(b) A national bank sought permission from the comptroller of the currency to sell annuities.This permission was granted as incidental to the business of banking. The Variable AnnuityLife Insurance Company filed suit claiming the comptroller should not have granted thispermission. What standard of review of this administrative decision should courts apply?Plaintiffs purchased state lottery tickets and were winners along with 76 others. The state hadadvertised that $1,750,000 would be the prize, but it distributed only $744,471. Plaintiff suedthe lottery director, alleging fraud in the conduct of the lottery. The state lottery law providesfor administrative hearings upon complaints charging violations of the lottery law or of regulationsthereunder. It also allows any party adversely affected by a final order of the administrativeagency to seek judicial review. Must the plaintiffs exhaust their administrative remedies?Why or why not?Criticism of Administrative AgenciesDescribe four types of costs that businesses must absorb due to the regulatory process.Why has there been so little use of cost-benefit analysis when judging the merits of an agencysproposals and actions?(a) The FTC has responsibility for preventing unfair methods of competition and unfair anddeceptive business practices. Describe three examples of business activities that could bedeclared unlawful by the FTC pursuant to these powers.(b) Does the FTC have to prove that these examples involve violations of the Sherman or ClaytonActs to be successful in establishing an unfair method of competition or an unfair ordeceptive business practice? Explain.International Antitrust Enforcement