible for regulating the safety of meat, poultry, and other food products.
A) U.S. Department of Agriculture
B) Consumer Product Safety Commission
C) Food and Drug Administration
D) Federal Trade Commission
Q:
________ laws are federal and state statutes and regulations that promote product safety and prohibit abusive, unfair, and deceptive business practices.
A) Profit-Ã -prendre
B) Canon
C) Consumer protection
D) Caveat emptor
Q:
When the calculated price elasticity of demand is -0.45, demand isA) perfectly inelastic. B) elastic.C) unit-elastic. D) inelastic.
Q:
Give an account of the Consumer Financial Protection Act of 2010.
Q:
How does the Mortgage Reform and Anti-Predatory Lending Act of 2010 help regulate mortgage transactions?
Q:
________ is defined as credit extended to natural persons for personal, family, or household purposes.
Q:
Property that is owned by everyone and therefore by no one in particular is referred to asA) common property. B) social property.C) private property. D) commercial property.
Q:
The ________ applies to lessors who engage in leasing or arranging leases for consumer goods in the ordinary course of their business.
Q:
The ________ allowed all credit-card companies with whom a cardholder had a credit card to raise the interest rate on his or her card, including on the existing balances, if the cardholder was late in making a payment to any credit card company.
Q:
The ________ limits the contact that a debt collector may have with third persons other than the debtor's spouse or parents.
Q:
The ________ Act is a federal statute that requires disclosure of credit terms on credit card and charge card solicitations and applications.
Q:
How will the new federal governmentʹs new national health care program be funded?A) The federal government will charge all participants of health insurance exchanges 3.8%.B) Firms with at least 50 employees must pay an annual fine of up to $750 per employee regardless of coverage.C) A tax rate of 3.8 percent will be assessed on nearly all earnings above $200,000 per year for individuals and above $250,000 per year for married couples.D) Nearly all U.S. residents will pay a fine of up to $750 per year for an individual (up to $2,250 per year for a family) regardless of coverage.
Q:
Lease creditors that violate the ________ Act are subject to the civil and criminal penalties provided in the Truth-in-Lending Act (TILA).
Q:
The ________ Act permits consumers to place fraud alerts in their credit files.
Q:
The ________ expressly prohibits debt collectors from using certain practices like harassing, abusing, or intimidating debtors.
Q:
A person of a specific religion is protected from credit extension discrimination by the ________ Act.
Q:
Refer to the above figure. Which curve shows the most unequal distribution of income?A) A B) B C) C D) D
Q:
Title XIV of the Dodd-Frank Act, called the ________ Act, is designed to eliminate many abusive loan practices and mandates new duties and disclosure requirements for mortgage lenders.
Q:
________ is an administrative agency regulation that sets forth detailed rules for compliance with the Truth-in-Lending Act (TILA).
Q:
The ________ is a federal statute that requires creditors to make certain disclosures to debtors in consumer transactions and real estate loans on the debtor's principal dwelling and covers only creditors that regularly extend credit for goods or services to consumers.
Q:
A labor union composed of workers in the same occupation is calledA) a craft union. B) an industrial union.C) a company union. D) a closed shop.
Q:
Give an account of state antitrust laws.
Q:
The exemption of railroads from antitrust laws is an example of a(n) ________ exemption.
Q:
States lack the power to enact antitrust statutes autonomously.
Q:
The U.S. Supreme Court has held that professionals such as lawyers do not qualify for an implied exemption from federal antitrust laws.
Q:
The supply of labor to the individual firm in a perfectly competitive market isA) perfectly inelastic at the current equilibrium employment level.B) perfectly elastic at the current market clearing wage rate. C) downward sloping.D) equal to the marginal revenue of output.
Q:
Insurance business that is regulated by a state enjoys a statutory exemption from federal antitrust laws.
Q:
Treble damages are allowed for violations of the Federal Trade Commission (FTC) Act.
Q:
The Federal Trade Commission (FTC) and the Department of Justice share the power to enforce the FTC Act.
Q:
Suppose that smart phone producers meet secretly and agree to issue the smart phones of their most successful models sequentially and at the same price that maximizes their profits. After hearing about the secret meeting the U.S. Justice Department is most likely to file charges under theA) Sherman Act. B) Wheeler-Lea Act. C) Robinson-Patman Act. D) FTC Act.
Q:
Which of the following businesses or activities enjoys an implied exemption from antitrust laws?
A) railroads
B) agricultural cooperatives
C) airlines
D) labor unions
Q:
Which of the following businesses or activities enjoy a statutory exemption from antitrust laws?
A) airlines
B) professional baseball
C) agricultural cooperatives
D) all professional sports and games
Q:
What are the three statutory defenses under the Robinson-Patman Act for price discrimination?
Q:
What is a premerger notification? Explain the process outlined by the Hart-Scott-Rodino Antitrust Improvement Act to execute a merger.
Q:
According to OSHA standards, the air in the building that John works in is unsafe. The type of regulation that OSHA engages in is known asA) the Federal Register. B) social regulation.C) the market share test. D) economic regulation.
Q:
The ________ Act is a federal statute, enacted in 1930, that prohibits price discrimination.