Applied Economics_4th Monthly Exam

1. A formal organization of producers that agree to coordinate prices and production...

• Monopoly

• Cartel

• Oligopoly

• Perfect Competition

2. Levi's jeans are example of...

• Monopolistic Competition

• Oligopoly

• Monopoly

• Perfect Competition

3. An exclusive right granted for an invention, which is a product or a process that provides a new way of doing something, which could lead to Monopolies cerated.

• Copyright

• Trademark

• Rights

• Patent

4. A barrier to entry is

• An obstacle that makes it difficult for new firms to enter a market.

• A law established by the government to protect new industries

• A commitment on the part of big business to allow smaller companies to compete.

• None of the above

5. A market that has a few sellers of basically the same goods.

• Perfect Competition

• Monopolistic Competition

• Pure Monopoly

• Oligopoly

6. All buyers and sellers have sufficient information to maximize self-interest.

• Perfect Competition

• Monopolistic Competition

• Pure Monopoly

• Oligopoly

7. Electricity and water are an example of...

• Perfect Competition

• Monopolistic Competition

• Natural Monopoly

• Oligopoly

8. SSS and Philhealth are an examples of ...

• market structure in which the average costs of production are lowest when all output is produced by a single firm

• monopoly created and or owned by the government

• the exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same.

• a government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention.

9. Items that people tend to buy more of when their incomes increase.

• Normal Goods

• Substitute Goods

• Inferior Goods

• Complimentary Goods

10. Peanut spread . . . Gardenia bread; Toothbrush . . . Toothpaste are an examples of ...

• Normal Goods

• Substitute Goods

• Inferior Goods

• Complimentary Goods