Principles and Applications of Macroeconomics International Edition 6th Edition by Marc Lieberman – Test Bank

Test Bank For Principles and Applications of Macroeconomics International Edition 6th Edition by Marc Lieberman

1. ISBN-10

   1285118251
2. ISBN-13

   978-1111822354

   Uncover how instantly’s macroeconomic protection factors, decisions, and features have an effect on you day-after-day with the smart, accessible presentation in MACROECONOMICS. Written by acclaimed economists Hall and Lieberman, this easy updated textual content material presents a presentation as current as the newest headlines. Up to date new lowering-edge examples all via this model along with updated mini-circumstances clearly illustrate core macroeconomic guidelines and features in movement. This model’s streamlined chapters take care of instantly’s most important macroeconomic theories and events. The most recent contemplating from major economists helps equip readers with a secure foundation in macroeconomics wanted for achievement, it would not matter what the career.

   • DESCRIPTION

   Overview

   Chapter 11
   MONOPOLISTIC COMPETITION AND OLIGOPOLY

   A quantity of Choice

   1. If a market has a pair of vendor, nonetheless fewer sellers than beneath good opponents, it is often known as
   a. a monopoly
   b. aggressive
   c. imperfect opponents
   d. an surroundings pleasant market
   e. optimum

   ANS: C PTS: 1 DIF: Challenge: Easy
   NAT: BUSPROG: Analytic STA: DISC: Monopolistic opponents
   TOP: The Thought of Imperfect Rivals KEY: Bloom’s: Info

   2. Monopolistic opponents exists when there could also be one huge company in an in every other case fully aggressive market.
   a. True
   b. False

   ANS: B PTS: 1 DIF: Challenge: Cheap
   NAT: BUSPROG: Analytic STA: DISC: Monopolistic opponents
   TOP: Monopolistic Rivals KEY: Bloom’s: Info

   3. A critical distinction between monopolistic opponents and good opponents is the diploma of product differentiation. Pure opponents has none and differentiation on a regular basis exists in monopolistic opponents.
   a. True
   b. False

   ANS: A PTS: 1 DIF: Challenge: Cheap
   NAT: BUSPROG: Analytic STA: DISC: Monopolistic opponents
   TOP: Monopolistic Rivals KEY: Bloom’s: Info

   4. Monopolistically aggressive corporations are identical to fully aggressive corporations throughout the sense that every face horizontal demand curves for his or her product.
   a. True
   b. False

   ANS: B PTS: 1 DIF: Challenge: Cheap
   NAT: BUSPROG: Analytic STA: DISC: Monopolistic opponents
   TOP: Monopolistic Rivals KEY: Bloom’s: Info

   5. When there are quite a few customers and sellers, no important obstacles to entry, and a differentiated product, the market development is called
   a. an oligopoly
   b. good opponents
   c. monopolistic opponents
   d. a monopoly
   e. unbalanced monopoly

   ANS: C PTS: 1 DIF: Challenge: Easy
   NAT: BUSPROG: Analytic STA: DISC: Monopolistic opponents
   TOP: Monopolistic Rivals KEY: Bloom’s: Info

   6. All of the subsequent, apart from one, are traits of monopolistic opponents. Which is the exception?
   a. There is a huge amount of sellers.
   b. Each vendor faces a horizontal demand curve for its product.
   c. There are not any important obstacles to entry or exit.
   d. Sellers produce differentiated merchandise.
   e. There is a huge amount of customers.

   ANS: B PTS: 1 DIF: Challenge: Cheap
   NAT: BUSPROG: Analytic STA: DISC: Monopolistic opponents
   TOP: Monopolistic Rivals KEY: Bloom’s: Info

   7. All of the subsequent, apart from one, are sources of product differentiation. Which is the exception?
   a. product prime quality
   b. location
   c. worth
   d. shopper tastes
   e. customers’ perceptions

   ANS: C PTS: 1 DIF: Challenge: Cheap
   NAT: BUSPROG: Analytic STA: DISC: Monopolistic opponents
   TOP: Monopolistic Rivals KEY: Bloom’s: Info

   8. Each of the subsequent, apart from one, is a attribute of a monopolistically aggressive market. Which is the exception?
   a. differentiated merchandise
   b. no important obstacles to entry
   c. many customers
   d. a standardized product
   e. many sellers

   ANS: D PTS: 1 DIF: Challenge: Easy
   NAT: BUSPROG: Analytic STA: DISC: Monopolistic opponents
   TOP: Monopolistic Rivals KEY: Bloom’s: Info

   9. A necessary distinction between a wonderfully aggressive market and a monopolistically aggressive market is that, throughout the latter,
   a. there are additional sellers of the nice
   b. there are just some huge sellers
   c. there are not any obstacles to entry or exit
   d. there is only one vendor of the nice
   e. the product is not standardized

   ANS: E PTS: 1 DIF: Challenge: Easy
   NAT: BUSPROG: Analytic STA: DISC: Monopolistic opponents
   TOP: Monopolistic Rivals KEY: Bloom’s: Info

   10. A company in a monopolistically aggressive market is rather like a monopolist throughout the sense that it
   a. ought to overcome important obstacles to entry
   b. faces a downward-sloping demand curve
   c. produces a giant share of the market output
   d. depends on the actions of totally different corporations
   e. produces the equivalent product as its rivals do

   ANS: B PTS: 1 DIF: Challenge: Cheap
   NAT: BUSPROG: Analytic STA: DISC: Monopolistic opponents
   TOP: Monopolistic Rivals KEY: Bloom’s: Comprehension