Q1: Peter's Plungers has a monopoly on its product. Under antitrust law, this is

Group of answer choices

not a violation.

a per se violation.

a violation if it acquired this power through "anticompetitive means."

a violation if it acquired this power through "business acumen" (ability).

Q2: To start their partnership, Fran contributes $60,000 and Wally contributes $40,000.They don't agree ahead of time on how profits or losses will be split.In their first year, Fran takes 60% of the profit.In their second year, when they lose money, Fran owes _____ of the losses.

Group of answer choices

100%

60%

40%

50%

Q3: A third party who is injured through the negligence of an employee performing normal duties within the course and scope of employment can sue the employee, the employer, or both.

Group of answer choices

True

False

Q4: In a limited partnership (LP), general partners, unlike limited partners, are personally liable to the partnership's creditors.

Group of answer choices

False

True

Q5: Chipper Chip Company sells its computer-chip division to Goliath Computer Corporation and promises not to re-enter the chip market for three years, which is typical in the industry. This is most likely

Group of answer choices

a restraint of trade and reasonable.

a restraint of trade and unreasonable.

not a restraint of trade and unreasonable.

not a restraint of trade and reasonable.

Q6: Small Change Computers employs Amy as an agent. Small Change gives her an exclusive territory in which to sell its products. Small Change cannot hire another agent to compete with her in that territory under the duty of

Group of answer choices

notification

obedience

cooperation

compensation

Q7: To sue under the Age Discrimination in Employment Act of 1967, when an older worker is laid off as part of a restructuring, he or she must present evidence that his or her layoff was motivated exclusively (solely) by age bias.

Group of answer choices

True

False

Q8: Kim works as the assistant manager of a small retail store.Starting last month, she voluntarily started making deposits at the bank for the store at the end of her shift.She never discussed this duty with her boss, but her boss knows she does it.Her authority is "apparent."

Group of answer choices

False

True

Q9: Corporations that explicitly expand fiduciary responsibilities beyond shareholders to a wider range of stakeholders are

Group of answer choices

benefit corporations

close corporations

illegal

B Corporations

Q10: As discussed in class, the "agency problem" refers to

Group of answer choices

whether a principal is disclosed, partially disclosed, or undisclosed

whether someone is an employee or independent contractor

whether the agent's and principal's interests are shared

whether an agent has express, implied, or apparent authority