Principles_of_Economics3e-TestBank-Ch09-monopoly.pdfhttps://online2pdf.com/remove-pdf-header-footer
1 of 28https://online2pdf.com/remove-pdf-header-footer
Page 1https://online2pdf.com/remove-pdf-header-footer
Economics Chapter 9 Test Bank
Multiple Choice Questions
1. The largest cattle rancher in a given region will be unable to have a _____________ sufficient
numbers of smaller cattle ranchers provide sources of competition.
A. oligopoly
B. patent
C. monopoly
D. monopolistic competition
Answer: C
Reference:
Explanation:
Type: Multiple Choice Difficulty: Easy Category: Understand
2. Which of the following is most unlikely to present a barrier to entry into a market?
A. market forces
B. patent laws
C. technological advantages
D. deregulation
Answer: D
Reference:
Explanation:
Type: Multiple Choice Difficulty: Easy Category: Remember
3. Deregulation occurs when a government eliminates or scales back rules relating to all but one
of the following. Which one is it?
A. prices that can be charged
B. natural monopoly
C. conditions of entry in a certain industry
D. quantities that can be produced
Answer: B
Reference:
Explanation:
This file is copyright 2023, Rice University. All Rights Reserved.
Page 1 of 28https://online2pdf.com/remove-pdf-header-footer
Principles_of_Economics3e-TestBank-Ch09-monopolyhttps://online2pdf.com/remove-pdf-header-footer
1https://online2pdf.com/remove-pdf-header-footer
,Principles_of_Economics3e-TestBank-Ch09-monopoly.pdfhttps://online2pdf.com/remove-pdf-header-footer
2 of 28https://online2pdf.com/remove-pdf-header-footer
Page 2https://online2pdf.com/remove-pdf-header-footer
Type: Multiple Choice Difficulty: Medium Category: Analyze
4. Government _____________ regulations specify that inventors will maintain exclusive legal
rights to their respective inventions for _______________.
A. patent; a limited time
B. trademark; an unlimited time
C. copyright; a limited time
D. trade secret; an unlimited time
Answer: A
Reference:
Explanation:
Type: Multiple Choice Difficulty: Easy Category: Remember
5. The US government has registered ________ on behalf of business firms to protect a
particularly distinct element each has selected for its ability to aid consumers to easily
_____________.
A. 200,00 patents; license for use
B. 800,000 trademarks; identify the source of goods
C. 1 million copyright licenses; identify the authors of creative works
D. 200,000 trade secrets; create a natural monopoly
Answer: B
Reference:
Explanation:
Type: Multiple Choice Difficulty: Medium Category: Remember
6. The form of legal protection intended to prevent reproduction of original works is referred to
as _________ law.
A. patent
B. trademark
C. copyright
D. trade secret
Answer: C
Reference:
This file is copyright 2023, Rice University. All Rights Reserved.
Page 2 of 28https://online2pdf.com/remove-pdf-header-footer
Principles_of_Economics3e-TestBank-Ch09-monopolyhttps://online2pdf.com/remove-pdf-header-footer
2https://online2pdf.com/remove-pdf-header-footer
, Principles_of_Economics3e-TestBank-Ch09-monopoly.pdfhttps://online2pdf.com/remove-pdf-header-footer
3 of 28https://online2pdf.com/remove-pdf-header-footer
Page 3https://online2pdf.com/remove-pdf-header-footer
Explanation:
Type: Multiple Choice Difficulty: Easy Category: Understand
7. In the business world, a __________ is recognized as a legally acceptable way for any
business to keep knowledge of its particular methods of production from being known by
competing firms.
A. patent
B. monopoly
C. trade secret
D. trademark
Answer: C
Reference:
Explanation:
Type: Multiple Choice Difficulty: Easy Category: Remember
8. Intellectual property law is a body of law that includes
A. the right of inventors to produce their inventions
B. the right of inventors to sell their inventions
C. trademark, patent and trade secret legislation
D. copyright legislation, as well as all of the above
Answer: D
Reference:
Explanation:
Type: Multiple Choice Difficulty: Medium Category: Analyze
9. A ___________ exists when the quantity demanded in the market is less than the quantity at
the bottom of the long-run average cost curve.
A. natural monopoly
B. monopoly
C. oligopoly
D. monopolistic competition
Answer: A
Reference:
This file is copyright 2023, Rice University. All Rights Reserved.
Page 3 of 28https://online2pdf.com/remove-pdf-header-footer
Principles_of_Economics3e-TestBank-Ch09-monopolyhttps://online2pdf.com/remove-pdf-header-footer
3https://online2pdf.com/remove-pdf-header-footer
1 of 28https://online2pdf.com/remove-pdf-header-footer
Page 1https://online2pdf.com/remove-pdf-header-footer
Economics Chapter 9 Test Bank
Multiple Choice Questions
1. The largest cattle rancher in a given region will be unable to have a _____________ sufficient
numbers of smaller cattle ranchers provide sources of competition.
A. oligopoly
B. patent
C. monopoly
D. monopolistic competition
Answer: C
Reference:
Explanation:
Type: Multiple Choice Difficulty: Easy Category: Understand
2. Which of the following is most unlikely to present a barrier to entry into a market?
A. market forces
B. patent laws
C. technological advantages
D. deregulation
Answer: D
Reference:
Explanation:
Type: Multiple Choice Difficulty: Easy Category: Remember
3. Deregulation occurs when a government eliminates or scales back rules relating to all but one
of the following. Which one is it?
A. prices that can be charged
B. natural monopoly
C. conditions of entry in a certain industry
D. quantities that can be produced
Answer: B
Reference:
Explanation:
This file is copyright 2023, Rice University. All Rights Reserved.
Page 1 of 28https://online2pdf.com/remove-pdf-header-footer
Principles_of_Economics3e-TestBank-Ch09-monopolyhttps://online2pdf.com/remove-pdf-header-footer
1https://online2pdf.com/remove-pdf-header-footer
,Principles_of_Economics3e-TestBank-Ch09-monopoly.pdfhttps://online2pdf.com/remove-pdf-header-footer
2 of 28https://online2pdf.com/remove-pdf-header-footer
Page 2https://online2pdf.com/remove-pdf-header-footer
Type: Multiple Choice Difficulty: Medium Category: Analyze
4. Government _____________ regulations specify that inventors will maintain exclusive legal
rights to their respective inventions for _______________.
A. patent; a limited time
B. trademark; an unlimited time
C. copyright; a limited time
D. trade secret; an unlimited time
Answer: A
Reference:
Explanation:
Type: Multiple Choice Difficulty: Easy Category: Remember
5. The US government has registered ________ on behalf of business firms to protect a
particularly distinct element each has selected for its ability to aid consumers to easily
_____________.
A. 200,00 patents; license for use
B. 800,000 trademarks; identify the source of goods
C. 1 million copyright licenses; identify the authors of creative works
D. 200,000 trade secrets; create a natural monopoly
Answer: B
Reference:
Explanation:
Type: Multiple Choice Difficulty: Medium Category: Remember
6. The form of legal protection intended to prevent reproduction of original works is referred to
as _________ law.
A. patent
B. trademark
C. copyright
D. trade secret
Answer: C
Reference:
This file is copyright 2023, Rice University. All Rights Reserved.
Page 2 of 28https://online2pdf.com/remove-pdf-header-footer
Principles_of_Economics3e-TestBank-Ch09-monopolyhttps://online2pdf.com/remove-pdf-header-footer
2https://online2pdf.com/remove-pdf-header-footer
, Principles_of_Economics3e-TestBank-Ch09-monopoly.pdfhttps://online2pdf.com/remove-pdf-header-footer
3 of 28https://online2pdf.com/remove-pdf-header-footer
Page 3https://online2pdf.com/remove-pdf-header-footer
Explanation:
Type: Multiple Choice Difficulty: Easy Category: Understand
7. In the business world, a __________ is recognized as a legally acceptable way for any
business to keep knowledge of its particular methods of production from being known by
competing firms.
A. patent
B. monopoly
C. trade secret
D. trademark
Answer: C
Reference:
Explanation:
Type: Multiple Choice Difficulty: Easy Category: Remember
8. Intellectual property law is a body of law that includes
A. the right of inventors to produce their inventions
B. the right of inventors to sell their inventions
C. trademark, patent and trade secret legislation
D. copyright legislation, as well as all of the above
Answer: D
Reference:
Explanation:
Type: Multiple Choice Difficulty: Medium Category: Analyze
9. A ___________ exists when the quantity demanded in the market is less than the quantity at
the bottom of the long-run average cost curve.
A. natural monopoly
B. monopoly
C. oligopoly
D. monopolistic competition
Answer: A
Reference:
This file is copyright 2023, Rice University. All Rights Reserved.
Page 3 of 28https://online2pdf.com/remove-pdf-header-footer
Principles_of_Economics3e-TestBank-Ch09-monopolyhttps://online2pdf.com/remove-pdf-header-footer
3https://online2pdf.com/remove-pdf-header-footer
