Business & Governmental Regulation Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. According to this lesson, what is the definition of tariff?

Question 2 2. Which of the following is an actual example of a tariff?

Question 3 3. One of the most important purposes of the Sherman Antitrust Act is to:

Question 4 4.

Consider a scenario where there has been a decrease in the exchange rate of the American dollar.

How will the inflation and import prices vary?

Question 5 5. Which of the following examples demonstrates a tariff?

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Question 6 6. Identify the situation where a weak currency, or lower exchange rate, can be beneficial.

Question 7 7. What economic problem occurred in 2008 that led to the passage of the Dodd-Frank Act?

Question 8 8. Which of following are not funded by tax revenue?

Question 9 9. What is the term for money granted by the government to assist an industry or business so that the price of their products or services may remain low?

Question 10 10. When the American dollar buys more than its equivalent in another currency, it is considered to be _____ the other currency.

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Question 11 11. An increase in the value of a domestic currency will mainly affect _____.

Question 12 12. What theory seeks to explain that individuals who act in their own self-interest might deplete a common resource important to a whole group of people?

Question 13 13. Why might a country place a tariff on imports?

Question 14 14. A former employee sued his company for patent infringement. He claimed that they were trying to establish a monopoly and that they cost him his life's savings. The jury ruled in his favor and decided the company needed to pay him $20 million. The court chose to use a provision of the Clayton Act called treble damages, meaning that the company had to pay _____.

Question 15 15. The act that regulates fair competition by enlisting the help of the Federal Trade Commission is the:

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Question 16 16. Economic regulators are responsible for overseeing which of the following industries?

Question 17 17. What is the term for compulsory contributions to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions?

Question 18 18. What is defined as the basic physical and organizational structures needed for the operation of a society?

Question 19 19. What risk does a country assume when they place tariffs on imports?

Question 20 20. Technoprinters developed a new printer that everyone wants. The printer can only use the ink cartridges that they manufacture. As a result, people must buy complementary products from them. Why is this illegal?

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Question 21 21. How did increased regulation impact the mortgage market after 2008?

Question 22 22. Which of these is not an example of a subsidy?

Question 23 23. Why might a government decide to grant a monopoly in a heavily regulated industry?

Question 24 24. What would you expect if there is an increase in exchange rate?

Question 25 25. Sam, Mike, and Maurice all own drywall companies. They want to be able to win every bid. They decide that one of them will submit a low bid, while the other two submit higher prices. They take turns doing this, so each of them will get the job at some point in time. What is this called?

Business & Governmental Regulation Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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