BUS 241 Quiz 2 Chp 5-6 - Assignment Essays %

question

The government can regulate not just businesses, but also business competition and prices.

answer

True

question

Nobel economist Milton Friedman believes that government regulation of business interferes with the free enterprise system.

answer

True

question

An agreement to charge an agreed-upon price or to set maximum or minimum prices between or among competitors is called price fixing but it is not per se a violation of the Sherman Act.

answer

False

question

Governments may regulate prices but not credit terms.

answer

False

question

Each of the states and the federal government have statutes and regulations that prohibit unfair methods of competition.

answer

True

question

The Federal Trade Commission administers the law prohibiting unfair methods of competition.

answer

True

question

An agreement between real estate brokers to never charge a commission less than 6% is not an example of price fixing.

answer

False

question

The Sherman Act applies only to buying and selling activities, not manufacturing and production activities.

answer

False

question

Having a large percentage of the market is not necessarily a monopoly.

answer

True

question

Boycotts are always illegal, even when done with good intentions.

answer

True

question

An administrative agency is a governmental body charged with administering and implementing legislation.

answer

True

question

Administrative agencies may make the rules, police the community to see the rules are obeyed, and sit in judgment to determine violations of their rules.

answer

True

question

Because administrative agencies have broad powers, they are subject to strict procedural rules as well as disclosure requirements.

answer

True

question

The modern administrative agency typically possesses legislative, executive, and judicial powers.

answer

True

question

The Freedom of Information Act provides access to any information upon request.

answer

False

question

The public has access to the activity of administrative agencies in three ways: (1) open records, (2) open meetings, and (3) public announcement of agency guidelines.

answer

True

question

The Administrative Procedure Act is a federal law that establishes the operating rules for administrative agencies.

answer

True

question

The Sunshine Act requires most meetings of major administrative agencies to be open to the public.

answer

True

question

In an emergency, an administrative agency can act beyond the scope of the statute that created it.

answer

False

question

The Electronic Freedom of Information Act Amendments of 1996 extend the public availability of information to electronically stored data.

answer

True

1 of 20

question

The government can regulate not just businesses, but also business competition and prices.

answer

True

question

Nobel economist Milton Friedman believes that government regulation of business interferes with the free enterprise system.

answer

True

question

An agreement to charge an agreed-upon price or to set maximum or minimum prices between or among competitors is called price fixing but it is not per se a violation of the Sherman Act.

answer

False

question

Governments may regulate prices but not credit terms.

answer

False

question

Each of the states and the federal government have statutes and regulations that prohibit unfair methods of competition.

answer

True

question

The Federal Trade Commission administers the law prohibiting unfair methods of competition.

answer

True

question

An agreement between real estate brokers to never charge a commission less than 6% is not an example of price fixing.

answer

False

question

The Sherman Act applies only to buying and selling activities, not manufacturing and production activities.

answer

False

question

Having a large percentage of the market is not necessarily a monopoly.

answer

True

question

Boycotts are always illegal, even when done with good intentions.

answer

True

question

An administrative agency is a governmental body charged with administering and implementing legislation.

answer

True

question

Administrative agencies may make the rules, police the community to see the rules are obeyed, and sit in judgment to determine violations of their rules.

answer

True

question

Because administrative agencies have broad powers, they are subject to strict procedural rules as well as disclosure requirements.

answer

True

question

The modern administrative agency typically possesses legislative, executive, and judicial powers.

answer

True

question

The Freedom of Information Act provides access to any information upon request.

answer

False

question

The public has access to the activity of administrative agencies in three ways: (1) open records, (2) open meetings, and (3) public announcement of agency guidelines.

answer

True

question

The Administrative Procedure Act is a federal law that establishes the operating rules for administrative agencies.

answer

True

question

The Sunshine Act requires most meetings of major administrative agencies to be open to the public.

answer

True

question

In an emergency, an administrative agency can act beyond the scope of the statute that created it.

answer

False

question

The Electronic Freedom of Information Act Amendments of 1996 extend the public availability of information to electronically stored data.

answer

True

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