Under the anti-trust laws:

• one person cannot sit on the Board of competing companies
• advertisements must be true (except for politicians)
• mergers must get government approval
• all of these

Which of the following is true about the Robber Baron era?

• all of these
• It was the late 1800s into the early 1900s
• the Progressive Movement was largely a reaction to it
• There are more than 20 years of weak one-term presidents

You sue Microsoft for damaging you from being a monopoly under the Sherman Act and a jury awards you $1,000. You get how much?

$1,000

O $10,000

• nothing, its a trick question, you can't sue Microsoft under Sherman

$3,000

Consumer surplus is the economists concept that most consumers

• over pay for products by choice
• are confused by prices and act inappropriately
• are forced to over pay for products
• would pay more for things than the price

The prisoner's dilemma says that the optimal solution from a business' standpoint is for businesses to

compete only using advertising

O collude

O compete only on prices

divide geographically

Businesses that aren't monopolies can get some of the same power of a monopoly by using

• price discrimination
• product differentiation
• predatory pricing
• regional product determination

The primary tactic a monopoly will employ to use its power is to:

control demand

O expand supply

• restrict output
• get dragons

The anti-trust laws are constitutional because they are based on the power to:

O regulate interstate commerce

O issue Letters of Marque

• see anywhere a Weirwood grows
• incorporate businesses

The Sherman Act makes it illegal to be a monopoly, try to become a monopoly, or conspire to become a monopoly.

You know nothing, Jon Snow

O False

• True
• The North remembers

Conspiracy in Restraint of Trade is illegal under the .

__ Act

O FTC

• Kefauver
• Clayton
• Sherman

The anti-labor attitude among the Robber Barons and the US presidents in the late 1800s, the US. Teddy Roosevelt was the first president who belonged to this movement.

movement started in the

O Isolationist

• Naturalist
• Interventionist
• Progressive

Baseball is exempt for antitrust because

• President Roosevelt exempted it by executive order
• the Supreme Court ruled it was not interstate commerce
• the Supreme Court said its a sport, not business
• Congress exempted it in 1921

Microsoft was sued by the US government under Sherman, was found to be a monopoly, and was forced to change its business practices.

• True
• False

The Clayton Act allows labor unions to be sued as monopolies by workers in companies.

• False
• True

Price discrimination is potentially illegal under the Clayton Act.

False

O True

Most countries, and particularly Japan and China, require foreign firms to partner with domestic businesses to operate in their country. The US does not, except for a couple of industries.

• True
• False

The company that exports the most vehicles built in the US is

General Motors

O BMW

• Ford
• Honda

The president can implement tariffs under section 232 to provision.

protect resources needed by the military, all

O protect US consumers, all

• protect US consumers, about half
• protect resources needed by the military, about half

When we technically have market based exchange rates but governments manipulate the rates, we call that a

• deceptive float
• managed float
• controlled float
• quasi-fixed rate

When the government lowers the value of its currency against another currency, we call that:

• devaluation
• distortion
• decapitation
• depreciation

The error in the Balance of Payments calculations is called the statistical discrepancy. The error is usually:

• close enough to zero that we ignore it
• a few million dollars

O billions, even more than $50 billion

at least a trillion dollars

A British tourist coming to Las Vegas would count as an _ for the US.

export

O import

financial transaction only

O none of these

The TransPacific Partnership

• all of these
• went into effect without the US
• today makes it harder for some US businesses to sell to Japan
• lowered more than 16,000 tariffs

The USMCA

O requires Mexico to pay workers at least $8 per hour

• adds a section on intellectual property
• all of these
• does not address currency manipulation

Since the passage of NAFTA,

• trade between the three countries has quadrupled
• the US has lost more than 300,000 auto jobs to Mexico
• all of these
• total pollution has not fallen, it has been "exported" from the US to Mexico

The only free trade agreement the US has today is with Mexico and Canada, all the other have been cancelled in the past two

years.

O True

O False

Which of the following about the Bretton Woods Agreement is false?

• the US delegation leader was a Russian spy
• John Maynard Keynes was responsible for the primary ideas it fails because it lets the US gain at everyone else's expense it created a bank that countries can use

Which of the following is false about the Bretton Woods Agreement?

• it made the US dollar the key currency in the world
• it created the World Bank

O it ran between the end of World War I and 1992

it has a system of fixed exchange rates

In a world where gold is paid for imports and received for exports from a country, trade imbalances would be balanced over time because the money supply of countries would rise or fall, affecting its economy.

• False
• True

The US government cannot tax exports under the Constitution. States can tax them with the consent of Congress, but the US treasury would get the money.

O False

O True

China does not allow the market to set its exchange rate, because we would expect the dollar to fall if it did, and that would

• cause retaliation from the World Trade Organization
• make prices of Chinese goods fall in the US
• create paper losses on the books of Chinese companies
• make prices of Chinese goods rise in the US

Exchange rates set by the market are called__ exchange rates

floating

O fixed

• pegged
• free

If a condo on the Las Vegas strip is sold to someone in India, the money for that would be listed in the ___ account of the Balance of Payments

O capital

• current financial
• trade

If the US sells more oranges to Japan, the money from that sale will be listed in the__ account of the Balance of Payments

trade

O current

• capital
• financial

Previous

Congress has separated the budget into 12 parts, and they go through committees in the House of Representatives to start the budget process.

False

O True

Congress has separated the budget into 12 parts, and they go through committees in the House of Representatives to start the budget process.

• False
• True

The Federal fiscal year starts on

O October 1

• January 1
• July 1
• February 18

The President's only power in the budget process that is listed in the Constitution is to sign or veto bills sent him or her.

• False
• True

According to the Constitution, the government must publish a statement of its accounts

O annually

O from time to time

• quarterly
• monthly

Which of the following Cabinet offices are in the Constitution?

O No Cabinet office is in the Constitution

• Treasury
• State
• War (now Defense)

The current system used to try to control the size of the budget deficit is called

• autarky
• sequestration

O PAYGO

O reconciliation

There are about ___ governments in the USA

10,000

20,000

50,000

70,000

Thomas Jefferson argued that the Constitution limited the government to there were___ powers, while Alexander Hamilton thought__ powers the government could use.

explicit, implied

O explicit, undefined

• implied, explicit
• general welfare, explicit

The concept in the Constitution that Congress decides what will be spent, but the Executive branch actually spends it, is an example of:

• federalism
• institutionaism separation of powers
• legal prioritization

According to the intent of the Constitution (as expressed by official US government websites and this class), the House and the Senate is supposed to make law, the President carries out those laws, and the Courts interpret the laws.

O True

False

The largest category of Federal spending is:

• interest on the national debt
• discretionary spending
• mandatory spending
• sequestration

Which of the following is true?

• There are 7 federal budgets, which together contain all spending
• All federal expenses, except for wars and the post office, are Constitutionally required to be in the budget
• Most federal expenses are in the budget, but some are not
• All federal expenses must be included in the budget

Most states, including Nevada, have fiscal years that begin on:

• The first day of school
• October 1
• January 1
• July 1

When there is no budget passed as required for the beginning of the year, Congress passes a law called a___ government running until they pass a budget and the president signs it.

• continuing resolution
• off-budget resolution

O PAYGO

sequestration

The Constitution specifically allows the President to alter the spending authorized by Congress under a declaration of War, or a declared National Emergency.

O True

O False

The Constitution says the president must submit a proposed budget for the next year to Congress:

• by the end of each fiscal year
• none of these

O at their request

by March 1 of each year