1. Which of the following is not a recognized stage of Tomains life cycle regarding government regulation of an industry?

Multiple Choice

Identification of a market failure

Government regulation imposed as a rule

An industry specifically requests government regulation

The free market itself

2. If a business firm landscapes its grounds and develops a sculpture garden that benefits the firm but also benefits the neighborhood, that would be an example of a __________.

Multiple Choice

condition subsequent

positive externality

donee beneficiary contract

third-party beneficiary contract

3. Which part of the United States Constitution provides that The Congress shall have the Power to regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes?

Multiple Choice

Article I, Section 8

Article II, Section 7

Article III, Section 5

Article II, Section 6

4.Conflicts between federal law and state or local laws are most often resolved by reference to which of the following provisions of the United States Constitution?

Multiple Choice

The Fifth Amendment

The Sixth Amendment

The Commerce Clause

The Supremacy Clause

5. In 2018, the United States Supreme Court found the Professional and Amateur Sports Protection Act (PASPA) a violation of the ______ Amendment to the U.S. Constitution.

Multiple Choice

Ninth

Tenth

Sixth

Fifth

6. What was the United States Supreme Courts holding in Tennessee Wine and Spirits Retailers Association v. Tennessee Alcoholic Beverage Commission?

Multiple Choice

Executive and independent

Legislative and independent

Legislative and executive

Executive and judicial

7. Which of the following is correct regarding federal versus state and local regulations affecting businesses?

Multiple Choice

State and local rules have an enormous impact on business practices.

States are not involved in regulating securities.

States are not involved in regulating the banking industry.

The federal government is primarily responsible for regulating the insurance industry.

8 Which of the following is an example of an independent federal administrative agency?

Multiple Choice

The United States Department of Energy

The Securities and Exchange Commission

The U.S. Department of Education

The United States Department of Defense

9 Which of the following are the two (2) kinds of federal administrative agencies?

Multiple Choice

Executive and independent

Legislative and executive

Legislative and independent

Executive and judicial

10 Which of the following was not a federal administrative agency created in response to the Great Depression?

Multiple Choice

The Food and Drug Administration (FDA)

The Securities and Exchange Commission (SEC)

The Federal Communications Commission (FCC)

The National Labor Relations Board (NLRB)