Business Management 14th Edition By James L. Burrow – Test Bank

1. A monopoly exists as long as there are at least two producers.
a. True
b. False
ANSWER: False
POINTS: 1
REFERENCES: Regulating Monopolies
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: BM.BKB.14.LO: 11.1.1 – LO: 11.1.1
DATE CREATED: 5/4/2015 3:17 PM
DATE MODIFIED: 5/4/2015 3:17 PM

2. Prices are usually higher where a monopoly exists than where competition exists.
a. True
b. False
ANSWER: True
POINTS: 1
REFERENCES: Regulating Monopolies
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: BM.BKB.14.LO: 11.1.1 – LO: 11.1.1
DATE CREATED: 5/4/2015 3:17 PM
DATE MODIFIED: 5/4/2015 3:17 PM

3. The Sherman Antitrust Act allows competitors to agree to set the same selling prices on goods.
a. True
b. False
ANSWER: False
POINTS: 1
REFERENCES: Promoting Fair Competition
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: BM.BKB.14.LO: 11.1.2 – LO: 11.1.2
DATE CREATED: 5/4/2015 3:17 PM
DATE MODIFIED: 5/4/2015 3:17 PM

4. Competitive pricing causes less efficient companies to struggle for survival.
a. True
b. False
ANSWER: True
POINTS: 1
REFERENCES: Regulating Monopolies
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: BM.BKB.14.LO: 11.1.1 – LO: 11.1.1
DATE CREATED: 5/4/2015 3:17 PM
DATE MODIFIED: 5/4/2015 3:17 PM

5. Records of unpaid debts of a bankrupt firm stay on file for 10 years.
a. True
b. False
ANSWER: True
POINTS: 1
REFERENCES: Promoting Fair Competition
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: BM.BKB.14.LO: 11.1.2 – LO: 11.1.2
DATE CREATED: 5/4/2015 3:17 PM
DATE MODIFIED: 5/4/2015 3:17 PM

6. A bankrupt firm cannot again file for bankruptcy for 6 years.
a. True
b. False
ANSWER: False
POINTS: 1
REFERENCES: Promoting Fair Competition
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: BM.BKB.14.LO: 11.1.2 – LO: 11.1.2
DATE CREATED: 5/4/2015 3:17 PM
DATE MODIFIED: 5/4/2015 3:17 PM

7. Through a patent, the federal government gives an inventor a monopoly on newly created products for the life of the inventor.
a. True
b. False
ANSWER: False
POINTS: 1
REFERENCES: Intellectual Property
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: BM.BKB.14.LO: 11.2.1 – LO: 11.2.1
DATE CREATED: 5/4/2015 3:17 PM
DATE MODIFIED: 5/4/2015 3:17 PM

8. Stealing patents is an acceptable practice in some countries.
a. True
b. False
ANSWER: True
POINTS: 1
REFERENCES: Intellectual Property
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: BM.BKB.14.LO: 11.2.1 – LO: 11.2.1
DATE CREATED: 5/4/2015 3:17 PM
DATE MODIFIED: 5/4/2015 3:17 PM

9. It is legal to publish copyrighted work without permission of the copyright owner.
a. True
b. False
ANSWER: False
POINTS: 1
REFERENCES: Intellectual Property
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: BM.BKB.14.LO: 11.2.1 – LO: 11.2.1
DATE CREATED: 5/4/2015 3:17 PM
DATE MODIFIED: 5/4/2015 3:17 PM

10. The Nike “swoosh” is a trademark.
a. True
b. False
ANSWER: True
POINTS: 1
REFERENCES: Intellectual Property
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: BM.BKB.14.LO: 11.2.1 – LO: 11.2.1
DATE CREATED: 5/4/2015 3:17 PM
DATE MODIFIED: 5/4/2015 3:17 PM