**Legal Environment****Entrepreneurship Test Chapter 8****30 Points****Period**: 4th---### Multiple Choice**Identify the choice that best completes the statement or answers the question.**1. A percentage of the price of an item that goes to a state or local government is a - a. patent - b. sales tax - c. contract - d. agreement2. Which of the following terms means that you are legally able to enter into a binding agreement? - a. legality - b. consideration - c. agreement - d. capacity3. A binding legal agreement or promise to do something is a - a. law - b. permit - c. contract - d. license4. The federal agency that monitors product safety for items such as cosmetics, food items, and suntan lotions is the - a. Federal Trade Commission - b. Food and Drug Administration - c. American Bar Association - d. Consumer Product Safety Commission5. The law that established a minimum wage and maximum working hours is the - a. Robinson-Patman Act - b. Equal Pay Act - c. Fair Labor Standards Act - d. Occupational Safety and Health Act6. A warranty that assures the buyer that the product purchased is of at least average quality and fit for the purpose for which it was intended is a(n) - a. extended warranty - b. warranty of merchantability - c. creditor warranty - d. buyer's warranty7. The act that says that all employers must pay men and women the same wage for the same work is the - a. Robinson-Patman Act - b. Equal Pay Act - c. Fair Labor Standards Act - d. Consumer Credit Protection Act8. The act that requires those who give credit to reveal all the terms and conditions of their credit agreements is the - a. Consumer Credit Protection Act - b. Robinson-Patman Act - c. Fair Packaging and Labeling Act - d. Clayton Act---### Completion**Complete each statement.**9. Before an entrepreneur can open the doors of a business, he or she must get a(n)

Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Multiple Choice Identify the choice that best completes the statement or answers the question. 1. A percentage of the price of an item that goes to a state or local government is a a. discount. b. sales tax. c. patent. (d, contract. 2. Which of the following terms means that you are legally able to enter into a binding agreement? b. legality consideration c. agreement d. capacity 3. A binding legal agreement or promise to do something is a a. law, C. contract. permit. d. license.

Multiple Choice Identify the choice that best completes the statement or answers the question. 1. A percentage of the price of an item that goes to a state or local government is a a. discount. b. sales tax. c. patent. (d, contract. 2. Which of the following terms means that you are legally able to enter into a binding agreement? b. legality consideration c. agreement d. capacity 3. A binding legal agreement or promise to do something is a a. law, C. contract. permit. d. license.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: 5. Which of the following best describes morality? OIt is defined as the standards people use to…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: The policy is issued after an insurance provider approves an application with multiple unanswered…

A: In the insurance market, an agreement between parties is necessary to build to protect the parties…

Q: Francis has 2500 rare stamps in her collection. One day, Francis asks her friend Natasha, “Do you…

A: Stamps are issued by the post office and it is a small piece of paper. The stamps are rare when it…

Q: New technology for producing plywood is developing. Which of the figures above best illustrates…

A: Figure D is the right answer reson :- It happen s to to introduction of new technology due to fall…

Q: Analyse the Situational environments with example organization. (E.g. External such as PESTEL,…

A: PESTLE are the tools that would make the company understand the competitive positions in the…

Q: Economics: a. involves preparing financial reports for external audiences. b. is a discipline…

A: Answer: Economics is the study of how scarce resources are used to satisfy unlimited wants. In other…

Q: Initially in this market, quantity demanded was 400. After trade is restricted, quantity demanded…

A: Initially in the market, the quantity demanded was 400. After the trade was restricted, the quantity…

Q: What two types of lives are contained within the term "lively commodity"? A. Commodity life & wild…

A: In the realm of economics, commodities play a crucial role as standardized items with consistent…

Q: When advocating for something, understanding what your target market is, what is known about the…

A: Introduction Its correct answer is c) Impact evaluation because when we advocate for a topic. Then…

Q: When China and Japan got into a snit in 2010, China cut off Japan's supply of the Rare Earth…

Q: An audience member now grasps the speaker’s thoughts, emotional tones, and meaning. In which stageof…

A: There are five stages of listening. 1. Receiving: The listener just listening to the message of the…

Q: local fair charges a $15 entry fee and $1.75 per ride. Dustin has $35 to spend. What is the maximum…

A: A budget refers to a financial plan or estimate that outlines projected income and expenses over a…

Q: 19) Aggregate surplus A) is the sum of total willingness to pay and total avoidable costs of…

A: The total surplus in a market refers to the sum of the producer and consumer surpluses. Changes in…

Q: If the newspaper market were perfectly competitive, what would be the quantity, price, consumer…

A: The graph shows the demand curve (D), marginal cost curve (MC), and price line (P) for a newspaper…

Q: Consumer only wants low price product no need for quality Yes No

A: Consumers prefer lower price but they give importance to the quality of the product.

Q: There is often a temptation to take a dim view of profits. Some people seem to believe profits come…

A: Perspectives on economics cover a range of views regarding theories, policies, and issues. They…

Q: A University is organizing a sustainability conference and is using a portion of the fees to…

A: Given: A university is organizing a sustainability conference and is using a portion of the fees to…

Q: "Everything has Already Happened" is a debate topic in a economics class. State points the proposing…

A: Economic analysis is the methodical way to deal with determining the optimum utilization of scarce…

Q: QUESTION 4 Use the table to answer the following question: Nitrogen applied (lbs) 0 25 50 75 100 125…

A: Economic profit, the leftover funds from revenue after deducting explicit and opportunity costs,…

Q: A customer requests one additional item to be produced by a manufacturer. The manufacturer must…

A: The objective of the question is to identify the economic term that refers to the additional cost…

Q: 5. Wireless high-speed internet in provided for free at an airport in a smaller city (like…

A: Kindes of goods: In public economics, one studies the various kinds of goods in the economy. The…

Q: Jessy wants to clean her walkways at her house. She rents a pressure washer from AAA Rent All. The…

A: At the marketplace, any economic activity takes place when not the trading parties are agree upon an…

Q: You are negotiating with another firm to become one of its suppliers. What types of promises might…

A: Marginal Cost: Marginal cost refers to the additional cost incurred by producing one more unit of a…

Q: PRICE $8 $7 $6 $5 $4 $3 $0 Price $3 $4 $5 $6 $7 100 CUPS OF COFFEE 150 QUANTITY Quantity 400 350 300…

A: When a good's demand and supply are equal, an equilibrium is reached. Both a higher equilibrium…

Question

100%

**Legal Environment**
**Entrepreneurship Test Chapter 8**

**30 Points**
**Period**: 4th

---

### Multiple Choice
**Identify the choice that best completes the statement or answers the question.**

1. A percentage of the price of an item that goes to a state or local government is a
- a. patent
- b. sales tax
- c. contract
- d. agreement

2. Which of the following terms means that you are legally able to enter into a binding agreement?
- a. legality
- b. consideration
- c. agreement
- d. capacity

3. A binding legal agreement or promise to do something is a
- a. law
- b. permit
- c. contract
- d. license

4. The federal agency that monitors product safety for items such as cosmetics, food items, and suntan lotions is the
- a. Federal Trade Commission
- b. Food and Drug Administration
- c. American Bar Association
- d. Consumer Product Safety Commission

5. The law that established a minimum wage and maximum working hours is the
- a. Robinson-Patman Act
- b. Equal Pay Act
- c. Fair Labor Standards Act
- d. Occupational Safety and Health Act

6. A warranty that assures the buyer that the product purchased is of at least average quality and fit for the purpose for which it was intended is a(n)
- a. extended warranty
- b. warranty of merchantability
- c. creditor warranty
- d. buyer's warranty

7. The act that says that all employers must pay men and women the same wage for the same work is the
- a. Robinson-Patman Act
- b. Equal Pay Act
- c. Fair Labor Standards Act
- d. Consumer Credit Protection Act

8. The act that requires those who give credit to reveal all the terms and conditions of their credit agreements is the
- a. Consumer Credit Protection Act
- b. Robinson-Patman Act
- c. Fair Packaging and Labeling Act
- d. Clayton Act

---

### Completion
**Complete each statement.**

9. Before an entrepreneur can open the doors of a business, he or she must get a(n)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

For distract driving
Question 10 Which of the following would be a part of an organization's specific environment? a. its competitors b. the economy in which it operates c. new laws controlling its product's exportation d. all of the above e. the technology it uses to make its product
True/False
Worse than useless Europe's Emissions trading Scheme (ETS) has too many carbon emission permits trading at too low a price. Source: The Economist, January 25, 2014 Under what conditions would the ETS, a cap-and-trade system, reduce carbon emissions to the efficient quantity. Use a graph to illustrate your explanation. Also, show the outcome of issuing too many permits. The efficient quantity of emissions would be produced if the quantity of permits was set such that_ price O A. carbon emissions were eliminated; equal to marginal benefit OB. marginal private cost of electricity equals marginal benefit; above marginal external cost OC. marginal private cost of electricity equals marginal benefit; equal marginal external cost OD. marginal social cost of electricity equals marginal benefit; equal to marginal external cost OE. marginal social cost of electricity equals marginal benefit; below marginal external cost The graph shows the market for electricity production in the European Union…
What percentage of consumers believe consumer-generated content (CGC) is the most authentic form of all content?A. 20%B. 40%C. 60%D. 80%E. 90%
To properly protect consumers, _____. a. tests of a product can safely assume that the product will be used in just the way that the manufacturer intends it to be used. b. if a product poses a potential, serious threat, a company may need to take extraordinary measures to ensure continued safe use of it. c. only new products, not established products, need to be tested. d. accidents occur exclusively as a result of product misuse.
Only need help with part e and f.
Procurement- Which one of the following is not a reason to purchase globally? A. Product availability B. Labor availability C. Reserving capital for other purchases instead of using it for equipment needed. D. Budget surplus to use before year end