1.Legal protection of private property is critical in a capitalistic free market economy T/F

2.Agencies make more "laws" (rules with the effect of law) with persuasive effects on business through their regulations than does congress. T/F

3.Is horizontal price fixing treated the same under the law as vertical price fixing? Yes/No. Briefly explain the difference in the two practices.

4.The Sherman act protects against monopolies. In order to show a violation of the Sherman act, you must show not only that the defendant has the intent to monopolize, but that it has the power to monopolize by affecting prices unilaterally. What is the minimum market share that the courts have established is required to show monopoly power? ___%

5.Under current interpretation of antitrust law, antitrust law protects which of the following?

a. Competitors

b. Competition

6.In general, administrative agencies are in which branch of government?

a. Legislative

b. Executive

c. Judicial

d. All of the above

7.In antitrust law, briefly state the difference between how courts consider an action that is Per Se illegal and one that is subject to the Rule of Reason:

8.You are appealing an administrative agency decision based upon a violation of the Administrative Procedure Act. What kind of violation are you likely relying on? What amendment to the Constitution would you likely rely on?

9.Executive Orders issued by the president (circle all that are correct)

a. Are valid only if within powers granted to the President by the Constitution or under a statue

b. Cannot conflict with duty approved treaties of the United States

c. Cannot be revoked by subsequent Presidents

d. Can be reviewed for validity by the federal courts

10.Give an example of an article or amendment in the U.S. Constitution that illustrates it is a document of limitation of government power, and briefly explain your example:

11.Rank the following in order of supremacy as a source of US Law.

a. Statues

b. Executive orders/agreements

c. Administrative agency rules and decisions

d. The constitution

e. Private law

f. Treaties

12.Contracts have some protections in the US Constitution T/F

13.Abbreviations stand for?

APA

FTC

14.Which of the following are exclusively within the power of the federal government? Circle all that apply

a. Foreign Trade

b. Contracts

c. Criminal Prosecutions

d. Bankruptcy

e. Protection of Intellectual Property

f. Safety Regulations

15.Briefly explain the difference between assets and capital:

16.What is the definition of a "major rule" promulgated by a federal administrative agency?

17.The power of the courts to invalidate a law passed by the executive and legislative branches of government is common throughout most of the worlds legal systems. T/F

18.The estimated average cost per employee per year for a business to comply with federal regulations is (circle the best two answers)

a. Higher/lower/the same for a manufacturing company as compared to all businesses

b. Approximately $4,000/$9,000/$15,000 for all businesses

19.What aspect of a legal system had been found to be crucial for a live average, sustained economic growth?

a. A fair and just criminal justice system

b. Prompt resolution of civil disputes

c. An impartial judicial system to enforce contracts and protect property

d. A representative democratic form of government