fter Superstorm Sandy hit New Jersey, some businesses such as gasoline stations and car repair stores raised prices to bring in windfall profits off desperate customers. This is an example of price

Question 1 After Superstorm Sandy hit New Jersey, some businesses such as gasoline stations and car repair stores raised prices to bring in windfall profits off desperate customers. This is an example of price

 

  bidding.

 

  fixing.

 

  gouging.

 

  warfare.

 

 

 

Question 2 The philosopher Adam Smith claimed that

 

  self-interest is what motivates us to take care of ourselves.

 

  national wealth is a direct result from government intervention.

 

  national wealth should be distributed by the “invisible hand” of the government.

 

  the desire for luxury items has a negative impact on our economy.

 

 

 

 

 

Question 3 In 2007, a defense contractor was found guilty for working with a co-conspirator to submit bids with increased prices for a bulletproof vest contract so that a particular company would win the contract at a lower price. This is an example of

 

  price gouging.

 

  inflation.

 

  bid rigging.

 

  price fixing.

 

 

 

Question 4 Welfare capitalism and _________ are more modern versions of capitalism and socialism.

 

  monopolistic markets

 

  market socialism

 

  free enterprise

 

  social capitalism

 

 

 

 

 

Question 5 In the late 1990s, Google, Yahoo, and MSN purchased most of the existing search engines, such as Lycros and Jeeves. Google now holds approximately a 90% share of the market. This is an example of

 

  an oligopoly.

 

  monopolistic competition.

 

  a monopoly.

 

  perfect competition.

 

 

 

Question 6 The government law that regulates mergers and acquisitions of companies is the

 

  Sherman Antitrust Act.

 

  Securities and Exchange Act.

 

  Sarbanes-Oxley Act.

 

  Clayton Antitrust Act.

 

 

 

Question 7 When a court orders a corporation to restrict business in a certain geographical area or with certain clients, this is called

 

  corporate death penalty.

 

  federal community sentence.

 

  corporate incapacitation.

 

  community service order.

 

 

 

Question 8When a company’s leaders have the illusion of invulnerability that causes them to underestimate factors that lead to failure, this is an example of:

 

  strategic misrepresentation

 

  profit motive

 

  organizational schizophrenia

 

  groupthink

 

 

 

Question 9 The idea that corporations can be moral agents holds that

 

  individuals are making decisions for themselves, not for the corporation.

 

  intentions can only occur within the conscious human mind.

 

  corporations do not have the same legal liability as individuals do.

 

  individual are making decisions for the corporation, not for themselves.

 

 

 

Question 10 States have the authority to grant corporate charters, which give permission for corporations to exist. When a state decides to revoke a corporation’s charter because of some egregious crime, this is called corporate

 

  incapacitation.

 

  death penalty.

 

  shaming.

 

  schizophrenia.

 

 

 

 Question 11 You are a shareholder in a corporation that filed bankruptcy. The liabilities will be more than the assets. What you will be required to pay will be based on

 

  nothing because you are not liable for the debt.

 

  the amount you have invested in the corporation.

 

  a proportion of all creditor claims based on the stocks you own.

 

  an amount based on the assets you claim on your taxes.

 

 

 

 Question 12 One feature of a corporation is that it can continue indefinitely beyond the lives of individual managers and stockholders of the corporation. This is called

 

  indefinite existence.

 

  perpetual existence.

 

  continuous existence.

 

  permanent existence.

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