#1
Which act was passed by the U.S. Congress to prohibit certain anticompetitive practices?
Sherman Antitrust Act
ExplanationLegislation to curb monopolistic behavior and promote fair competition.
#2
Which of the following is an example of a monopoly in the late 19th century?
Standard Oil Company
ExplanationA dominant corporation controlling a significant portion of the oil industry.
#3
What is the term used to describe a situation where a single company dominates an entire industry?
Monopoly
ExplanationWhen one entity has exclusive control over a particular market.
#4
Which industry was primarily targeted by the Clayton Antitrust Act?
Railroads
ExplanationFocused on regulating monopolistic practices in transportation.
#5
Which company was ordered to be broken up into smaller entities by a landmark antitrust case in 1911?
Standard Oil Company
ExplanationA significant corporation dismantled to restore competition.
#6
What strategy did John D. Rockefeller use to build his monopoly in the oil industry?
Vertical integration
ExplanationControl over various stages of production to dominate the market.
#7
Which Supreme Court case declared Standard Oil to be in violation of the Sherman Antitrust Act?
Standard Oil Co. of New Jersey v. United States
ExplanationLandmark case enforcing antitrust legislation against a monopolistic entity.
#8
What was the main purpose of the Federal Trade Commission Act?
To protect consumers from unfair business practices
ExplanationEstablished to prevent deceptive and anticompetitive business conduct.
#9
Who wrote the influential book 'The Theory of the Leisure Class', critiquing monopolistic behavior?
Thorstein Veblen
ExplanationA critique of conspicuous consumption and monopolistic tendencies.
#10
Which president signed the Sherman Antitrust Act into law?
Grover Cleveland
ExplanationEnacted during Cleveland's presidency to curb monopolies.
#11
Who was the U.S. President known for his 'trust-busting' efforts against monopolies?
Theodore Roosevelt
ExplanationPioneer in combating monopolies to safeguard competition.
#12
Which act was passed to prevent unfair methods of competition and deceptive acts in commerce?
Federal Trade Commission Act
ExplanationDesigned to maintain fair competition and protect consumers.
#13
Who was the leading proponent of the 'trust' system in American industry during the late 19th century?
J.P. Morgan
ExplanationA key figure in the consolidation of industrial trusts.
#14
Who was the industrialist known as the 'Copper King' and was involved in antitrust litigation?
Marcus Daly
ExplanationProminent figure in the copper industry who faced legal action for monopolistic practices.
#15
Which company did the U.S. government attempt to break up in 1984, citing antitrust concerns?
AT&T
ExplanationTelecommunications giant targeted for antitrust action to foster competition.