Exam for Chapter 1
* Question 1
10 out of 10 points | | | A group of young professionals were discussing the relationship between law and business. Adam argues that law primarily benefits the owners of businesses at the expense of workers and customers, while Beth takes the opposite position - that law primarily benefits the individual employees, customers and others, at the expense of the owners of businesses. Charlie posits that all parties are better off because of the presence of law, while David asserts that law is not a significant factor in the conduct of business. Based on your text, which person's view is most accurate? Answer | | | | | Selected Answer: | C. Charlie | Correct Answer: | C. Charlie | Response Feedback: | Correct! Charlie's view is most accurate, as expressed in the text discussion in "Law and Public Policy" and "Law and the Value Chain" on pages 4-10. | | | | | * Question 2
10 out of 10 points | | | Which of the following is NOT true about law?Answer | | | | | Selected Answer: | C. Neither of the above is true | Correct Answer: | C. Neither of the above is true | Response Feedback: | The correct answer is "C", it is NOT true that law should be demonstrably fair to all concerned, nor is it true that law should accurately reflect the beliefs of the majority of citizens.This is discussed in the lecture for Week 1. What's "fair" is a personal judgment. For example, some believe that it is fair for tax law to have a higher tax rate for people who earn more, while some believe that the rate should be the same for all. Majority opinion is also not a precept of the law, as discussed in the example of "Brown v. Board of Education" which desegregated the public schools. | | | | | * Question 3
10 out of 10 points | | | When faced with the possibility of wrongdoing, which of the following is most appropriate?Answer | | | | | Selected Answer: | D. Conduct the preliminary investigation, then if
10 out of 10 points | | | A group of young professionals were discussing the relationship between law and business. Adam argues that law primarily benefits the owners of businesses at the expense of workers and customers, while Beth takes the opposite position - that law primarily benefits the individual employees, customers and others, at the expense of the owners of businesses. Charlie posits that all parties are better off because of the presence of law, while David asserts that law is not a significant factor in the conduct of business. Based on your text, which person's view is most accurate? Answer | | | | | Selected Answer: | C. Charlie | Correct Answer: | C. Charlie | Response Feedback: | Correct! Charlie's view is most accurate, as expressed in the text discussion in "Law and Public Policy" and "Law and the Value Chain" on pages 4-10. | | | | | * Question 2
10 out of 10 points | | | Which of the following is NOT true about law?Answer | | | | | Selected Answer: | C. Neither of the above is true | Correct Answer: | C. Neither of the above is true | Response Feedback: | The correct answer is "C", it is NOT true that law should be demonstrably fair to all concerned, nor is it true that law should accurately reflect the beliefs of the majority of citizens.This is discussed in the lecture for Week 1. What's "fair" is a personal judgment. For example, some believe that it is fair for tax law to have a higher tax rate for people who earn more, while some believe that the rate should be the same for all. Majority opinion is also not a precept of the law, as discussed in the example of "Brown v. Board of Education" which desegregated the public schools. | | | | | * Question 3
10 out of 10 points | | | When faced with the possibility of wrongdoing, which of the following is most appropriate?Answer | | | | | Selected Answer: | D. Conduct the preliminary investigation, then if