146.Most cartels are: A)illegal in the United States as a result of the Sherman Antitrust Act. B)illegal everywhere in the world. C)legal in the United States as long as the government is able to regulate prices in the market. D)legal in the United States as long as the firms involved are foreign-owned. Ans:A Difficulty:Easy Skill Descriptor:Concept-Based Topic:Government Policy toward Cartels and Oligopolies
147.Antitrust laws: A)give the government the power to tax the trust funds of the children of rich families. B)ensure that everyone keeps his or her promises. C)give the government the power to prohibit or regulate anticompetitive business practices. D)offer subsidies for cartels. Ans:C Difficulty:Easy Skill Descriptor:Definitional Topic:Government Policy toward Cartels and Oligopolies 148.The United States uses ______ to prevent businesses from engaging in anticompetitive practices. A)fiduciary regulations B)blue laws C)antitrust laws D)monetary and fiscal policy Ans:C Difficulty:Medium Skill Descriptor:Fact-Based Topic:Government Policy toward Cartels and Oligopolies 149.Cartels in the United States were outlawed with the passage of the: A)ACA Act of 1957. B)Sherman Antitrust Act of 1890. C)Fair Labor Standards Act of 1938. D)Wagner Act of 1935. Ans:B Difficulty:Easy Skill Descriptor:Fact-Based Topic:Government Policy toward Cartels and Oligopolies
150.In the 1970s, the Department of Justice sued: A)MCI. B)Sprint. C)AT&T. D)GTE Ans:C Difficulty:Medium Skill Descriptor:Concept-Based Topic:Government Policy toward Cartels and Oligopolies 151.In the 1990s, the FBI and Department of Justice sued: A)Avomeen. B)Archer Daniels Midland. C)Bunge Limited. D)the Andersons Inc. Ans:B Difficulty:Medium Skill Descriptor:Concept-Based Topic:Government Policy toward Cartels and Oligopolies 152.The milk industry in the United States: A)consists of government-controlled cartels that raise the price of milk and punish any seller who violates the cartel. B)is currently in violation of antitrust laws, according to the President's legal staff. C)shows how competition from new rivals can reduce the power of cartels. D)was exposed by the FBI for conspiring to raise prices. Ans:A Difficulty:Medium Skill Descriptor:Fact-Based Topic:Government Policy toward Cartels and Oligopolies 153.Which of the following is NOT an example of a government-supported cartel? A)local laws restricting the number of cab companies that may operate in a particular township B)milk cartel in the United States
C)OPEC D)government subsidies supporting innovation in clean-coal industries Ans:D Difficulty:Medium Skill Descriptor:Critical-Thinking Topic:Government Policy toward Cartels and Oligopolies
Want to read all 79 pages?
Previewing 57 of 79 pages Upload your study docs or become a member.
Want to read all 79 pages?
Previewing 57 of 79 pages Upload your study docs or become a member.
End of preview
Want to read all 79 pages? Upload your study docs or become a member.