ECON 202 STUDY GUIDE
Test Bank: II Topic: Product Variety
Product variety in monopolistic competition comes at the cost of
nonprice competition.
barriers to entry.
diminishing returns.
D. excess capacity.
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-04 Relate how the abilityof monopolistic competition to deliver productdifferentiation helps to compensate for its failure to deliver economic efficiency.
Test Bank: II Topic: Product Variety
In monopolistic competition, if a firm advertises and effectively raises consumerawareness of its product, it tends to
A. raise costs and increasedemand for its product.
raise costs and decrease demand for its product.
lower costs and increase demand for its product.
lower costs and decrease demand for its product.
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-04 Relate how the abilityof monopolistic competition to deliver product differentiation helps to compensate for its failure to deliver economic efficiency.
Test Bank: II Topic: Product Variety
Which statement concerning monopolistic competition is false?
Long-run equilibrium under monopolistic competition and pure competition both entail zero economic profits for firms.
Monopolistic competition is likely to result in a greater varietyof product brands than pure competition.
The monopolistically competitive demand curve is more elastic than the demand curve facing a monopoly.
D. Long-runequilibrium in monopolistic competition does not entail any economic inefficiency because of easy entry and exit.
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-04 Relate how the abilityof monopolistic competition to deliver product differentiation helps to compensate for its failure to deliver economic efficiency.
Test Bank: II Topic: Product Variety
Which is nota common form of nonprice competition in monopolistic competition?
customer services such as liberal guaranteeand repair policies
advertisements featuring brand names
C. cash rebates and discount coupons
D. annual design and model changes
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-04 Relate how the abilityof monopolistic competition to deliver product differentiation helps to compensate for its failure to deliver economic efficiency.
Test Bank: II Topic: Product Variety
The stronger the product differentiation in monopolistic competition, the
A. less elastic the demand curve, and production will take place furtherto the left of minimum average costs.
less elasticthe demand curve, and production will take place further to the right of minimum average costs.
more elastic the demand curve, and production will take place further to the left ofminimum average costs.
more elastic the demand curve, and production will take place furtherto the right of minimumaverage costs.
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-04 Relate how the abilityof monopolistic competition to deliver productdifferentiation helps to compensate for its failure to deliver economic efficiency.
Test Bank: II Topic: Product Variety
Product differentiation in monopolistic competition involves a trade-offbetween
productive efficiency and allocative efficiency.
monopoly power and ease of entry.
C. consumerchoice and productive efficiency.
D. short-run profits and long-run efficiency.
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-04 Relate how the abilityof monopolistic competition to deliver product differentiation helps to compensate for its failure to deliver economic efficiency.
Test Bank: II Topic: Product Variety
The market situationof a monopolistic competitor is made more complex than our simple revenue-and-costs graphs would suggest, because the firm in realityjuggles three decisions:
price, outputquantity, and revenues.
revenue, costs, and profits.
advertising, resources, and product.
D. price, product, and advertising.
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-04 Relate how the abilityof monopolistic competition to deliver productdifferentiation helps to compensate for its failure to deliver economic efficiency.
Test Bank: II Topic: Product Variety
Communist central planners didn’t care aboutproduct differentiation, opting instead for a uniformdesign of products in order to achieve
A. higher prices and profitsfor their firms.
B. mass production and lower costs.
allocative efficiency in society.
purely competitive markets.
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-04 Relate how the abilityof monopolistic competition to deliver productdifferentiation helps to compensate for its failure to deliver economic efficiency.
Test Bank: II Topic: Product Variety
"Variety is the spice of life" is best appliedto which marketstructure?
A. pure competition
B. monopolistic competition
oligopoly
monopoly
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-04 Relate how the abilityof monopolistic competition to deliver product differentiation helps to compensate for its failure to deliver economic efficiency.
Test Bank: II Topic: Product Variety
In a monopolistically competitive market like restaurants, large capital-intensive firms like McDonald’s may co-existwith more labor-intensive mom-and-pop shops. In this case, higher labor costs would tend to favor the survival of
A. large-scale capital-intensive firms more than the small firms.
small firms more than the large-scale capital-intensive firms.
foreign firms more than the large-scale capital-intensive firms.
domestic restaurant firms more than the foreign firms.
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-04 Relate how the abilityof monopolistic competition to deliver product differentiation helps to compensate for its failure to deliver economic efficiency.
Test Bank: II Topic: Product Variety
True / False Questions
Monopolistically competitive firms exist due to high barriers to entry.
FA LSE
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Blooms: Remember Difficulty: 01 Easy
Learning Objective: 13-01 List the characteristics of monopolistic competition.
Test Bank: II Topic: Monopolistic Competition
Monopolistically competitive firms have some control over the price of their products.
TRUE
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Blooms: Remember Difficulty: 01 Easy
Learning Objective: 13-01 List the characteristics of monopolistic competition.
Test Bank: II Topic: Monopolistic Competition
Brand names and packaging are forms of product differentiation under monopolistic competition.
TRUE
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Blooms: Remember Difficulty: 01 Easy
Learning Objective: 13-01 List the characteristics of monopolistic competition.
Test Bank: II Topic: Monopolistic Competition
Product differentiation is what allows monopolistically competitive firms to have some market power.
TRUE
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Blooms: Remember Difficulty: 01 Easy
Learning Objective: 13-01 List the characteristics of monopolistic competition.
Test Bank: II Topic: Monopolistic Competition
The four-firm concentration ratio cannot have a value above 1.0.
TRUE
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Blooms: Remember Difficulty: 01 Easy
Learning Objective: 13-01 List the characteristics of monopolistic competition.
Test Bank: II Topic: Monopolistic Competition
The Herfindahl index is a measure of the degree of product differentiation in an industry.
FA LSE
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Blooms: Remember Difficulty: 01 Easy
Learning Objective: 13-01 List the characteristics of monopolistic competition.
Test Bank: II Topic: Monopolistic Competition
We would expect the four-firm concentration ratio of the restaurantindustry in a large metropolitan area to be about 0.80, or 80 percent,and higher.
FA LSE
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Blooms: Remember Difficulty: 01 Easy
Learning Objective: 13-01 List the characteristics of monopolistic competition.
Test Bank: II Topic: Monopolistic Competition
The demand curve faced by a monopolistically competitive firm is more elasticthan the monopolist's demand curve.
TRUE
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-02 Explain why monopolistic competitors earn only a normalprofit in the long run.
Test Bank: II Topic: Price and Output in Monopolistic Competition
The larger the number of firms in an industry and the less the extent of product differentiation, the greater will be the elasticity of the individual seller'sdemand curve.
TRUE
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-02 Explain why monopolistic competitors earn only a normalprofit in the long run.
Test Bank: II Topic: Price and Output in Monopolistic Competition
If the representative firm in a monopolistically competitive industry has an optimal output where P < ATC, the industrywill expand in the long run.
FA LSE
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-02 Explain why monopolistic competitors earn only a normalprofit in the long run.
Test Bank: II Topic: Price and Output in Monopolistic Competition
In the long run, a typical firm in a monopolistically competitive marketearns positive economic profits.
FA LSE
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-02 Explain why monopolistic competitors earn only a normalprofit in the long run.
Test Bank: II Topic: Price and Output inMonopolistic Competition
In monopolistic competition, easy industry entry and exit drives long-run profits of firms to zero.
TRUE
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-02 Explain why monopolistic competitors earn only a normalprofit in the long run.
Test Bank: II Topic: Price and Output inMonopolistic Competition
In monopolistic competition, short-run positive economic profits of firms in the market will cause the market demand to expand.
FA LSE
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-02 Explain why monopolistic competitors earn only a normalprofit in the long run.
Test Bank: II Topic: Price and Output in Monopolistic Competition
Long-run profits of individual firms in monopolistic competition will be larger than their short-runprofits.
FA LSE
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-02 Explain why monopolistic competitors earn only a normalprofit in the long run.
Test Bank: II Topic: Price and Output in Monopolistic Competition
As new firms enter a monopolistically competitive market, the demand curves facing existing firms will tend to shift left.
TRUE
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-02 Explain why monopolistic competitors earn only a normalprofit in the long run.
Test Bank: II Topic: Price and Output inMonopolistic Competition
As firms exit from a monopolistically competitive industry in the long run, the remaining firms’ profits will begin to rise.
TRUE
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-02 Explain why monopolistic competitors earn only a normalprofit in the long run.
Test Bank: II Topic: Price and Output in Monopolistic Competition
Monopolistically competitive firms will achieve the most efficient allocation of society's resourcesbecause there are no significant barriers to entry into the industry.
FA LSE
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-03 Explain why monopolistic competition deliversneither productive nor allocative efficiency.
Test Bank: II Topic: Monopolistic Competition and Efficiency
Pure competition results in a lower price but identical outputlevel compared to those in monopolistic competition.
FA LSE
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-03 Explain why monopolistic competition deliversneither productive nor allocative efficiency.
Test Bank: II Topic: Monopolistic Competition and Efficiency
Monopolistic competition entails a deadweight loss to society, even if the firms earn zero economic profits.
TRUE
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-03 Explain why monopolistic competition deliversneither productive nor allocative efficiency.
Test Bank: II Topic: Monopolistic Competition and Efficiency
"Excess capacity" exists in monopolisticcompetition but not in pure competition.
TRUE
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-03 Explain why monopolistic competition deliversneither productive nor allocative efficiency.
Test Bank: II Topic: Monopolistic Competition and Efficiency
The amount of excess capacityin pure competition tends to become larger the more elastic the individual firm’s demand curve becomes.
FA LSE
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-03 Explain why monopolistic competition deliversneither productive nor allocative efficiency.
Test Bank: II Topic: Monopolistic Competition and Efficiency
The entry of more firms into a monopolistically competitive market tends to increase the excess capacity of firms in the industryin the long run.
FA LSE
AACSB: Reflective Thinking Accessibility: Keyboard Navigation
Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-03 Explain why monopolistic competition deliversneither productive nor allocative efficiency.
Test Bank: II Topic: Monopolistic Competition and Efficiency
Monopolistic competition provides the benefit of product variety but at the cost of productive inefficiency.
TRUE
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-04 Relate how the abilityof monopolistic competition to deliver product differentiation helps to compensate for its failure to deliver economic efficiency.
Test Bank: II Topic: Product Variety
That one thing that monopolistic competition provides, which is not assuredin the other marketstructures, is product variety.
TRUE
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Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-04 Relate how the abilityof monopolistic competition to deliver product differentiation helps to compensate for its failure to deliver economic efficiency.
Test Bank: II Topic: Product Variety
Product differentiation in a monopolistically competitive marketalways entails more costs than benefits.
FA LSE
AACSB: Reflective Thinking Accessibility: Keyboard Navigation
Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-04 Relate how the abilityof monopolistic competition to deliver productdifferentiation helps to compensate for its failure to deliver economic efficiency.
Test Bank: II Topic: Product Variety
If we believe that "variety is the spice of life," then we should be more concernedabout the excess capacity in monopolistic competition and do our best to eliminateit.
FA LSE
AACSB: Reflective Thinking Accessibility: Keyboard Navigation
Blooms: Understand Difficulty: 02 Medium
Learning Objective: 13-04 Relate how the abilityof monopolistic competition to deliver product differentiation helps to compensate for its failure to deliver economic efficiency.
Test Bank: II Topic: Product Variety
Chapter 25 Immigration Answer Key
Multiple Choice Questions
Economic immigrants
A. are defined as any international migrants that have an impact on the economy.
B. are defined as international migrants motivated by economicgain.
only affect the economyif they enter the countrylegally.
include not only people, but also any capital that migrates from another country.
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Blooms: Understand Difficulty:02Medium
Learning Objective: 25-01 Describethe extent of legal and illegal immigration into the United States.
Test Bank: I Topic: Number of Immigrants
About of recent annual population growth in the United States is the result of immigration.
one-tenth
one-fifth
C. one-third
D. one-half
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Blooms: Understand Difficulty:02Medium
Learning Objective: 25-01 Describethe extent of legal and illegal immigration into the United States.
Test Bank: I Topic: Number of Immigrants
About of recent annual labor force growth in the United States is the result of immigration.
one-tenth
one-fifth
one-third
D. one-half
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Blooms: Understand Difficulty:02Medium
Learning Objective: 25-01 Describethe extent of legal and illegal immigration into the United States.
Test Bank: I Topic: Number of Immigrants
In 2013, the greatestnumber of legal immigrantsarriving in the United States came from
India and North Korea.
the Dominican Republic and Cuba.
China and Vietnam.
D. Mexico and China.
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Blooms: Understand Difficulty:02Medium
Learning Objective: 25-01 Describethe extent of legal and illegal immigration into the United States.
Test Bank: I Topic: Number of Immigrants
The U.S. Census Bureauestimates that from 2000 to 2009, the net inflow of illegal immigrants was about
A. 100,000 annually.
B. 250,000 annually.
350,000 annually.
700,000 annually.
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Blooms: Understand Difficulty:02Medium
Learning Objective: 25-01 Describethe extent of legal and illegal immigration into the United States.
Test Bank: I Topic: Number of Immigrants
The H1-B provision of immigration law
A. allows 65,000 high-skilled workers in specialty occupations to enter and work in the United States for six years.
raised U.S. annual immigration quotas from 500,000to 700,000.
established a lottery for the admission of diversity immigrants into the United States.
provided amnestyto over one million illegalimmigrants in 1989–1991, allowing them to become legal citizens of the United States.
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Blooms: Understand Difficulty:02Medium
Learning Objective: 25-01 Describethe extent of legal and illegal immigration into the United States.
Test Bank: I Topic: Number of Immigrants
Approximately how many peoplebecame permanent legal residents of the United States in 2013?
A. 990,550
B. 854,200
C. 720,160
D. 1,152,000
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Blooms: Understand Difficulty:02Medium
Learning Objective: 25-01 Describethe extent of legal and illegal immigration into the United States.
Test Bank: I Topic: Number of Immigrants
According to the Office of Immigration Statistics, approximately what percentageof legal immigrantsin 2013 were parents,children, siblings, or other qualifiedrelatives of legal permanentU.S. residents?
16 percent
57 percent
C. 66 percent
D. 81 percent
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Blooms: Understand Difficulty:02Medium
Learning Objective: 25-01 Describethe extent of legal and illegal immigration into the United States.
Test Bank: I Topic: Number of Immigrants
According to the Office of ImmigrationStatistics, approximately what percentage of legal immigrantsto the United States in 2013 were refugeesor diversity immigrants?
27 percent
66 percent
16 percent
D. 18 percent
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Blooms: Understand Difficulty:02Medium
Learning Objective: 25-01 Describethe extent of legal and illegal immigration into the United States.
Test Bank: I Topic: Number of Immigrants
According to U.S. Census Bureau data (2014), approximately how many illegalimmigrants are estimatedto be living continuously in the United States?
A. 5 million
B. 11 million
23 million
30 million
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Blooms: Understand Difficulty:02Medium
Learning Objective: 25-01 Describethe extent of legal and illegal immigration into the United States.
Test Bank: I Topic: Number of Immigrants
Which of the followingcountries has the largest number of immigrants, as a percentage of the labor force (as of 2007)?
Austria
New Zealand
United States
D. Australia
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Blooms: Understand Difficulty:02Medium
Learning Objective: 25-02 Discuss why economists view economicimmigration as a personal human capitalinvestment.
Test Bank: I Topic: The Decisionto Migrate
Human capital refers to
A. the accumulated knowledge and skills that allow a person to be productive.
machinery that requiresextensive human interaction to be productive.
the accumulated financial assets of people.
all of these things.
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Blooms: Understand Difficulty:02Medium
Learning Objective: 25-02 Discuss why economists view economicimmigration as a personal human capitalinvestment.
Test Bank: I Topic: The Decisionto Migrate
The primary motivation for economic immigration is
the prospectof paying lower prices for goods and services.
to flee politicaloppression.
C. the opportunity to increase earningsand standard of living.
D. to reunitewith family members.
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Blooms: Understand Difficulty:02Medium
Learning Objective: 25-02 Discuss why economists view economicimmigration as a personal human capitalinvestment.
Test Bank: I Topic: The Decisionto Migrate
Which of the following cases best illustrates economic immigration?
A. Sophia migratedto Germany to rejoin her family.
B. Julio migrated to Australia to take a job paying three times what he earned at home.
Nguyen migrated to the United States to escape religiouspersecution.
Vladimir migrated to Great Britain to avoid political imprisonment.
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Blooms: Understand Difficulty:02Medium
Learning Objective: 25-02 Discuss why economists view economicimmigration as a personal human capitalinvestment.
Test Bank: I Topic: The Decisionto Migrate
Which of the followingis least likely to be considered economic immigration?
Bob migrates to Canada to improve his access to health care.
Manuela migrates to the United States to open an authentic Italian cooking school.
Myklos migrates to Switzerland because the public pension system is more generousthan in his home country.
D. Alexandermigrates to the United States because his politicalwritings are censoredin his home country.
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Blooms: Understand Difficulty:02Medium
Learning Objective: 25-02 Discuss why economists view economicimmigration as a personal human capitalinvestment.
Test Bank: I Topic: The Decisionto Migrate
Kara is considering migrating to another country. Which of the followingrepresents a cost she will face if she decides to move?
financial expenditures to transport herselfand her belongings to her new country
the loss of the income she currently earns in her home country
the application fee for a green card
D. all of these
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Blooms: Understand Difficulty:02Medium
Learning Objective: 25-02 Discuss why economists view economicimmigration as a personal human capitalinvestment.
Test Bank: I Topic: The Decisionto Migrate
Juan wants to migrate from Mexico to the United States but knows he cannot do so legallyat this time. If he decides to attemptto enter the United States illegally, which of the followingcosts will he most likely not face?
A. payment to an expediter ("coyote") to facilitate his entry into the United States
B. a green card application fee
the loss of income from his current factory job
All of these are costs he must incur to migrate.
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Blooms: Understand Difficulty:02Medium
Learning Objective: 25-02 Discuss why economists view economicimmigration as a personal human capitalinvestment.
Test Bank: I Topic: The Decisionto Migrate
A person will be more likely to migratethe
A. greater the distancethey will have to travel from their country of origin.
B. greater the wages in their prospective new country relativeto wages in their home country.
fewer the number of "beaten paths" that exist to their prospective new country.
greater the number of children they have.
AACSB: Knowledge Application Accessibility: Keyboard Navigation
Blooms: Understand Difficulty:02Medium
Learning Objective: 25-02 Discuss why economists view economicimmigration as a personal human capitalinvestment.
Test Bank: I Topic: The Decisionto Migrate
Which of the followingindividuals is most likely to migrate to Switzerland, assuming that all face equallygood prospects of securing a good job after arrival?
A. Ricardo is 25 years old, single, and currently lives in Italy.
Ivan is 50 years old, married,and currently lives in Russia.
Maria is 40 years old, married with three children,and currently lives in Mexico.
Tran is 35 years old, single, speaks only Vietnamese and a little English, and currently lives in Vietnam.
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Blooms: Understand Difficulty:02Medium
Learning Objective: 25-02 Discuss why economists view economicimmigration as a personal human capitalinvestment.
Test Bank: I Topic: The Decisionto Migrate
"Beaten paths" from one country to another
discourage migration to that country because of a perception that all of the good jobs have already been taken.
discourage migration by increasingthecost of moving.
C. encouragemigration by providing employment contactsand job information.
D. are more prevalentthe greater the distance betweenthe two countries.
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Blooms: Understand Difficulty:02Medium
Learning Objective: 25-02 Discuss why economists view economicimmigration as a personal human capitalinvestment.
Test Bank: I Topic: The Decisionto Migrate
Which of the followingstatements is true about migrationbehavior?
Older workers are more likely to migrate than younger workers.
Migrants are more likely to migrateto countries farther rather than nearer to their home country.
C. Single workers are more likely to migrate than workers with spousesand children.
D. Workers are less likely to migratewhere "beaten paths" exist.
AACSB: Knowledge Application Accessibility: Keyboard Navigation
Blooms: Understand Difficulty:02Medium
Learning Objective: 25-02 Discuss why economists view economicimmigration as a personal human capitalinvestment.