Pulp Economics: Antitrust and Labor Law Quiz

1. Of the following, which was the first major Act of Congress passed to address the problem of monopolies?

• Clayton Act
• Robinson-Pattman Act
• Taft-Hartley Act
• Sherman Antitrust Act
• Federal Trade Commission Act

2. This Act of Congress gives the President authority to call an 80-day cooling off period during a labor dispute.

• Clayton Act
• Taft-Hartley Act
• Fair Labor Standards Act
• National Industrial Recovery Act
• Wagner Act

3. This Act, as amended in 1938, explicitly prohibits "unfair or deceptive practices in commerce".

• Federal Trade Commission Act
• Securities Exchange Act of 1934
• Robinson-Patman Act
• Sherman Antitrust Act
• Fair Competition Act

4. This Act, passed to stop the harm that was being done to small retail businesses by the spreading influence of chain stores selling merchandise at lower prices, is informally known as the "Chain Store Act" and is actually an amendment to an earlier Act of Congress.

• Sherman Antitrust Act
• Smoot-Hawley Tariff Act
• Robinson-Patman Act
• National Industrial Recovery Act
• Federal Trade Commission Act

5. President Ronald Reagan declared this union's strike illegal.

• AFL-CIO
• PATCO
• Teamsters
• AFSCME
• NEA

6. In which decade did the union membership rate in the U.S. (as a percentage of the non-agricultural labor force) reach its peak?

• 1940s
• 1950s
• 1960s
• 1970s
• 1980s

7. Which of the following are generally exempt from anti-trust laws?

• certain sports franchises, like baseball
• certain intra-city newspaper agreements
• HMOs
• military equipment suppliers
• All of the above are generally exempt.

8. Which organized labor movement ("union") came first?

• Congress of Industrial Organizations
• United Mine Workers
• American Federation of Labor
• Teamsters
• Knights of Labor

9. Which of the following is not explicitly prohibited by the Clayton Act?

• price discrimination (selling the same product at different prices to similar buyers)
• tie-ins and exclusivity arrangements in commercial contracts (sales contracts with conditions that the buyer not deal with the seller's competitors)
• predatory pricing (charging a price below the marginal cost of production to drive competitors out of business)
• corporate mergers and acquisitions that substantially reduce competition
• interlocking directorates (boards of competing companies having common members)

10. Which of the following is not explicitly banned by the Labor-Management Relations Act of 1947?

• mergers of unions in the same industry
• secondary boycotts
• sympathy strikes
• jurisdictional disputes between unions
• closed shops (union membership is required to gain employment in the unionized companies)

  Score =

Correct answers:

What Your Score Means

100%:    The Dark Wraith is very impressed.

70%-90%:    You are a surprisingly informed citizen.

40%-60%:    Well, you're definitely too smart to be a Republican.

10%-30%:    You need to take an economics course from the Dark Wraith.

0%:    We'll just pretend this quiz never happened, okay?

The Dark Wraith thanks you for taking this rather brutal little quiz.