Exam 19: Consumer Protection

The Electronic Fund Transfer Act concerns liability limits for stolen ATM cards. Which statement is correct about maximum consumer liability:

The Food and Drug Administration has a ____ annual budget.

The Consumer Leasing Act would apply to a lease of furniture for an apartment for a year.

Which of the following is often contained in consent decrees agreed upon by the parties charged in an FTC complaint:

A noteworthy change at the FDA in recent years is its:

If you lose the bank card you use to withdraw cash from your bank by machine, and you report it to the bank within two days, you are liable for how much in losses?

The Consumer Credit Protection Act was passed in:

The FTC's Disposal Rule:

A consumer buys furniture. The store gives the consumer $2,000 credit to be paid back over two years. The store fails to disclose the interest rate that it charges for credit. Under the Truth-in-Lending Act, the store is wrong for not listing the interest:

In Wyeth v. Levine the Supreme Court held that FDA approval of the warning label on a drug set the federal standard that was not subject to change without FDA approval.

In Chuway v. National Action Financial Services, where Chuway received a letter from debt collector National that requested payment of the amount she owed on a debt, the appeals court held that the debt collector used:

Consumers must hire a "credit repair" specialist to get mistakes in consumer (credit) reports corrected.

The Fair and Accurate Credit Transactions Act (FACT Act) requires credit card receipts to show no more than the last few numbers on a credit card.

Which of the following was a factor in triggering the passage of the Pure Food and Drug Act:

The Department of Agriculture has primary responsibility for sanitation of foods; the FDA focuses on food additives.

The "learned intermediary" doctrine:

To the FDA "low fat" means less than 10 grams of fat per serving.

The 1906 Pure Food and Drug Act was the first step by the federal government to regulate food safety.

Which of the following is an example of an FTC trade regulation rule?

The Food, Drug and Cosmetic Act of 1938 allowed the FDA to impose pure food standards for the first time.