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Business 101- Midterm 3 - Business Law With Complete Solutions
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Business 101- Midterm 3 - Business Law With Complete Solutions
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Business 101- Midterm 3 - Business LawWith Complete Solutions
A favorable balance of trade occurs when the value of
A. Imports equals the value of exports
B. The cash inflows equals the cash outflows
C. Imports is less than the value of exports
D. The dollar is greater than the value of the euro Answer: C. Imports is less than the value of
exports
A major advantage of licensing is
A. These arrangements almost always lead to a joint venture
B. The bulk of the revenues gained by the licensee come back to the licensor
C. Your company name does not need to be associated with the product in a foreign country
D. Very little cost to the licensor Answer: D. Very little cost to the licensor
Business Law & Society Answer: Legal and regulatory environment
Private Enterprise Answer: Market turns self-interest into social good
Requires:
Private property
Freedom of choice
Right to keep profits
, Fair competition
A business ___ obey the law or deal with consequences.
A. Must
B. Should
C. Can
D. Could
E. Might Answer: A. Must
Problems with Business Answer: Power of business vs. consumer
Actions of business vs. consumer
Public reaction
Government's reaction
Government: Intervention Answer: Ensure fair competition, private property, freedom of choice,
right to keep profits
Promote economic health, social responsibility
Correct market failures, ethical lapses
How?
Legal structure (rule of law)
Industry regulation
The Law Answer: Standards set by society to govern behavior
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