Chapter 14 - Legal, Ethical & Social Obligations

The Sherman Anti-Trust Act made it legal to form monopolies.

• True
• False

A monopoly is when...

• a company makes goods with machines
• a company makes goods by hand
• a company takes control of a product or service
• government takes over a business

What is Consumer Protection?

• businesses that engage in fraud or specified unfair practices from gaining an advantage over competitors
• the ratio between the average price received by producers (measured at the farm gate), including net payments per unit of current output, and the border price (measured at the farm gate)
• Consumer protection laws are federal and state statutes governing sales and credit practices involving consumer goods.

This act makes it illegal for a business to require a customer to purchase one good in order to be able to purchase another

• Clayton Act
• Sherman Act
• Robinson-Patman Act
• Wheeler-Lea Act

If you sell to other businesses, you must offer the same terms to all those businesses (Robinson-Patman Act)

• True
• False

Bans false advertising

• Sherman Act
• Clayton Act
• Robinson-Patman Act
  Robinson-Patman Act
• Wheeler-Lea Act

Which Government agency deals with fair competition and enforcing the antitrust legislation acts?

• Federal Communications Commission
• Federal Trade Commission
• Justice Department
• The police

A _________ is a legal document that gives an inventor the sole right to produce, use and sell an invention

• Patent
• Copyright
• trademark
• license

A trademark is the legal right to exclusive publication, production, sale or distribution of a literary or artistic work

• True
• False

A patent lasts how many years?

• 10
• 7
• 20
• forever