D080 MODULE 5 EXAM QUESTIONS &
DETAILED COMPLETE ANSWERS
PASSED 100%
Perfectly Competitive Market CORRECT ANSWER - A market in which no individual
economic actor can affect the price of a good. there are no barriers to enter or exit the
market. Producers compete with each other and consumers can buy from any producer.
Sherman Antitrust Act CORRECT ANSWER - The first American antitrust policy.
Established in 1890, it dealt with limiting the power of price-controlling cartels
Clayton Antitrust Act and Federal Trade Commission Act CORRECT ANSWER - Both
of these acts sought to organize a governmental body equipped to protect consumers
from unfair competitive practices.
Other word for Antitrust Laws CORRECT ANSWER - Competition and antimonopoly
laws
A farmers market has many vendors and consumers who all sell and buy the same
produce at the same price.
Which type of market is represented? CORRECT ANSWER - Perfect competition.
Since vendors can enter and exit the market freely with no barriers and the products are
homogenous, it is a pure competition.
A sole, national telephone company was found violating antitrust laws and was forced to
separate into regional companies.
What caused the violation of the antitrust laws? CORRECT ANSWER - Reduced
competition
Many countries from several geographic regions are accused of dumping steel into the
U.S. market at unfairly low prices.
Which entity can the United States appeal to in order to correct this apparent market
manipulation? CORRECT ANSWER - The World Trade Organization is designed to
judge potential market manipulations of its members. The United States has accused
several countries around the world of dumping steel.
Collective Environment CORRECT ANSWER - Understanding that the environment not
only belongs to everyone to enjoy but is also everyone's shared responsibility
UNEP CORRECT ANSWER - United Nations Environment Programme. Branch of the
United Nations that deals specifically with worldwide environmental problems
DETAILED COMPLETE ANSWERS
PASSED 100%
Perfectly Competitive Market CORRECT ANSWER - A market in which no individual
economic actor can affect the price of a good. there are no barriers to enter or exit the
market. Producers compete with each other and consumers can buy from any producer.
Sherman Antitrust Act CORRECT ANSWER - The first American antitrust policy.
Established in 1890, it dealt with limiting the power of price-controlling cartels
Clayton Antitrust Act and Federal Trade Commission Act CORRECT ANSWER - Both
of these acts sought to organize a governmental body equipped to protect consumers
from unfair competitive practices.
Other word for Antitrust Laws CORRECT ANSWER - Competition and antimonopoly
laws
A farmers market has many vendors and consumers who all sell and buy the same
produce at the same price.
Which type of market is represented? CORRECT ANSWER - Perfect competition.
Since vendors can enter and exit the market freely with no barriers and the products are
homogenous, it is a pure competition.
A sole, national telephone company was found violating antitrust laws and was forced to
separate into regional companies.
What caused the violation of the antitrust laws? CORRECT ANSWER - Reduced
competition
Many countries from several geographic regions are accused of dumping steel into the
U.S. market at unfairly low prices.
Which entity can the United States appeal to in order to correct this apparent market
manipulation? CORRECT ANSWER - The World Trade Organization is designed to
judge potential market manipulations of its members. The United States has accused
several countries around the world of dumping steel.
Collective Environment CORRECT ANSWER - Understanding that the environment not
only belongs to everyone to enjoy but is also everyone's shared responsibility
UNEP CORRECT ANSWER - United Nations Environment Programme. Branch of the
United Nations that deals specifically with worldwide environmental problems
