Business Law Basics Quiz
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Questions and Answers

Which of the following is a characteristic of business law?

  • It deals with criminal investigations
  • It governs the formation and operation of business entities (correct)
  • It regulates traffic laws
  • It focuses on environmental conservation

Which area does business law commonly cover?

  • Maritime law
  • Constitutional law
  • Family law
  • Contract law (correct)

What is the purpose of business law?

  • To oversee educational institutions
  • To regulate healthcare policies
  • To enforce labor laws
  • To provide a framework for business transactions (correct)

What does a price elasticity of -2 indicate?

<p>A one percent price rise leads to a two percent decline in quantity demanded (D)</p> Signup and view all the answers

What does it mean when a good is described as 'more elastic'?

<p>The good's elasticity has greater magnitude, ignoring the sign (D)</p> Signup and view all the answers

In which cases are price elasticities negative?

<p>In special cases (B)</p> Signup and view all the answers

When is demand for a good considered inelastic?

<p>When the elasticity is less than one in absolute value (C)</p> Signup and view all the answers

What are Veblen and Giffen goods examples of?

<p>Goods with positive elasticity, rare exceptions to the law of demand (C)</p> Signup and view all the answers

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