#1
Which company is famously associated with the term 'trust' in the context of monopolies?
Standard Oil Company
Microsoft Corporation
Apple Inc.
Amazon.com, Inc.
#2
What was the primary aim of the Sherman Antitrust Act of 1890?
To regulate labor practices
To promote international trade
To combat monopolistic business practices
To encourage technological innovation
#3
Who wrote the seminal work 'The Wealth of Nations,' which discusses the role of competition in markets?
Karl Marx
John Maynard Keynes
Adam Smith
David Ricardo
#4
What term describes a market structure in which a few large firms dominate the industry?
Perfect competition
Oligopoly
Monopoly
Monopsony
#5
Which government agency in the United States is responsible for enforcing antitrust laws and promoting competition?
Federal Communications Commission (FCC)
Securities and Exchange Commission (SEC)
Federal Trade Commission (FTC)
Consumer Financial Protection Bureau (CFPB)
#6
What is a common argument in favor of allowing monopolies to exist in certain industries?
Monopolies always lead to lower prices for consumers
Monopolies encourage innovation and technological advancement
Monopolies ensure fair competition among firms
Monopolies prevent income inequality
#7
Which U.S. president is known for initiating a series of trust-busting lawsuits against large corporations?
Theodore Roosevelt
Franklin D. Roosevelt
Herbert Hoover
Woodrow Wilson
#8
Who is often regarded as one of the pioneers of modern antitrust regulation in the United States?
John D. Rockefeller
Andrew Carnegie
Theodore Roosevelt
Adam Smith
#9
Which landmark case in 1911 resulted in the breakup of the Standard Oil Company?
United States v. U.S. Steel Corp.
United States v. Standard Oil Co.
United States v. Microsoft Corp.
United States v. General Electric Co.
#10
Which famous economist is known for his work on monopolies and oligopolies, particularly the concept of 'contestable markets'?
Milton Friedman
Paul Krugman
Joseph Stiglitz
William Baumol
#11
What term refers to a monopoly that exists because of government regulation, rather than natural market forces?
Artificial monopoly
Legal monopoly
State monopoly
Regulatory monopoly
#12
Which piece of legislation, passed in 1914, established the Federal Trade Commission (FTC) to enforce antitrust laws and protect consumers?
Clayton Antitrust Act
Sherman Antitrust Act
Federal Reserve Act
Federal Trade Commission Act
#13
Which U.S. president signed the Clayton Antitrust Act into law?
Theodore Roosevelt
Woodrow Wilson
Franklin D. Roosevelt
William Howard Taft
#14
Which of the following is NOT a potential consequence of monopolistic behavior?
Higher consumer prices
Reduced consumer choice
Increased market efficiency
Innovation stifling
#15
What economic concept describes a market situation where there is only one seller of a particular product?
Oligopoly
Monopoly
Perfect competition
Monopsony
#16
In the context of antitrust regulation, what does 'predatory pricing' refer to?
Setting prices below cost to drive competitors out of the market
Maintaining high prices to maximize profits
Offering discounts to loyal customers
Implementing price discrimination strategies
#17
What economic term describes a situation where a single buyer has substantial control over a market?
Oligopsony
Monopsony
Perfect competition
Duopoly
#18
Which landmark U.S. Supreme Court case, decided in 1911, led to the dissolution of the American Tobacco Company?
Standard Oil Co. of New Jersey v. United States
United States v. U.S. Steel Corp.
United States v. American Tobacco Co.
Federal Trade Commission v. Procter & Gamble Co.
#19
Who is credited with coining the term 'monopoly' in economics?
Adam Smith
Karl Marx
John Stuart Mill
David Ricardo
#20
Which famous case in 1956 challenged the legality of Alcoa's monopoly in the aluminum industry?
United States v. Paramount Pictures, Inc.
United States v. AT&T
United States v. Alcoa
United States v. Microsoft Corp.