Chapter 26 Study questions Canadian Business Law
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Chapter 1. What would government be reluctant to protect through legislation governing commercial transactions?
A buyer who did not perform due diligence.
2. Which of the following spurred on changes to consumer protection legislation? (Choose all that apply)
Changes in distribution
Marketing practices
Changes in technology
3. Which of the following are among the approaches adopted by laws for consumer protection? Choose all that apply.
disclosure of information to consumers
minimum safety standards
expanded consumer rights
4. Which of the following is not Federal legislation enacted to protect consumers from hazardous activities and products?
Sale of Goods Act
5. To achieve the goal of sound, on-going relationships between businesses and their customers, legislation will step in when contractual or advertising policies are not FAIR and HONEST
6. The philosophy that buyers should be responsible for their own actions is called ______.
caveat emptor
7. polit
ical response to consumer legislation was not uniform throughout Canada because it reflected ______.
major complaints of consumers in particular jurisdictions.
8. Only
or
organizations may carry on consumer credit reporting activities.
9. Consumer protection legislation takes place at what level of government?
Federal
Provincial
10. What would government be reluctant to protect through legislation governing commercial transactions?
11. The trend in consumer product legislation has been towards ______ and ______.
expansion of buyer's rights
license
registered
expansion of sellers' obligations
12. Express warranties that Saskatchewan legislation applies to all sales of consumer
goods are STATUTORY WARRANTIES
13. Which Federal legislation regulates the packaging of drugs?
Food and Drugs Act
14. What legislation gives consumers access to arbitration in a dispute over a new car's warranty?
15. Which of the following is not true in regards to the federal
Consumer Packaging and Labelling Act
?
Provides for damages for consumers mislead by false labelling.
16. A difficulty with door-to-door sales is that the consumer finds it difficult to get away from: _______.
the salesperson
17. The provinces which have passed specific legislation to protect consumers against products that fail to deliver reasonable performance or durability as promised are ______.
Saskatchewan
New Brunswick
18. The ______ rule gives consumers time to cancel purchases they make from salespeople who come to their homes. The period is regulated ______.
cooling-off
provincially
19. Which of the following is not true about Saskatchewan consumer protection legislation?
Saskatchewan defines consumer narrowly.
20. Which of the following is not accurate in regards to the Canadian Motor Vehicle Arbitration Plan?
It is only available in some provinces.
21. Which of the following would not be controlled by consumer information legislation?
Safety standards for motor vehicle parts.
22. Identify all the statements that are accurate in regards to legislation regulating door-to-door sales
The law facilitates the buyer making a rational buying decision.
Only transactions over a specified sum must be in writing.
Itinerant sellers must be licensed in some provinces.
23. One problem with door-to-door sales is that the consumer does not have a chance to: _______.
compare products and services to find the best service for his or her money
24. In door-to-door sales, a contract exists between the buyer and the seller ______.
when the cooling off period has expired
25. In regards to legislation to eliminate unfair business practices, ______ is common, and the general trend within provinces is for ______.
specific legislation, broad legislation
26. Which of the following must be included in a contract when selling door-to-door?
An itemized price
A description of the goods in order to identify them
Full disclosure of any credit arrangement
27. The federal legislation that deals with many unfair business practices is ______.
anti-competition legislation.
28. Which of the following is not accurate with respect to the Ontario legislation?
The cooling-off period is 10 days for contracts over $100.
29. Consumer protection legislation seeks to do which of the following? Choose all that apply.
Maintain fair competition between merchants
Protect the consumer
30. Identify all the statements that are accurate in regards to legislation regulating door-to-door sales.
Only transactions over a specified sum must be in writing.
The law facilitates the buyer making a rational buying decision.
Itinerant sellers must be licensed in some provinces.
31. In order to sell a surplus of goods and still make a substantial profit, Bob put an ad in the local paper that he was selling his widgets for $6 for 10. However, when consumers showed up to buy them, they found that he was really selling them at $10 for 6. Under what legislation should consumers look for redress?
Competition Act
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2.
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Question 26
The
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A/
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Price (dollars per unit)
Price (dollars per unit)
Quantity (units per month)
Quantity (units per month)
Figure A
Figure B
Price (dollars per unit)
Price (dollars per unit)
Quantity (units per month)
Quantity (units per month)
Figure C
Figure D
The above figure shows the supply curves in four different markets. If each of the
markets has an identical downward sloping demand curve and the same tax is levied
on suppliers, which market would produce the smallest amount of deadweight loss?
A) C
B) D
C) A
D) B
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Price (dollars per unit)
Price (dollars per unit)
Quantity (units per month)
Quantity (units per month)
Figure A
Figure B
Price (dollars per unit)
Price (dollars per unit)
Quantity (units per month)
Quantity (units per month)
Figure C
Figure D
The above figure shows the supply curves in four different markets. If each of the
markets has an identical downward sloping demand curve and the same tax is levied
on suppliers, which market would produce the largest amount of deadweight loss?
O A) B
B) D
C) A
O D) C
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When advocating for something,
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b. snow plowing
c. education
d. rural roads.
e. city streets
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Price (thousands of dollars)
100
80
60
40
20
5
10
15
MC
20
MB
25
Quantity (police officers)
The figure above shows the marginal cost and marginal benefit of police protection in the city of Hugo, Oklahoma. Police protection is a public good. If the city of Hugo hires 25 officers, then
OA. marginal cost will exceed marginal benefit, which means that the efficient number of officers is less than 25.
B. marginal benefit will exceed marginal cost, which means that Hugo should reduce the number of officers they hire.
OC. marginal benefit equals marginal cost.
D. marginal cost will exceed marginal benefit, which means that the efficient number of officers is more than 25.
OE. None of the above answers is correct.
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2) Draw diagrams to show how each method
of reducing market failure would work.
3) The impact of each method on consumer
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impacts.
4) The short term vs. long term impact of each
method - some methods may have an
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Recommended textbooks for you
- Principles of MicroeconomicsEconomicsISBN:9781305156050Author:N. Gregory MankiwPublisher:Cengage LearningEconomics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
Principles of Microeconomics
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ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:Cengage Learning
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Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co