Chapter 11 - Business Law Review

In a market economy, a country’s economic health depends on businesses doing well.

• True

• False

Monopolies limit choice, but oligopolies promote choice.

• True

• False

Contracts are only valid when written.

• True

• False

Government is the largest provider of services in the country.

• True

• False

People and businesses mainly pay for government-provided goods and services through taxes.

• True

• False

One of government’s roles is to

• generate sales revenues.

• foster economic success.

• provide health care for all its citizens.

• guarantee the safety of all citizens.

The U.S. government passed antitrust laws to

• restrict trade

• ensure product safety.

• encourage monopolies.

• promote competition.

The FTC stands for

• Federal Tariff Commission.

• Fair Trademark Commission.

• Federal Trade Commission.

• Fair Tax Commission.

In the United States, the length of a copyright term is the life of the author plus

• 10 years

• 50 years

• 25 years

• 70 years

No one can copy a patented product or process without permission

• for 10 years after the inventor’s death.

• as long as the inventor is alive.

• for 20 years after the inventor filed his or her application with the U.S. Patent and Trademark Office.

• until the invention is no longer in use.