Introduction to Business

Section 1: Government as Regulator

Self-Checks

1
The ______ government oversees the business that takes place within a state.
A)county
B)federal
C)local
D)state
2
Commerce that involves business transactions in more than one state is called ______ .
A)interstate commerce
B)intrastate commerce
C)interstate trade
D)intrastate trade
3
The situation that occurs when a company controls an industry or is the only one to offer a product or service is called a(n) ______ .
A)merger
B)monopoly
C)oligopoly
D)trust
4
The situation that occurs when a small number of companies control an industry is called a(n) ______ .
A)merger
B)monopoly
C)oligopoly
D)trust
5
______ laws allow the federal government to take control of monopolies.
A)Antitrust
B)Free-trade
C)Non-compete
D)Oligopoly
6
The federal government formed the Federal ______ to enforce antitrust laws.
A)Trade Administration
B)Trade Commission
C)Trust Administration
D)Trust Commission
7
For a play, copyright protection begins when it is ______ .
A)created
B)performed
C)recorded
D)registered
8
Patents offer protection ______ .
A)during the inventor’s life
B)for 20 years
C)for 70 years
D)forever
9
A legally enforceable agreement between two or more parties is called a(n) ______ .
A)agreement
B)contract
C)trust
D)warranty
10
It is easier to prove a breach of contract occurred if the contract is ______ .
A)certified
B)registered
C)sealed with a handshake
D)written
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