Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

LOMA 311- ISTAR > Chapter 4 > Flashcards

Chapter 4 Flashcards

1
Q

What is the purpose of antitrust laws

A

to prevent market place practices that are viewed as anticompetitive.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is economics?

A

the study of how societies allocate their resources.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What makes an economy market base? (market economy)

A

it relies primarily on the martket forces known as supply and demand to allocate resources.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Define market

A

an environment in which buyers and sellers of a product or service meet.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

what is supply?

A

the amount of goods and services that producers are willing and able to provide the marketplace, according to economic theory.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is demand?

A

the willingness and ability of consumers to purchase goods and services at a given price.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is the supply and demand ratio curve?

A

as price of a product increases, the damand for the product tends to decrease, and the supply increases.
The demand and the supply slopes are expodentially oposite dependent paralells

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

what is considered pure competition?

A

when there are many producers and consumers of the procut and proces are establish by market forces with no interference from outsid economic forces. This results in the production of the greatest output of a product at the lowest price.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Are most markets operating in a state of pure competition?

A

no, they operate somewhere on a continuum that ranges from pure competition to pure monopoly.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is monopoly?

A

a situation in which on firm or group of firms acting together, controls the production and distribution of a product.
- there is no competition here, and prices increase as producers are less responsive to demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Define a free and open market

A

its a market in which prices are established by the forces of supply and demand with little or no intervention from outside organizations.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

what are the 3 principal federal antitrust laws in the US (name them)

A
  1. sherman act-
  2. clayton act
  3. federal trade commisions act
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

define the sherman act

A

prohibits individuals and companies from

  1. monopolizing or attempting to monopolize any part of interstate or foreign trade
  2. engaging in contracts, combinations or conspiracies in restraint of trade
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

define the clayton act

A

makes it unlawful to engage in certain actions that are believed to lessen competition andx to lead to monopolies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

who enforces the federal antitrust laws?

A

the federal trade commission, that was established by the federal trade commissions act

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are per se violations?

A

acts that are so harmful to consumers that they are conclusively presumed to violate the antitrust laws.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Name 4 examples of activities that are prohibited between competitor businesses?

A
  1. cannot enter into an agreement to divide up market by geographical territory or by customers
  2. cannot agree to restirct output or production of goods, which tends to drive up the price of those goods.
  3. price-fixing
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

When does price fixing occur?

A

occurs when competitors act together to affect the price of a product of service. 1

  1. cant set price max/min for services
  2. limit prodution of good or services to affect price
  3. eliminate competitive bidding.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Who is authorized to enforce the federal antitrust laws?

A

DOJ (department of justice)
FTC
they both have areas of expertise
DOJ- ailines, railroads, telecommuinications
FTC- health care, pharmaceuticals, food, energy

20
Q

Name 3 kinds of practices prohibited by U.S. Anitrust laws

A
  1. unfair price discrimination
  2. tying arrangements
  3. boycotts
21
Q

who is considered a consumer?

A

a natural person who purchases or tried to purchase goods or services that are to be used primarily for personally, family or household purposes.

22
Q

Name 4 consumer protection laws that are common in many jurisdictions around the world.

A
  1. consumer product safety laws
  2. consumer credit laws
  3. laws that prohibit deceptive and unfair sales practices
  4. laws that prohibit false, deceptive and misleading advertising.
23
Q

What is the consumer credit protection act?

A

requires that cerditors

  1. provide consumers with written disclosure concerning all finance charges and related aspects of credit transactions
  2. adhere to restrictions ont he garnishment of debtors wages
  3. refrain from discrimination when they extend credit
24
Q

what is garnishment?

A

is a legal process by which a creditor can obtrain a debtor’s property that is in the possession of a third part.

25
Q

What is the purpose of the Fair credit reporting act

A

it regulates the reporting and use of consumer credit information and seeks to ensure that consumer credit reports contain only accurate, relevant, and recent information.

26
Q

What is a consumer credit report, for purpose of the FCRA?

A

any communication of information by a consumer reporting agency that

  1. bares on a consumers’ creditworthiness, reputation, character, or mode of living
  2. used or collected as a factor in establishing a consumer eligiblilty for insurance or cerdit.
27
Q

What are consumer reporting agencies?

A

private businesses that assemble or evaluate information on consumers and furnish consumer credit reports to third parties in exchange for a fee

28
Q

Define an adverse action

A

a denial or revocation of credit or insurance coverage, a change in the terms of an existing credit arrangement or insurance coverage, or a refusal to grant credit or insurance in substantially the amount or on substantially the terms requested.

29
Q

When a third party gtake an adverse action based on a consumer credit report, what must be done?

A

they must provide the consumer with information about the consumer reporting agency that provided the report.

  1. notify the consumer of her right to dispute with the reporting agency the accuracy or completeness of any information contained in the report
  2. notify the consumer that she has the right to obtain a free copy of the credit reports from the reporting agency.
30
Q

Name 4 examples of unfair or deceptive practices

A
  1. passing off goods or services as those of another party
  2. causing the likelihood of confusion as to the source, sponsorship or certification of goods or service
  3. representing that goods or services have characteristics, ingredients, uses or qualities that they do not have
  4. disparaging the goods or services of another party by misrepresenting facts.
31
Q

What is an electronic signature?

A

a generic terms that means a signature on an electronic document.

32
Q

What is the purpose of the electronic signatures in global and national commerce act?

A

eliminates legal barriers to the use of electronic technology to form and sign contracts, collect and store documents, and send and receive notices and disclosures.

33
Q

An e-sign has what legal effects when all of the parties to a transaction agree to use an electric medium?1

A
  1. its the legal equivalent of a pen-and-ink signature
  2. a contract in electronic form is the legal equivalent of a contract written on paper
  3. electronic documents are the legal equivalent of legally required written documents
34
Q

what is the purpose of the uniform electronic transaction act?

A

a model law adolpted by the NCCUSL which provides for the effectiveness of electronic signatures.

35
Q

Name certain legal documents that still require hand-written signatures

A
  1. will sand testamentary trusts
  2. cancellation of health insurance of life insurance benefits
  3. court orders
  4. mortgage foreclosures.
36
Q

What is reliability in terms of e-signatures

A

it related to how parties can authenticate that a person is who he purports to be.

37
Q

what makes someone an independent contractor?

A

they are contracted to do a specific task according to his own methods, and generally is not subject to the employer’s control except as to the end product or final results of the work.

38
Q

What is imposed by the fair labour standard act?

A

minimum requirements on the wages that employers must pay workers.

39
Q

What is implied by the occupational safety and health act?

A

governs almost all employers and their employees and sets a wide range of safety and health standards for workplaces.

40
Q

What is the civil rights act of 1964?

A

broadest federal anti-discrimination laws, it prohibits employment discrimination on the basis of race, color, sex, religion, or national origin.

41
Q

What is the purpose of the americans with disability act?

A

protects people with disabilities against all types of discrimination, including employment discrimination is prohibited in regard to job application procedures; the hiring, advancement or discharge of employeesl employee compensation; job training , and other terms and conditions of employment.

42
Q

What is the purpose of the age discrimination in employement act?

A

protects workers who are 40 yo and older from being discrimminated agasint their age. Applies to employers with 20 or more employees.

43
Q

What is the equal pay act?

A

applies to all employers with two or more employees and prohibits sex-based wage discrimination between men and women in the same establishment who are performing the same job under similar working conditions.

44
Q

Different wage rates are permitted in companies when wages are paid under what 4 circumstances?

A
  1. seniority system
  2. merit system
  3. system that measures earnings by quantity or quality
  4. systems that differentitates wages based on any factor other than sex.
45
Q

Who is responsible for administering the federal antidiscrimination laws?

A

Equal employment opportunity commissions.

- if someone whishes to file a civil discrimination law suit, they must go through the EEOC

46
Q

What is the purpose of the family and medical leave act?

A

Allows eligible employees in specific circumstances to take up to 12 weeks of unpaid leave within any 12 month period.

  1. if employee becomes a parent or foster parent
  2. employee has a serious health condition
  3. employee has a spouse,parent or child with health concerns.

LOMA 311- ISTAR (15 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions