3. The emergence of federal laws regulating employment arrangements occurred closely after which significant period or event in United States history?

c. The assassination of President John F. Kennedy

b. The Civil War

d. The end of World War II

a. The stock market crash and Great Depression.

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4. Lee is the executive of a car manufacturer. Lee decides the appearance of one of his car designs outweighs the desire to make the car safer to its occupants, and overrules the company's engineers who wish to make the car safer. Lee is:

d. none of the above.

a. making the best possible ethical choice.

c. ultimately going to be rewarded by having the most profitable car.

b. going to make a terrific President of the United States some day.

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5. The NLRB (National Labor Relations Board) has oversight over which of the following?

d. None of the above.

c. Insider trading by employees of a publicly traded corporation

a. Employee union elections

b. Television transmission rules

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6. Which of the following is the best example of a breach of the fiduciary duty (or duty of loyalty) owed by an agent to principal?

a. A supervisor at a supermarket asks a stock person to restock shelves.

d. An NBA basketball players agent requires of a team trying to sign the player to a contract that as a condition to his client signing the teams contract, the agent must be given free tickets to the team's home games so the agent can entertain prospective clients.

c. A real estate agent recommends his/her client accept an offer to sell the clients house for less than asking price, even though the commission received by the agent will be reduced.

b. A partner passes up a prospective business opportunity because it is in the same line of business that the partnership conducts.

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7. If a principal acce the benefits created by someone who was not really the principal's agent at the time, the concept is known as

a. ratification

c. personification

d. renouncement

b. constructive acceptance

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8. The legal concept that makes the principal liable for torts of an agent is sometimes referred to as:

d. all of the above

c. renunciation

a. ratification

b. respondeat superior

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9. An agent enters into a contract with a third party on behalf of a principal. The contract is:

c. missing fiduciary duty

d. valid, but only if in writing.

a. void

b. enforceable against the principal

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10. If a principal specifically authorizes an agent to act on behalf of the principal, it is usually referred to as:

b. ostensible authority

d. none of the above.

a. actual authority

c. constructive authority