Regulation of Business Employment, Environment and Antitrust

Question 1

Age Discrimination in Employment Act

Answer 1

prohibits discrimination against people who are 40 and older

Question 2

Americans with Disabilities Act

Answer 2

prohibits discrimination against differently abled persons (both physical and mental)

Question 3

Bona fide occupational qualification

Answer 3

employer’s defense to a claim of employment discrimination based on Title VII

Question 4

Consolidated Omnibus Budget Reconciliation Act

Answer 4

Allows former employees, at their own expense, to continue coverage of their group health plan for up to 18 months after losing their job

Question 5

Employee Retirement Income Security Act

Answer 5

regulates company pension plans

Question 6

Fair Labor Standards Act

Answer 6

regulates minimum wage, employment hours and child labor

Question 7

Family and Medical Leave Act

Answer 7

allows employees to take up to 12 weeks of unpaid leave to deal with family and medical issues

Question 8

Federal Insurance Contributions Act

Answer 8

Law that requires employers and employees to each pay half of the social security tax.

Question 9

Federal Unemployment Tax Act

Answer 9

provides temporary payments to workers who have lost their jobs through no fault of their own

Question 10

National Labor Relations Act

Answer 10

regulates union/management relationship

Question 11

Occupational Safety and Health Act

Answer 11

creates workplace standards for health and safety

Question 12

Social Security Act

Answer 12

provides income/benefits to retirees, disabled workers, and dependents of deceased workers

Question 13

Title VII of the 1964 Civil Rights Act

Answer 13

prohibits discrimination on the basis of race, color, religion, national origin, or gender in all aspects of employment

Question 14

Worker’s compensation

Answer 14

provides payments to workers for injuries that are sustained at work or that arise out of work. No-fault system

Question 15

Clean Air Act

Answer 15

Establishes air quality standards that states enforce

Question 16

Clean Water Act

Answer 16

Establishes water quality standards that states enforce

Question 17

Comprehensive Environmental Response, Compensation, and Liability Act

Answer 17

creates a strict liability system for the cleanup of hazardous waste sites and spills

Question 18

Environmental compliance audit

Answer 18

voluntary review by a company to ensure that it is in compliance with the various environmental laws

Question 19

Environmental impact statement

Answer 19

report required for any federal action that will significantly impact the environment

Question 20

Environmental Protection Agency

Answer 20

Primary enforcer and administrator of environmental laws and regulations

Question 21

State implementation plan

Answer 21

submitted by state to show the EPA how the state will achieve the environmental standards set by the EPA

Question 22

Horizontal restraint

Answer 22

agreement among competing economic entities that limits competition

Question 23

Merger

Answer 23

Two separate economic entities that combine into one company. Mergers that result in a substantial lessening of competition violate antitrust laws

Question 24

Monopolization

Answer 24

when a firm has a monopoly power in the relevant market and keeps others out of the market through methods other than legitimate competition

Question 25

Monopoly power

Answer 25

Firm has ability to exclude competitors and control prices in the relevant market

Question 26

Per se rule

Answer 26

applies to inherently anticompetitive activities that are automatically illegal

Question 27

Price discrimination

Answer 27

sellers charging different buyers different prices for the same product

Question 28

relevant market

Answer 28

meaningful areas of competition, both geographically and by product

Question 29

Restraint of trade

Answer 29

agreement that limits competition

Question 30

rule of reason

Answer 30

balances the procompetitive effects of a Restraint of Trade agreement versus the anticompetitive effects

Question 31

Treble damages

Answer 31

one of the remedies for a private party who successfully proves an antitrust violation; party receives three times its actual damages

Question 32

Tying arrangement

Answer 32

seller of a desired product forces a buyer to purchase an additional product if the buyer want the desired product

Question 33

Vertical restraint of trade

Answer 33

agreement between separate economic entities in the chain of distribution that limits competition

Question 34

Title VII

Answer 34

Portion of the Civil Rights Act that forbids discrimination in employment on the basis of race, color, religion, sex or national origin