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| 1 | |
A __________ is a business arrangement in which stock owners appoint beneficiaries and place their securities with trustees, who manage the company and pay a share of their earnings to their stockholders. |
| | A) | Tryst |
| | B) | Trust |
| | C) | Triumvirate |
| | D) | Treaty |
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| 2 | |
The __________ Antitrust Act attempts to stop __________ from unfairly restricting market competition. |
| | A) | Burnsides; trysts |
| | B) | Sherman; trusts |
| | C) | Grant; triumvirates |
| | D) | McClellan; treaties |
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| 3 | |
__________ school theorists argue that the central, and perhaps only, purpose of antitrust law is to encourage economic efficiency, that is, getting the most output from the least input. |
| | A) | Chicago |
| | B) | New York |
| | C) | Boston |
| | D) | Los Angeles |
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| 4 | |
To constitute a violation of Section 1 of the Sherman Act, a business act or practice must have all but which of the following characteristics? |
| | A) | A combination, contract, or conspiracy |
| | B) | An unreasonable restraint on trade |
| | C) | An unreasonable restraint that affects intrastate commerce |
| | D) | A restraint that affects interstate commerce |
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| 5 | |
When two (2) or more competitors agree to set prices for a product or service, they are engaging in price __________. |
| | A) | Establishment |
| | B) | Fixing |
| | C) | Standardization |
| | D) | Triggering |
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| 6 | |
__________ power is the ability to control price and drive competitors out of the market. |
| | A) | Monopoly |
| | B) | Near-monopoly |
| | C) | Oligopoly |
| | D) | Competitive |
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| 7 | |
A seller engages in __________ when it sells the same goods to competing buyers for different prices. |
| | A) | Competitive pricing |
| | B) | Price differentiation |
| | C) | Price discrimination |
| | D) | None of the above |
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| 8 | |
A(n) __________ contract is an agreement in which a seller requires that a buyer purchase products supplied only by that seller. |
| | A) | Binding |
| | B) | Exclusive-dealing |
| | C) | Non-exclusive dealing |
| | D) | None of the above |
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| 9 | |
When a seller agrees to sell a product to a buyer on the condition that the buyer will also purchase another product, the seller has created a __________ arrangement. |
| | A) | "Cost-plus" |
| | B) | Binding |
| | C) | Tying |
| | D) | None of the above |
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| 10 | |
A merger between two or more companies producing the same or similar products is a(n) __________ merger. |
| | A) | Horizontal |
| | B) | Vertical |
| | C) | Symmetrical |
| | D) | Asymmetrical |
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