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Government Regs
Government Regulations of Competition and Prices and Administrative Agencies
| Question | Answer |
|---|---|
| Who has the power to regulate businesses? | The federal government |
| What was created to prevent competitors from creating barriers, collude, or control prices? | Antitrust laws |
| What 4 acts were created to prevent unfair competition? | Sherman Act, Clayton Act, Robinson-Patman Act, and the Federal Trade Commission Act |
| Which act is considered the mos important Antitrust Law? | Sherman Antitrust Act |
| What is the purpose of Per se rule? | To make certain practices conclusively unreasonable and therefore, illegal. |
| Which act prevented companies from acquiring stock from another company also known as anti-monopoly? | Clayton Act |
| Which act was created to protect smaller businesses by limiting larger companies ability to command discounts through its purchasing power? | Robinson-Patman Act |
| Which act was enacted in 1936 and focused on discrimination in prices for products of like grade and quality? | Robinson-Patman Act |
| This act prohibits unfair methods of competition and deceptive practices | Federal Trade Commission Act |
| What are vertical restraints? | Restraints through the supply chain |
| Agreements between competitors on exchange costs and credit terms is called? | Price fixing |
| A single company or group that owns all or nearly all of the market for a given type of product/service is called? | A monopoly |
| A monopoly is prohibited under which act? | Sherman Antitrust Act |
| Which act prohibits mergers among competitors that could create a monopoly? | Clayton Act |
| What governmental body is charged with administering and implementing legislation? | An Administrative Agency |
| An agency can begin rule making once it is formed? | False, it must be given jurisdiction by Congressional Enabling Act |
| Which agency is responsible for protecting investors? | Securities and Exchange Commission (SEC) |
| In order to reduce the risk of injuries and deaths from consumer products this government agency was developed. | The Consumer Product Safety Commission |
| What agency is responsible for new product reviews, product standards and regulations, research, as well as the enforcement of correcting problems found in items? | Food and Drug Administration |
| Food and Drug Administration Act covers human food and medication only. | False, they also cover animal drugs, cosmetics, medical products and devices |
Created by:
Chanti
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