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Business Law 5-6
Module 3 (chapter 5-6)
| Question | Correct Answer |
|---|---|
| When was the Sherman Act Passed? | in 1890 |
| Makes certain practices conclusively unreasonable and therefore illegal? | Per Se Rule |
| True Or False: Section 2 Prohibits monopolization, any attempted monopolization or any agreement or conspiracy to monopolize any market for a particular product or service | True |
| A "suggested retail price" is not a violation of the antitrust laws. | True |
| A person who is harmed by a conspiracy that violates the Sherman Antitrust Act may sue the wrongdoers for treble damages, which is four times the actual damages. | False |
| A price reduction to one customer is lawful when it is made because of the deteriorated condition of the goods sold to that customer. | True |
| Passed in 1914 what strengthened the Sherman Act? | Clayton Act |
| What does the clayton act cover | Tying arrangements, exclusive dealing arrangements, mergers and acquisitions, and interlocking board of directors |
| What year was the Robinson-Patman Act enacted? | 1936 |
| What was the purpose of the Robinson-Patman Act? | To protect smaller business by limiting the large company's ability to command discriminatory discounts through its purchase power |
| Allow the Federal Trade Commission to enforce the other antitrust laws? | Federal Trade Commission Act |
| Horizontal restraints | Restraints among competitors |
| Vertical Restraints | Restraints through supply chain |
| True or False: Market power under the Sherman Act is defined by both geographic and product markets. | True |
| True or Falsae:Price discrimination is not permitted even when it can be justified on the basis of a difference in grade, quality, or quantity. | False |
| True or False: The Clayton Act prohibits price discrimination between different buyers of like commodities when the effect may be to substantially lessen competition. | True |
| What is a Monopoly? | A situation in which a single company or group owns all or nearly all of the market for a given type of product. |
| True or False: Monopoly is characterized by the lack of competion? | True |
| What is Market Power? | The ability to control price and exclude competitors . |
| What is Boycott? | Competitors refrain from dealing with certain buyers. |
| True or False:Boycotts are always illegal, even when done with good intentions. | True |
| What is An Administrative Agency? | a governmental body charged with administering and implementing legislation. |
| Administrative Agencies Include: | Securities Exchange Commission (SEC) Consumer Product Safety Commission (CPSC) Food and Drug Administration (FDA) |
| What does the Administrative Procedure Act do? | Open records Open meetings Public announcement of agency guidelines |
| Administrative Agencies have the power to? | investigate, to require persons to appear as witnesses, and to bring proceedings against those who violate the law. |
| True Or False: Administrative Agencies are limited and subject to the constitutional protections afforded individuals and businesses. | True |
| A significant difference between an administrative agency hearing and a court hearing is that: | there is no right of trial by jury before an agency |
| An administrative agency can be created to perform: | all three of the functions of government. |
| Generally, which power does an administrative agency possess? | all powers necessary to effectively perform the duties entrusted to it |
| Which Act mandates meeting are to be open to the public? | The Sunshine Act |
| Which amendment protects against self-incrimination cannot be invoked by a corporate officer when an agency has subpoenaed corporate records. | Fifth |
| True Or False: The "public comment" period for proposed administrative agency rules must be at least 90 days. | False |
| True or False: The Freedom of Information Act is intended to subject agency action to public scrutiny. | True |
| The United States constitution places the most significant limitations on administrative investigation in the area of | search and seizure of the person. |
| What is beyond the enforcement power of an agency? | convicting of criminal violations |
| True or False: Courts will reverse a decision if they disagree with the legal interpretation | True |
| What term means parties to an administrative action can appeal only after the agency has made a final decision? | parties to an administrative action can appeal only after the agency has made a final decision |
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