Business Law MCQ Exam#1 BUS201

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Do you use facebook?

Photo of a smartphone with the Facebook application open
Economics is greatly impacted by how well information travels through society. Today, social media giants Twitter, Facebook, and Instagram are major forces on the information super highway. (Credit: Johan Larsson/Flickr)

Decisions ... decisions in the social media age

To post or not to post? Every day we are faced with a myriad of decisions, from what to have for breakfast, to which route to take to class, to the more complex—“Should I double major and add possibly another semester of study to my education?” Our response to these choices depends on the information we have available at any given moment; information economists call “imperfect” because we rarely have all the data we need to make perfect decisions. Despite the lack of perfect information, we still make hundreds of decisions a day.

And now, we have another avenue in which to gather information—social media. Outlets like Facebook and Twitter are altering the process by which we make choices, how we spend our time, which movies we see, which products we buy, and more. How many of you chose a university without checking out its Facebook page or Twitter stream first for information and feedback?

As you will see in this course, what happens in economics is affected by how well and how fast information is disseminated through a society, such as how quickly information travels through Facebook. “Economists love nothing better than when deep and liquid markets operate under conditions of perfect information,” says Jessica Irvine, National Economics Editor for News Corp Australia.

This leads us to the topic of this chapter, an introduction to the world of making decisions, processing information, and understanding behavior in markets —the world of economics. Each chapter in this book will start with a discussion about current (or sometimes past) events and revisit it at chapter’s end—to “bring home” the concepts in play.

Introduction

In this chapter, you will learn about:

  • What Is Economics, and Why Is It Important?
  • Microeconomics and Macroeconomics
  • How Economists Use Theories and Models to Understand Economic Issues
  • How Economies Can Be Organized: An Overview of Economic Systems

What is economics and why should you spend your time learning it? After all, there are other disciplines you could be studying, and other ways you could be spending your time. As the Bring it Home feature just mentioned, making choices is at the heart of what economists study, and your decision to take this course is as much as economic decision as anything else.

Economics is probably not what you think. It is not primarily about money or finance. It is not primarily about business. It is not mathematics. What is it then? It is both a subject area and a way of viewing the world.

In this course students will learn how to: Demonstrate an understanding of law, its historical development, judicial process, and the role of law in a complex social system, with emphasis on the American legal system and its institutions; Demonstrate the ability to analyze fact patterns in accordance with the legal professional case analysis method; to apply appropriate vocabulary and substantive legal principles; and then to analyze, compare, and evaluate the logic, reasoning, and arguments of other students, in accordance with established legal principles; Demonstrate the ability to complete a group project with other students, by identifying the applicable legal issues in a case or proposed statute, debating those issues, and producing a live course presentation; Identify and describe the basic principles of major business law subjects, such as constitutional authority to regulate business; common law contracts; the Uniform Commercial Code; agency; business associations; real and personal property and business-related torts; And identify and describe approaches to business ethics, social responsibility, and justice, and, demonstrate the ability, when confronted with an ethical dilemma, to weigh the arguments for alternative courses of action, and logically and persuasively argue for a particular course of conduct.
Exam PDF eBook: 
Business Law MCQ Exam#1 BUS201
Download Business Law BUS201 Exam PDF eBook
50 Pages
2014
English US
Educational Materials



Sample Questions from the Business Law MCQ Exam#1 BUS201 Exam

Question: A long-arm statute is a state law that permits courts to obtain personal jurisdiction over non-resident defendants.

Choices:

True

False

Question: In the mediation process, the mediator's conversations with the parties are a matter of public record.

Choices:

True

False

Question: An arbitrator in "court-annexed" or "judicial" arbitration makes decisions like a judge, which will be binding on the parties, unless one of the parties to the arbitration seeks a trial de novo.

Choices:

True

False

Question: In Washington, the tort of intentional infliction of emotional distress is called "outrage."

Choices:

True

False

Question: A statute of limitation is a deadline for filing a lawsuit; all statutes of limitation in Washington are three years.

Choices:

True

False

Question: Depending upon the facts of the particular situation, trespass to chattels can occur either as a traditional tort or as a cybertort.

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True

False

Question: Parties can agree by contract to submit to binding arbitration, and give up their rights to file a lawsuit against each other.

Choices:

True

False

Question: In Washington, the doctrine of contributory negligence means that if a plaintiff is found to be 40 percent negligent, any jury calculation and award of damages to plaintiff will be reduced by 40 percent. (Note: be sure to review the notes for this question-do not just rely on the online text or text links.)

Choices:

True

False

Question: Congress has adopted one particular approach to ethics, and made it a part of the United States Code; all United States businesses must follow those statutes in the United States Code.

Choices:

True

False

Question: A reference to "RCW 4.12.020" means that a statute can be found on page 12 of volume 4 of the Revised Code of Washington, part 20.

Choices:

True

False

Question: Slander involves the oral communication of a defamatory statement.

Choices:

True

False

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Source:  Maureen Shellooe Miller. Open Course Library: BUS&201 Business Law. The Open Course Library. Washington State Board for Community & Technical Colleges, Jul. 2014. http://www.oercommons.org/courses/business-law-bus-201
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