Discuss when a promissory note will be considered a security including a detailed discussion of the family resemblance test.

A major smartphone manufacturer is launching the newest version of its mobile phone. The company has media advertising planned already, but it is considering complementing it with a public relations (PR) campaign. Discuss the target audience, the objectives, and the advantages of a PR campaign? 600 words

A major smartphone manufacturer is launching the newest version of its mobile phone. The company has media advertising planned already, but it is considering complementing it with a public relations (PR) campaign. Discuss the target audience, the objectives, and the advantages of a PR campaign?600 words

Extraction costs of a non-renewable resource include the:

Property rights for fish from the open ocean:

Which of the following policies has succeeded in reducing fishery catch sizes without creating an "arms race" among fishers?

1.     Reserves 10 million               Deposits 90 million

        Loans    90 million               Bank Capital 10 million

a. Bank XYZ can withstand a 5% drop in loan value and still be “well capitalized”. Well capitalized means an Equity/Asset ratio of 8%. True/ False Please explain

b. Bank XYZ can withstand a 5% drop in loan value and still be “well capitalized”. Well capitalized means an Equity/Asset ratio of 6%. True/False Please explain

c. Bank XYZ can withstand a 10% drop in loan value and still be “well capitalized”. Well capitalized means an Equity/Asset ratio of 8%. True/ False Please explain

            d. Bank XYZ can withstand a 5% drop in loan value and still be “well capitalized”. Well capitalized means an         Equity/Asset ratio of 8%.     True/False Please explain

8) Environmental Sustainability: Currently, about 97% of scientists agree that we are experiencing man-made global warming. Yet policy makers continue to ignore climatological science. For example in May 2018, Representative Mo Brooks (R-AL) suggested during a Congressional hearing that rocks falling into the ocean might account for the rise in ocean levels (USA Today, 05-17-18; an analysis by The Washington Post found that it would take the top five inches of all land surface flowing into the ocean every year to account for current rate of rising sea levels). Identify which of the following you think needs to take the lead to reduce global warming – private citizens, business and industry, advocacy groups (including scientists), or governments? Then, briefly justify your answer based on the concept of embedded sustainability. >

Multiple Choice: Circle the most correct answer (20 questions, 1 mark each)

1) When we talk about predictability being a major element of law, we mean that

a. although the law is predictable, the outcome of a given dispute between people is not.

b. people should be more likely to be able to predict when they can circumvent a law.

c. the law itself is not predictable, only the cases that are decided.

d. by using common sense, the decision of any court can be determined in advance.

e. people should be able to find out where they stand and how to act with reasonable certainty.

2) Gurpreet Singh is employed by Nikhil’s Groceries. Arun, the owner of Arun's Groceries approaches Gurpreet and convinces Gurpreet to leave Nikhil's Groceries and work for Arun's Groceries. Nikhil's Groceries may sue Arun's Groceries for

a. breach of employer–employee contract.

b. breach of employee contract.

c. interference with employee affairs.

d. breach of contract.

e. inducing breach of contract.

3) The role of tort law is to

a. compensate victims for harm suffered from the activities of others.

b. assist judges by providing rules to determine how much money to pay victims of crime.

c. punish wrongdoers in the same way that criminal law punishes criminals.

d. determine who caused a motor vehicle accident.

e. impose strict rules to prevent the commission of crimes.

4) In a lawsuit against a professional for a breach of duty of care, a prudent plaintiff should

a. sue in contract for breach of contract for failure to properly perform services.

b. sue in tort for breach of fiduciary duty.

c. sue in tort for negligence arising from a breach of duty of care.

d. sue in tort for negligence arising from a breach of duty of care and in contract for breach of contract for failure to properly perform services.

e. sue in contract for negligence arising from a breach of duty of care and sue for breach of fiduciary duty.

5) The contractual requirement of ‘consideration’ provides that

a. the contract must be given careful consideration before it is entered into.

b. the offeror must pay cash for the offeree's promise to perform an act.

c. an offeree must pay cash for the offeror's promise to perform an act.

d. each party must give something of value in exchange.

e. what is exchanged by the parties must be of equal value.

6) Jaspreet Singh buys a second-hand car from Amit, who is not a retail seller. The province in which the sale takes place does not require that the car be certified. After two months, Jaspreet finds that the car requires substantial repairs. In this case,

a. there is a breach of the implied condition of fitness for purpose.

b. there is a breach of the implied condition of merchantable quality.

c. there is a fundamental breach of contract.

d. there is a breach of the implied warranties under the Sale of Goods Act

e. the maxim caveat emptor applies.

7) Contracts between parties of unequal bargaining power that are unfairly advantageous to the powerful parties have long been considered

a. bilateral contracts and void.

b. unilateral contracts and voidable.

c. unconscionable contracts and voidable.

d. non est factum (a written agreement is invalid because the defendant was mistaken about its character when signing it).

e. contrary to the Criminal Code of Canada.

8) Capacity to contract means

a. the ability to make an offer or accept an offer.

b. the competence to enter into a legally binding contract.

c. the ability to pay damages in the event of a breach of contract.

d. the ability to make a promise.

e. the ability to comprehend the terms of a contract.

9) The difference between a negligent misrepresentation and a fraudulent misrepresentation is that

a. a fraudulent misrepresentation requires only a breach of duty of care and skill, while a negligent misrepresentation requires at least some guilty knowledge or willful disregard of the falsity of information provided.

b. a negligent misrepresentation requires only a breach of duty of care and skill, while a fraudulent misrepresentation requires at least some guilty knowledge or willful disregard of the falsity of information provided.

c. there is no practical difference between a fraudulent misrepresentation and a negligent misrepresentation

d. a fraudulent misrepresentation does not require guilty knowledge or willful disregard of the falsity of information provided, while a negligent misrepresentation does.

e. negligent misrepresentation doesn’t exist.

10) We need to have law because it

a. regulates individuals’ interactions with one another.

b. gives the government the power to act for the benefit of society in general.

c. provides an element of certainty in determining contractual and property rights.

d. protects persons, property, and society, and prohibits conduct that society believes is harmful.

e. all of the above.

11) When we say that the law is linked to moral and ethical standards, we mean that

a. the law is based on ethics.

b. ethical behaviour is generally considered to be a higher standard.

c. ethics and morality are one and the same.

d. the fundamental truths that give rise to the law include ethics and morality.

e. the moral and ethical values of a society as a whole shape the development of the law.

12) Law is derived from a variety of sources. These include the constitution, legislation, and

a. the Supreme Court of Canada and subordinate legislation.

b. court decisions handed down by judges.

c. statements made by ministers and administrative rulings.

d. media reports and other news.

e. the cabinet.

13) When two or more parties have a legal dispute, often the cheapest form of resolving the dispute is by

a. litigation in the court.

b. mediation.

c. arbitration.

d. an out of court settlement.

e. none of the above.

14) Which one of the following is just cause for dismissal?

a. absenteeism twice in the last year

b. habitual negligence or incompetence

c. tardiness once in the last two years

d. no work to do

e. refusal to work in an unsafe work environment

15) Jaspreet Singh had worked for his employer for 15 years when he was terminated without notice or pay in lieu of notice. He filed a lawsuit for wrongful dismissal as he felt there was no just cause for the termination, although he did believe there had been a plot to get rid of him. Which of the following is correct?

a. In the absence of just cause, Jaspreet would likely be entitled to reasonable pay in lieu of notice, but no punitive damages unless the employer had committed some tort related to Jaspreet.

b. In the absence of just cause, Jaspreet would likely be entitled to reasonable pay in lieu of notice and punitive damages as he was fired without just cause.

c. In the absence of just cause, Jaspreet would likely be entitled to reasonable pay in lieu of notice and punitive damages due to the employer's malicious and outrageous act.

d. Jaspreet should have filed his lawsuit as a case of constructive dismissal in order to win punitive and aggravated damages.

e. Even if there was no just cause, Jaspreet likely would not be entitled to any compensation as he did not suffer actual psychological harm as a result of losing his job.

16) Which of the following statements more accurately describes an employee rather than an independent contractor?

a. The person provides his or her own tools.

b. The person determines his or her own work schedule.

c. The person is an essential part of an employer's organization.

d. The person has a high level of financial risk.

e. The person is free to represent others in the same business.

17) Which of the following statements with regard to the characteristics of civil and criminal actions is true?

a. The person who begins a civil action is usually called the prosecutor.

b. A civil action is a private action; that is, a person or persons sue another or others usually for the purpose of being compensated for injury or loss suffered.

c. If a person is convicted of a criminal offence, he or she cannot also be sued in a civil action by the victim.

d. In a criminal case, an individual person is taking the action against the accused.

e. The prosecutor must prove his or her case based "upon a balance of probabilities."

18) With regard to the relationship between the judiciary (courts) and the legislatures, which of the following is true?

a. Common law overrides case law on the same point.

b. The courts have no authority to affect a statute once it has been passed by our elected representatives in the federal Parliament.

c. A provincial statute could be struck down by the courts for being contrary to the Charter of Rights and Freedoms.

d. The courts have no power to declare a provincial statute to be void; only federal statutes can be struck down by the courts.

e. The courts cannot affect the meaning of the statute through subsequent interpretation.

19) Which of the following is an ingredient necessary to form a contract?

a. exemption clauses

b. fairness

c. privity

d. capacity

5. assignment

20) With regard to the process of a civil law suit, which of the following is true?

a. The plaintiff must prove his or her case on the balance of probabilities, not beyond a reasonable doubt.

b. The statement of claim is a document registered by the plaintiff that contains a summary of the allegations that support the cause of action.

c. Any admission by the defendant at the examination for discovery can be used against him or her by the plaintiff at trial.

d. A counterclaim is an action by the defendant back against the plaintiff.

e. All of the above

True or False: Circle the correct reply (a or b) (10 questions, 1 mark each)

21) In any jurisdiction of Canada, such as Ontario, the rule is that the decision of a higher court is binding on a lower court.

a. True

b. False

22) Where a party inadvertently uses the wrong words in stating the terms of a contract, and another party enters into the contract, the court may set aside the contract if a reasonable bystander would conclude that the party had made a mistake.

a. True

b. False

23) If one party breaches a condition of a contract, the other party will generally be entitled to repudiate the contract.

a. True

b. False

24) When an offer is proposed to an interested party, the form of acceptance does not matter even if a preferred method of communication is stipulated within the offer.

a. True

b. False

25) Where a party inadvertently uses the wrong words in stating the terms of a contract, and another party enters into the contract, the court may set aside the contract if a reasonable bystander would conclude that the party had made a mistake.

a. True

b. False

26) If one party breaches a condition of a contract, the other party will generally be entitled to repudiate the contract.

a. True

b. False

27) A void contract is one that is deemed in law to have never been created.

a. True

b. False

28) When an employee is dismissed for just cause, he or she is not entitled to reasonable notice or pay in lieu of notice.

a. True

b. False

29) The primary purpose of tort law is to punish wrongdoers.

a. True

b. False

30) An employer is responsible for only those torts committed by an employee that take place while the employee is doing what he was employed to do.

a. True

b. False

1. Question 1

   1 Point

   If firms are competitive and profit maximizing, the price of a good equals the

   1. marginal cost of production.

   2. fixed cost of production.

   3. total cost of production.

   4. average total cost of production.

2. Question 2

   1 Point

   Figure 14-14

   Refer to Figure 14-14. Assume that the market starts in equilibrium at point W in panel (b) and that panel (a) illustrates the cost curves facing individual firms. Suppose that demand increases from D0 to D1. Which of the following statements is correct?

   1. Points W, Y, and Z represent both short-run and long-run equilibria.

   2. Points W, Y, Z, and X represent short-run equilibria.

   3. Points W, Y, and Z represent long-run equilibria.

   4. Points W and Z represent long-run equilibria.

3. Question 3

   1 Point

   When a competitive market experiences an increase in demand that increases production costs for existing firms and potential new entrants, which of the following is most likely to arise?

   1. The long-run market supply curve will be upward sloping.

   2. The condition of free entry into the market will be violated.

   3. Producer profits will fall in the long run.

   4. The long-run market supply curve will be horizontal as new firms enter and drive the price downward.

4. Question 4

   1 Point

   Scenario 14-5

   A study sponsored by the Food Consumer Safety Board found that consumption of irradiated tomatoes increased the health of laboratory rats. As a result of national press coverage of the report, the demand for irradiated tomatoes increased dramatically. Organic farmers were able to switch from organic production of tomatoes to irradiated production with no additional cost. Assume that the tomato market satisfies all of the assumptions of perfect competition.

   Refer to Scenario 14-5. As a result of the increase in the demand for tomatoes, we would predict that in the short run that the

   1. production of tomatoes would be at efficient scale.

   2. price of tomatoes would rise.

   3. total cost for existing irradiated tomato producers must rise.

   4. number of firms in the market would fall as prices fall and firms exit the market.

5. Question 5

   1 Point

   Figure 14-11

   Refer to Figure 14-11. The figure above is for a firm operating in a competitive industry. If there were four identical firms in the industry, which of the following price-quantity combinations would be on the market supply curve?

   Point

   Price

   Quantity

   A

   $4

   16

   B

   $4

   32

   C

   $6

   6

   D

   $8

   64

   1. A only

   2. A and C only

   3. B only

   4. B and D only

6. Question 6

   1 Point

   You purchase a $30, nonrefundable ticket to a play at a local theater. Ten minutes into the show you realize that it is not a very good show and place only a $10 value on seeing the remainder of the show. Alternatively you could leave the theater and go home and watch TV or read a book. You place an $8 value on watching TV and a $6 value on reading a book.

   1. You should leave the theater since the net benefit from seeing the remainder of the show is -$20, while going home will earn you at least $8 of satisfaction.

   2. You should stay and watch the remainder of the show.

   3. You should go home and watch TV.

   4. You should go home and read a book.

7. Question 7

   1 Point

   A firm that shuts down temporarily has to pay

   1. its variable costs but not its fixed costs.

   2. its fixed costs but not its variable costs.

   3. both its variable costs and its fixed costs.

   4. neither its variable costs nor its fixed costs.

8. Question 8

   1 Point

   Figure 14-5

   Suppose a firm operating in a competitive market has the following cost curves:

   Refer to Figure 14-5. When market price is P7, a profit-maximizing firm's short-run profits can be represented by the area

   1. P7 × Q5.

   2. P7 × Q3.

   3. (P7 - P5) × Q3.

   4. We are unable to determine the firm’s profits because the quantity that the firm would produce is not labeled on the graph.

9. Question 9

   1 Point

   Susan quit her job as a teacher, which paid her $36,000 per year, in order to start her own catering business. She spent $12,000 of her savings, which had been earning 10 percent interest per year, on equipment for her business. She also borrowed $12,000 from her bank at 10 percent interest, which she also spent on equipment. For the past several months she has spent $1,000 per month on ingredients and other variable costs. Also for the past several months she has taken in $3,500 in monthly revenue. In the short run, Susan should

   1. shut down her business, and in the long run she should exit the industry.

   2. continue to operate her business, but in the long run she should exit the industry.

   3. continue to operate her business, but in the long run she will probably face competition from newly entering firms.

   4. continue to operate her business, and she is also in long-run equilibrium.

10. Question 10

    1 Point

    Scenario 14-1

    Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit.

    Refer to Scenario 14-1. At Q = 1,000, the firm's profits equal

    1. -$200.

    2. $1,000.

    3. $3,000.

    4. $4,000.

11. Question 11

    1 Point

    Consider a competitive market with 50 identical firms. Suppose the market demand is given by the equation Q^D = 200 - 10P and the market supply is given by the equation Q^S = 10P. In addition, suppose the following table shows the marginal cost of production for various levels of output for firms in this market.

    Output

    Marginal Cost

    0

    --

    1

    $5

    2

    $10

    3

    $15

    4

    $20

    5

    $25

    How many units should a firm in this market produce to maximize profit?

    1. 1 unit

    2. 2 units

    3. 3 units

    4. 4 units

The quantity of savings that people are willing to supply will depend on:

The idea behind purchasing power parity is:  

If a central bank were to change the reserve requirement in an effort to increase the money supply, they would:

We say that money functions as a medium of exchange because it represents:

In Florida, it is against the law to sell essential commodities like food, water, ice, chemicals, and petroleum products at "unconscionable prices" during states of emergency.

This law, and laws like it in many other states or municipalities, are often referred to as anti-price gouging laws.

A) Based on the resources provided in the course, do such laws exacerbate shortages?

B) Do such laws make it easier for people to hoard or buy more than they need during states of emergency?

C) should businesses be allowed to raise prices on essential commodities?

• Understand what is meant by a firm and what their primary goal is.

• Understand what is meant by a production function and understand what the typical shape (with only one input changing) implies about marginal productivity (and why MPl will usually initially increase and then decrease).

• Understand the difference between the short run and the long run and how a short-run production function can be derived.

• Understand what is meant by APL and what the relationship is between APL and MPL

• Understand how isoquants can be used to represent technological constraint in the long run and what is true along each curve

• Understand how to interpret the slope of an isoquant and what usually happens to it as we move along a given curve.

• Understand the relationship between RTS and the Marginal products of the two inputs..

• Understand the law of diminishing marginal product and diminishing MRTS and how they differ.

• Understand the different returns to scale and why this is a long run concept and how you would determine if a production function exhibited increasing, decreasing or constant returns to scale.

• Understand what is meant by the elasticity of substitution and how it varies for different production technologies.

• Understand the shapes of different technologies ( perfect substitutes, perfect complements and Cobb-Douglas production function)

• Understand the important characteristics of a Cobb Douglas production function and how changes in alpha and beta affect the MRTS and how to determine if it has constant, increasing or decreasing returns to scale.

• Understand how to show both factor neutral technological progress and factor specific technological progress on the graph and how these differ.

If firms in a competitive industry begin to earn profit in the short run, new firms will enter. This will shift the industry

Group of answer choices

supply curve to the right, meaning market price will fall.

demand curve to the right, meaning market price will rise.

demand curve to the left, meaning market price will fall.

supply curve to the left, meaning market price will rise.