Question

Most consumer fraud cases are not brought because of the small amount involved. Would you support...

Most consumer fraud cases are not brought because of the small amount involved. Would you support a system where punitive damages would be assessed in a fixed amount for every instance of consumer fraud?

Business   Operations-Management   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

No. Punitive damages assessed in a fixed amount for every instance of consumer fraud is doesn't serve the purpose of deterring the fraud to be conducted again. Small consumer frauds often go undetected. For example, retailers charging a very high amount (1.5-2 times) the MRP/MSP of a product in a remote place, even though they have bought the products from a distributor at discounts below the MRP/MSP which is the industry norm, some retailers charging Rs. 5/- extra for each 600ml bottle of Pepsi/Coke with MRP/MSP of 35/- and claiming extra Rs. 5/- as refrigeration fee for keeping in cold.

A system which imposes a very high initial amount as fine for first instance of fraud and increasing fines for subsequent instances by the same entity is one which can help deter such frauds by creating a fear in the minds of people not conduct such frauds at all.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Q 3.6 (Valley Forge Income Tax Advice) VF is a small accounting firm supporting wealthy individuals...
Q 3.6 (Valley Forge Income Tax Advice) VF is a small accounting firm supporting wealthy individuals in their preparation of annual income tax statements. Every December, VF sends out a short survey to their customers, asking for the information required for preparing the tax statements. Based on 24 years of experience, VF categorizes their cases into the following groups: • Group 1 (new customers, easy): 15 percent of cases • Group 2 (new customers, complex): 5 percent of cases •...
Willowbrook School Willowbrook School is a small private school that has retained you to assist in...
Willowbrook School Willowbrook School is a small private school that has retained you to assist in the development of a new information system for the school’s administrative needs. Background Willowbrook School has decided to proceed to the systems analysis phase, based on the findings and proposal you presented after the preliminary investigation. A summary of your fact-finding is as follows: Fact-Finding Summary Billing and payments for Willowbrook School have two components, tuition, and after care. Tuition is a fixed fee,...
[9] An opportunity cost: A) exists only for decisions involving expenditures of money. B) exists because...
[9] An opportunity cost: A) exists only for decisions involving expenditures of money. B) exists because there is only one way money and time can be spent. C) is equal to the value of what is given up to make a purchase or take an action. D) accompanies every decision made by individuals and businesses, but not by government because that reflects the wishes of society. [10] The opportunity cost of a purchase is: A) zero if the item is...
Winkle, Kotter, and Zale is a small law firm that contains 10 partners and 12 support...
Winkle, Kotter, and Zale is a small law firm that contains 10 partners and 12 support persons. The firm employs a job-order costing system to accumulate costs chargeable to each client, and it is organized into two departments—the Research and Documents Department and the Litigation Department. The firm uses predetermined overhead rates to charge the costs of these departments to its clients. At the beginning of the current year, the firm's management made the following estimates for the year:      ...
What is the chance a randomly selected employee would get a non-zero bonus amount? What is...
What is the chance a randomly selected employee would get a non-zero bonus amount? What is the chance a randomly selected employee would get at least $6000? What is the expected bonus value of the bonus amounts? What are the variance and standard deviation of the bonus amount? Binomial Suppose according to past data for a small boutique, about 30% of the customers who walk into the store purchase at least one item. Today 10 individual customers walked into the...
Total utility can be objectively measured in numbers that indicate usefulness or benefit to the consumer....
Total utility can be objectively measured in numbers that indicate usefulness or benefit to the consumer. ____ 2. Consumers should purchase quantities of a good to the point where MU > P. ____ 3. Voluntary exchange requires that there must be mutual gain. ____ 4. Points along a budget line represent the maximum combinations of two commodities that a consumer can afford. ____ 5. The budget line represents a consumer's preferences for a commodity. ____ 6. A change in consumer...
Financial information for the project: 1. You decide to open a small business in Charleston, WV...
Financial information for the project: 1. You decide to open a small business in Charleston, WV that will cater primarily to busy office workers downtown. You are going to offer a gourmet box lunch to be delivered to any office with a minimum number of 5 orders. This lunch will include a gourmet sandwich, a bag of chips, a cookie, and a bottle of water. Because you are using only the finest ingredients, you will charge $9.15per lunch. 2. The...
Case Study: Henderson Printing is a small- to medium-sized manufacturer of account books, ledgers, and various...
Case Study: Henderson Printing is a small- to medium-sized manufacturer of account books, ledgers, and various types of record books used in business. Located in Halifax, the company has annual sales of about $12 million, mostly in the Atlantic provinces. The owner, George Henderson, is a firm believer in making a high-quality product that will stand up to many years of use. He uses only high-grade paper, cover stock, and binding materials. Of course, this has led to high production...
QUESTION 1 Which one of the following would NOT be necessary for an offer to have...
QUESTION 1 Which one of the following would NOT be necessary for an offer to have legal standing? A. The language must reflect the intent to become a party to a contract. B. All of the conditions under which the offer would be terminated must be identified. C. All the significant terms and/or conditions must be contained in the offer. D. The offer must be effectively communicated to the other party. 3 points    QUESTION 2 Which one of the...
Which of the following is most likely true of your business strategy if you decide to...
Which of the following is most likely true of your business strategy if you decide to open a small local theater? You will need to get the top movies to compete directly with the theater chains You will not be able to succeed due to barriers to entry You will likely look to run independent films or otherwise avoid directly competing with theater chains Barriers to entry will be your best chance of achieving economic success Antitrust laws will probably...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT