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STUDY CHAPTERS 5&6

GOVERMENT REGULATION & ADMIN AGENCYS!

TermDefinition
WHO IS A PYRAMID/ _ _ _ _ _ _ SCHEME NAMED AFTER? Charles Ponzi.
WHAT WAS BERNIE MADOFF'S SENTENCE? 150 YEARS
. Under the Clayton Act, when large-scale enterprises plan to merge, they must in advance: (A) notify the NYSE. (B) notify the President of the United States. (C) complete the necessary financing arrangements. (D) notify the Antitrust DOD-J. Answer : (D
Criminal penalties are possible under the Sherman Act. (A) True (B) False (A)
Decisions made by agencies are more likely to be reversed than to be accepted by the court on appeal. (A) True (B) False (B)
. The Robinson-Patman Act guarantees a seller the right to refuse to deal with anyone for any reason or purpose. (A) True (B) False (B)
Because administrative agencies have broad powers, they are subject to strict procedural rules as well as disclosure requirements. (A) True (B) False (A)
Unfair competition is controlled by: (A) statutes. (B) administrative agencies. (C) administrative regulations. (D) all of these. (D)
In an admin hearing, an admin law judge hears the complaint and has the authority to swear witnesses, take testimony, make evidentiary rulings, and make a decision to recommend to the admin agency heads for action. (A) T (B) F A
Price discrim is expressly permitted in all of the foll except: (A) In diff involving product grade or quality. (B) When involving the cost of trans. (C) When making good faith efforts to meet the comp. (D) In sit involving resale price maintenance. (D)
The Sherm Act does not proh (A) a comp from engaging in purposeful conduct to xclud comp (B) a seller from dominating a market cause of superior product or bus. (C) competitors from agree not to deal with certain buyers. (D) contracts to fix prices. (B)
A violator of the Sherman Act may be subject to: (A) fine only. (B) imprisonment only. (C) both fine and imprisonment. (D) neither fine nor imprisonment. (C)
0. An administrative agency whose erroneous decision causes a regulated person or enterprise substantial loss is liable for such loss regardless of whether the agency acted in good faith. (A) True (B) False (B)
It is a conflict of interest for administrative agencies to allow members of the industry that is to be regulated, to participate in rule-making deliberations. (A) True (B) False (B)
For violation of the Sherman Act, the maximum fine that may be imposed on a natural person is: (A) $1 million. (B) $500,000. (C) $0. (D) $100 million. (A)
When the effect of an antitrust vio is to raise prices: (A) damages are auto considered doubled. (B) each plaintiff must sue individually. (C) impri for the guilty is mandatory. (D) the state att general may bring a class action suit for damages. (D)
The "public comment" period for proposed administrative agency rules must be at least __________ days. (A) 30 (B) 60 (C) 90 (D) 120 (A)
The US con places the most sign limits on administrative investigation in the area of: (A) search and seizure of the person. (B) aerial inspection. (C) search and seizure of papers and records. (D) guarantee against self-incrimination. (A)
The Free Info Act: (A) is to be strictly construed to prevent unautho disclosures. (B) has too many exempTS to be useful. (C) is intended to subject agency action to pub scrutiny. (D) puts the burden of proof upon the person requesting the info. (C)
Generally, which power(s) does (do) an administrative agency possess? (A) all powers necessary to effectively perform the duties entrusted to it (B) legislative only (C) judicial only (D) executive only (A)
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. (B)
Boycotts are always illegal, even when done with good intentions. (A) True (B) False (A)
Nobel economist Milton Friedman believes that government regulation of business interferes with the free enterprise system. (A) True (B) False (A)
Created by: ROCKETMOM1212
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