Skip to ContentGo to accessibility pageKeyboard shortcuts menu
OpenStax Logo
Business Law I Essentials

Assessment Questions

Business Law I EssentialsAssessment Questions
Menu
Table of contents
  1. Preface
  2. 1 American Law, Legal Reasoning, and the Legal System
    1. Introduction
    2. 1.1 Basic American Legal Principles
    3. 1.2 Sources and Types of Law
    4. 1.3 Important Business Laws and Regulations
    5. Assessment Questions
    6. Endnotes
  3. 2 Disputes and Dispute Settlement
    1. Introduction
    2. 2.1 Negotiation
    3. 2.2 Mediation
    4. 2.3 Arbitration
    5. Assessment Questions
    6. Endnotes
  4. 3 Business Ethics and Social Responsibility
    1. Introduction
    2. 3.1 Business Ethics
    3. 3.2 Social Responsibility
    4. Assessment Questions
    5. Endnotes
  5. 4 Business and the United States Constitution
    1. Introduction
    2. 4.1 Commerce Clause
    3. 4.2 Constitutional Protections
    4. Assessment Questions
    5. Endnotes
  6. 5 Criminal Liability
    1. Introduction
    2. 5.1 Common Business Crimes
    3. 5.2 Civil vs. Criminal Liability
    4. Assessment Questions
    5. Endnotes
  7. 6 The Tort System
    1. Introduction
    2. 6.1 Intentional Torts and Negligence
    3. 6.2 Product and Strict Liability
    4. Assessment Questions
    5. Endnotes
  8. 7 Contract Law
    1. Introduction
    2. 7.1 Agreement, Consideration, and Promissory Estoppel
    3. 7.2 Capacity and Legality
    4. 7.3 Breach of Contract and Remedies
    5. Assessment Questions
    6. Endnotes
  9. 8 Sales Contracts
    1. Introduction
    2. 8.1 The Nature and Origins of Sales Contracts
    3. 8.2 Warranties and Sales Contracts
    4. Assessment Questions
    5. Endnotes
  10. 9 Employment and Labor Law
    1. Introduction
    2. 9.1 Employment, Worker Protection, and Immigration Law
    3. 9.2 Labor Law
    4. 9.3 Equal Opportunity in Employment
    5. Assessment Questions
    6. Endnotes
  11. 10 Government Regulation
    1. Introduction
    2. 10.1 Administrative Law
    3. 10.2 Regulatory Agencies
    4. Assessment Questions
    5. Endnotes
  12. 11 Antitrust Law
    1. Introduction
    2. 11.1 History of Antitrust Law
    3. 11.2 Antitrust Laws
    4. Assessment Questions
    5. Endnotes
  13. 12 Unfair Trade Practices and the Federal Trade Commission
    1. Introduction
    2. 12.1 Unfair Trade Practices
    3. 12.2 The Federal Trade Commission
    4. Assessment Questions
    5. Endnotes
  14. 13 International Law
    1. Introduction
    2. 13.1 Introduction to International Law
    3. 13.2 Sources and Practice of International Law
    4. Assessment Questions
    5. Endnotes
  15. 14 Securities Regulation
    1. Introduction
    2. 14.1 Liability Under the Securities Act
    3. 14.2 The Framework of Securities Regulation
    4. Assessment Questions
    5. Endnotes
  16. Answer Key
    1. Chapter 1
    2. Chapter 2
    3. Chapter 3
    4. Chapter 4
    5. Chapter 5
    6. Chapter 6
    7. Chapter 7
    8. Chapter 8
    9. Chapter 9
    10. Chapter 10
    11. Chapter 11
    12. Chapter 12
    13. Chapter 13
    14. Chapter 14
  17. Index
1.

All of the following are forms of restraint of trade that company might use to reduce competition except:

  1. Monopolies.
  2. Oversupply.
  3. Price-fixing.
  4. Mergers.
2.

What is a Business Trust?

3.

Distinguish between naked restraint and ancillary restraint.

4.

What was the first antitrust law enacted?.

  1. The Clayton Act.
  2. The Federal Trade Commission Act.
  3. The Antitrust Act.
  4. The Sherman Act.
5.

What was the original purpose of antitrust legislation?

6.

What recourse does the FTC have if an individual or company engages in an unfair trade practice?

  1. Consent order.
  2. Administrative complaint.
  3. Litigation.
  4. All of the above.
7.

Each state has its own Antitrust law.

  1. True.
  2. Fasle.
8.

Which of the following is not prohibited by the Sherman Act?

  1. Temporary limited restraints.
  2. Temporary restraints.
  3. Naked restraints.
  4. Ancillary restraints.
9.

Which of the following are possible penalties for violation of the Sherman Act?

  1. Up to $100 million for corporations and individuals.
  2. Up to $100 million for individuals.
  3. Up to $100 millions for corporations.
  4. None of these are correct.
10.

Which of the following are considered illegal by the Clayton Act?

  1. Price discrimination.
  2. Exclusive dealing contracts.
  3. Corporate mergers.
  4. All of the above.
11.

The following are exempt from antitrust laws:

  1. Small businesses.
  2. Coops.
  3. Labor unions.
  4. Agriculture groups even if they engage in restraint of trade.
12.

When was the Federal Trade Commission established?

  1. 1912.
  2. 1914.
  3. 1916.
  4. 1920.
13.

The following are bureaus of the Federal Trade Commission except:

  1. Bureau of Unfair Trade Practices.
  2. Bureau of Consumer Protection.
  3. Bureau of Competition.
  4. Bureau Economics.
14.

What is the mission of the Bureau of Competition?

15.

Explain the Wheeler-Lea Act.

PreviousNext
Order a print copy

As an Amazon Associate we earn from qualifying purchases.

Citation/Attribution

Want to cite, share, or modify this book? This book uses the Creative Commons Attribution-NonCommercial-ShareAlike License and you must attribute OpenStax.

Attribution information
  • If you are redistributing all or part of this book in a print format, then you must include on every physical page the following attribution:
    Access for free at https://openstax.org/books/business-law-i-essentials/pages/1-introduction
  • If you are redistributing all or part of this book in a digital format, then you must include on every digital page view the following attribution:
    Access for free at https://openstax.org/books/business-law-i-essentials/pages/1-introduction
Citation information

© Mar 31, 2023 OpenStax. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike License . The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo are not subject to the Creative Commons license and may not be reproduced without the prior and express written consent of Rice University.