Question 1

A law that codified the ethics of exchange between buyers and sellers,including the rights to safety,to be informed,to choose,and to be heard,is referred to as the

Accepted Answer

The Consumer Bill of Rights codifies the ethics of exchange between buyers and sellers, including the four fundamental rights of consumers: the right to safety, to be informed, to choose, and to be heard. The Lanham Act is a trademark law, the Fair Practices Act is not a specific law, and the Caveat Emptor Decree is an outdated principle of buyer beware. The Customer Consent Decree is not a recognized law.

Question 2

In the private purchase of a used or "pre-owned" car,__________ places the burden on the buyer to make sure the car is worth the purchase price,so it is advisable to take the car first to a mechanic.This is because once the transaction is complete the buyer will not receive a warranty or return option from the seller.

Accepted Answer

"Caveat emptor" is a Latin term meaning "let the buyer beware." It places the responsibility on the buyer to ensure that they are getting a good deal and that the product or item being purchased is in good condition. This is especially important in private sales of used cars, as there is no guarantee or warranty included in the transaction. Therefore, it is advisable to have the car inspected by a mechanic to avoid any potential issues or hidden problems.

Question 3

The FTC is concerned about the amount of personal information that is collected through websites because the consumer is not made aware of how this information is being used.Over 92 percent of websites collect personal information,yet only about __________ make their customers aware of how that information is being used.

Accepted Answer

The answer of The FTC is concerned about the amount...

Question 4

Companies need to be vigilant in product quality testing not simply from an ethical perspective but from a financial one as well.Personal claims and property damage from consumer product safety incidents cost companies more than __________ annually.

Accepted Answer

The answer of Companies need to be vigilant in product...

Question 5

When shopping on the Internet,most consumers assume their personal information is confidential.Subscribers to America Online (AOL)were upset when AOL proposed giving member information to its partners without telling them.This is related most directly to consumers' right to

Accepted Answer

Consumers' right to be informed means that they have the right to know what information is being collected about them, how it is being used, and who it is being shared with. In this scenario, AOL proposing to give member information to partners without informing the members violates this right.

Question 6

The Securities and Exchange Commission (SEC)works hard to prevent unscrupulous companies from "cooking" their books to paint investors and regulators a better financial picture than they really have.Yet,in the end,it is up to investors to research the companies in which they want to invest because __________ is the norm when investing in the stock market.

Accepted Answer

The phrase "caveat emptor" means "buyer beware" and is used to emphasize that investors are responsible for researching and evaluating any potential investment opportunities. This is because fraudulent or unethical practices can still occur despite the efforts of the SEC to regulate the market.

Question 7

In 1962,President John F.Kennedy outlined a Consumer Bill of Rights that codified the ethics of exchange between buyers and sellers.These were the right: (1)__________; (2)to be informed; (3)to choose;and (4)to be heard.

Accepted Answer

The right to safety is one of the four rights outlined in the Consumer Bill of Rights. This right ensures that consumers are protected from hazardous products and services. The other three rights are the right to be informed, the right to choose, and the right to be heard. Privacy, compensation for product defects, and being treated with respect are not explicitly mentioned in the Consumer Bill of Rights.

Question 8

The Consumer Bill of Rights refers to a law that

Accepted Answer

The Consumer Bill of Rights, as first proposed by President John F. Kennedy in 1962 and later expanded upon, codified the rights of consumers in their exchange with sellers. These rights include the right to safety (i.e., protection against dangerous products), the right to be informed (i.e., the ability to access accurate and honest information about products and services), the right to choose (i.e., the ability to select from a variety of products and services), and the right to be heard (i.e., the ability to communicate feedback and complaints to sellers and have them addressed).

Question 9

Recently,a project team for Cosco,the world's largest children's products company,developed a high chair that could be used as an infant feeding seat,a youth chair,a play chair,a booster chair,and when reclined,an infant bed.Its design could be made and sold for $49.The marketing manager,in consultation with other middle managers,decided to have the prototypes checked out by Cosco employees who had small children.This was the only product testing performed on the product.Before Cosco pulled the unsafe chair from the market,several children were injured and some died as a result of using the chair.Cosco was charged with being unconcerned about consumers' right to

Accepted Answer

Cosco was charged with being unconcerned about consumers' right to safety, as the unsafe chair caused injury and death to children.

Question 10

In 1962,President John F.Kennedy outlined a Consumer Bill of Rights that codified the ethics of exchange between buyers and sellers.These were the right: (1)to safety; (2)__________; (3)to choose;and (4)to be heard.

Accepted Answer

The second right outlined in the Consumer Bill of Rights is the "right to be informed." This means that consumers have the right to be provided with accurate and truthful information about products and services so that they can make informed purchasing decisions.

Question 11

The Consumer Bill of Rights codified the ethics of exchange between buyers and sellers.It was outlined by __________ in __________.

Accepted Answer

The Consumer Bill of Rights was outlined by President John Kennedy in 1962 as a set of guidelines for businesses to follow when interacting with consumers. It consists of four basic rights: the right to safety, the right to be informed, the right to choose, and the right to be heard.

Question 12

In 1962,President John F.Kennedy outlined a Consumer Bill of Rights that codified the ethics of exchange between buyers and sellers.These were the right: (1)to safety; (2)to be informed; (3)to choose;and (4)__________.

Accepted Answer

The fourth right in the Consumer Bill of Rights is the right "to be heard," which means consumers have the right to voice their complaints and concerns about products and services they have purchased. This includes the right to be heard by government agencies, manufacturers, and sellers.

Question 13

Mattel's Cabbage Patch Snacktime Kids doll was designed to eat plastic toys that were drawn into the doll's motorized mouth.However,despite extensive testing,the doll was found to "eat" the child's hair and was subsequently recalled and discontinued.Mattel discontinued the item because of consumers' right to

Accepted Answer

The reason for discontinuing the Cabbage Patch Snacktime Kids doll was because it posed a safety risk to children by potentially eating their hair. Therefore, the best choice is D, safety.

Question 14

Dell Inc.learned that the lithium-ion batteries in its notebook computers posed a fire hazard to consumers.The company recalled 2.7 million batteries and gave consumers a replacement before any personal injuries resulted.Dell was most likely concerned with consumers' right to

Accepted Answer

Dell was most likely concerned with the safety of its consumers, as the faulty batteries posed a fire hazard.

Question 15

Recently,certain toys that were manufactured in China were found to have very high levels of lead in the paint and were recalled.This action protected consumers' right to

Accepted Answer

The high levels of lead in the paint of these toys posed a safety hazard to consumers, making the protection of safety the most relevant right in this situation.

Question 16

The Children's Online Privacy Protection Act (1998)is a law designed to protect consumers' right to

Accepted Answer

The answer of The Children's Online Privacy Protection Act (1998)is...

Question 17

A Pressure-Assist Flushing System for toilets,which uses air and water pressure to ensure a powerful flush,can burst inside toilet tanks,"releasing stored pressure," according to the Consumer Product Safety Commission.It was recently recalled following 14 reports of injuries.This action protected consumers' right to

Accepted Answer

The recall of the Pressure-Assist Flushing System was done to protect consumers' right to safety, as the product posed a risk of injury due to its potential to burst.

Question 18

The right to safety manifests itself in industry and federal safety standards for most products sold in the United States.The U.S.__________ routinely monitors the safety of 15,000 consumer products.

Accepted Answer

The Consumer Product Safety Commission is the federal agency responsible for monitoring the safety of consumer products in the United States. Therefore, it is the best choice for this question. The other options, such as the Chamber of Commerce, Better Business Bureau, Department of Commerce, and Consumer Protection Agency, do not have primary responsibility for monitoring the safety of consumer products in the same way that the Consumer Product Safety Commission does.

Question 19

Investors should understand that when purchasing stock,the principle of __________ is in effect.It is in the best interests of investors to do research on the company,so they will make a wise purchase.

Accepted Answer

The principle of "caveat emptor" or "buyer beware" is in effect when purchasing stock, meaning that it is the responsibility of the buyer to do their own research and understand the potential risks and rewards of the investment. It is in the best interests of investors to do their due diligence and make an informed decision before purchasing stock.

Question 20

In 1962,President John F.Kennedy outlined a Consumer Bill of Rights that codified the ethics of exchange between buyers and sellers.These were the right: (1)to safety; (2)to be informed; (3)__________;and (4)to be heard.

Accepted Answer

The third right in Kennedy's Consumer Bill of Rights is the right to choose, which gives consumers the freedom to select from a range of products offered by different sellers.

Quiz 4: Ethical and Social Responsibility in Marketing

A law that codified the ethics of exchange between buyers and sellers,including the rights to safety,to be informed,to choose,and to be heard,is referred to as the

Companies need to be vigilant in product quality testing not simply from an ethical perspective but from a financial one as well.Personal claims and property damage from consumer product safety incidents cost companies more than __________ annually.

When shopping on the Internet,most consumers assume their personal information is confidential.Subscribers to America Online (AOL) were upset when AOL proposed giving member information to its partners without telling them.This is related most directly to consumers' right to

In 1962,President John F.Kennedy outlined a Consumer Bill of Rights that codified the ethics of exchange between buyers and sellers.These were the right: (1) __________; (2) to be informed; (3) to choose;and (4) to be heard.

The Consumer Bill of Rights refers to a law that

In 1962,President John F.Kennedy outlined a Consumer Bill of Rights that codified the ethics of exchange between buyers and sellers.These were the right: (1) to safety; (2) __________; (3) to choose;and (4) to be heard.

The Consumer Bill of Rights codified the ethics of exchange between buyers and sellers.It was outlined by in .

In 1962,President John F.Kennedy outlined a Consumer Bill of Rights that codified the ethics of exchange between buyers and sellers.These were the right: (1) to safety; (2) to be informed; (3) to choose;and (4) __________.

Dell Inc.learned that the lithium-ion batteries in its notebook computers posed a fire hazard to consumers.The company recalled 2.7 million batteries and gave consumers a replacement before any personal injuries resulted.Dell was most likely concerned with consumers' right to

Recently,certain toys that were manufactured in China were found to have very high levels of lead in the paint and were recalled.This action protected consumers' right to

The Children's Online Privacy Protection Act (1998) is a law designed to protect consumers' right to

The right to safety manifests itself in industry and federal safety standards for most products sold in the United States.The U.S.__________ routinely monitors the safety of 15,000 consumer products.

Investors should understand that when purchasing stock,the principle of __________ is in effect.It is in the best interests of investors to do research on the company,so they will make a wise purchase.

In 1962,President John F.Kennedy outlined a Consumer Bill of Rights that codified the ethics of exchange between buyers and sellers.These were the right: (1) to safety; (2) to be informed; (3) __________;and (4) to be heard.