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Test Bank For Principles of Microeconomics 3rd Edition OpenStax, David Shapiro ; ISBN13: 9781711471501. 9781711471495. A+ Grade Full Chapters$49.99
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Test Bank For Principles of Microeconomics 3rd Edition OpenStax, David Shapiro ; ISBN13: 9781711471501. 9781711471495. A+ Grade Full Chapters
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Microeconomics
Institution
Microeconomics
Test Bank For Principles of Microeconomics 3rd Edition OpenStax, David Shapiro ; ISBN13: 9781711471501. 9781711471495
Principles of Microeconomics 3e by OpenStax Test Bank. Principles of Microeconomics Third Edition OpenStax Test Bank.
David Shapiro's Principles of Microeconomics OpenStax. OpenSt...
TEST BANK Principles of Microeconomics 3rd Edition
Chapter 01: Welcome to Economics!
Multiple Choice Questions
1. In countries like _____________ the command economy predominates.
A. China and Vietnam
B. Cuba and North Korea
C. South Africa and Kenya
D. Germany and France
Answer: B
Reference:
Explanation:
Type: Multiple Choice Difficulty: Medium Category: Remember
2. In which of the following countries will the national government have the greatest
influence with respect to the nation's economy?
A. China
B. Cuba
C. Canada
D. Chile
Answer: B
Reference:
Explanation:
Type: Multiple Choice Difficulty: Medium Category: Analyze
3. In a command economy, the __________ either makes most economic decisions
itself or at least strongly influences how the decisions are made.
A. government
B. market
C. firm
D. business sector
4. Because of their relatively small national economies, which of the following is most
likely considered to be the most important factor for Belgium, Korea, and Canada to take
full advantage of specialization?
A. division of labour
B. international trade
C. economies of scale
D. command economy
Answer: B
Reference:
Explanation:
Type: Multiple Choice Difficulty: Medium Category: Analyze
5. In a discussion of economics, which of the following would exert the most influence on
an individual firm's decision to hire workers?
A. wage levels
B. the macroeconomy
C. the firm's income
D. household income
6. In a _______________________, most economic decisions about what to produce,
how to produce it, and for whom to produce it are made by buyers and sellers.
A. market-oriented economy
B. macroeconomy
C. microeconomy
D. command economy
8. Which of the following is generally accepted as a valid criticism of the production of
useful goods and services?
A. government involvement
B. the black market
C. environmental pollution
D. economic freedom
Answer: C
Reference:
Explanation:
Type: Multiple Choice Difficulty: Medium Category: Evaluate
9. In the first chapter of The Wealth of Nations, Smith introduces the idea of the
__________, which means the way in which the work required to produce a good or
service is divided into a number of tasks that are performed by different workers.
A. division of labor
B. interconnected economy
C. task economy
D. modern economy
Answer: A
, Reference:
Explanation:
Type: Multiple Choice Difficulty: Medium Category: Analyze
10. If macroeconomics looks at the economy as a whole, it focuses on which of the
following?
A. households
B. business firms
C. unemployed people
D. the division of labor
12. In the ______________, households receive goods and services and pay firms for
them.
A. labor market
B. financial capital market
C. goods and services market
D. savings market
Answer: C
Reference:
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