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161.Business and government do not need to work together to create a competitive environment that is fair and open since global competition is increasing. 
 
 

162.When the airline industry was deregulated in 1980 consumers benefited because airlines established new routes and charged lower fares. 
 
 

At one time, the government restricted airlines with regard to where they could land and fly. When the industry was deregulated, airlines began competing for different routes and charging lower prices. Consumers benefited from the deregulation, but established airlines were challenged to be more competitive.


Multiple Choice Questions
 

163.The branch of the government responsible for overseeing the legal system is the: 
 
 

A.judiciary.

B.executive.

C.legislative.

D.administrative.

164.__________ refers to rules, statutes, codes, and regulations established to provide a legal framework within which business may be conducted. 
 
 

A.Common law

B.Statutory law

C.Bankruptcy law

D.Business law

165.The regulation of marriages and payments for personal injuries is covered by: 
 
 

A.civil law.

B.criminal law.

C.appellate law.

D.legislative law.

166.__________ law establishes punishments, and regulates the investigation of people accused of committing crimes. 
 
 

A.Civil law

B.Criminal law

C.Appellate law

D.Business law

167.The body of law created by court decisions rendered by judges is called __________ law. 
 
 

A.precedent

B.statutory

C.common

D.tort

168.Which of the following can review and, when necessary, overturn decisions made at the trial court level? 
 
 

A.administrative agencies

B.appellate courts

C.arbitration judges

D.statutory agencies

169.Common law relies on decisions made by judges in previous cases. These earlier decisions are called: 
 
 

A.administrative guidelines.

B.precedents.

C.arbitration rules.

D.statutory models.

170.While the government regulates business activities, businesses would prefer to set their own standards of behavior. Which of the following is the most likely reason the government has intervened? 
 
 

A.The relationships between businesses and other parties are more complex than ever.

B.The public perceives U.S. businesses as moving too slowly in implementing acceptable standards of behavior.

C.The judiciary branch of the government is more aware of the needs and desires of society.

D.There has been an increase in the number of lawyers.

To hasten the process of business responsibility, the government has expanded its control and enforcement procedures.

 

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