PRINCIPLES OF ECONOMICS QUESTION
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,In countries like _____________ the command economy B. Cuba and North Korea
predominates.
A. China and Vietnam
B. Cuba and North Korea
C. South Africa and Kenya
D. Germany and France
. In which of the following countries will the national B. Cuba
government have the greatest influence with respect to the
nation's economy?
A. China
B. Cuba
C. Canada
D. Chile
. In a command economy, the __________ either makes most A. government
economic decisions itself or at least strongly influences how
the decisions are made.
A. government
B. market
C. firm
D. business sector
Because of their relatively small national economies, which of B. international trade
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 labor
B. international trade
C. economies of scale
D. command economy
,. In a discussion of economics, which of the following would B. the macroeconomy
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
. In a _______________________, most economic decisions about what to A. market-oriented economy
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
Which of the following best denotes the reason for the B. a command economy
existence of substantial black markets?
A. a market-oriented economy
B. a command economy
C. government laws and rules
D. the microeconomy
. Which of the following is generally accepted as a valid C. environmental pollution
criticism of the production of useful goods and services?
A. government involvement
B. the black market
C. environmental pollution
D. economic freedom
, In the first chapter of The Wealth of Nations, Smith introduces A. division of labor
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
If macroeconomics looks at the economy as a whole, it C. unemployed people
focuses on which of the following?
A. households
B. business firms
C. unemployed people
D. the division of labor
In the ____________, households work and receive payment from C. labor market
firms.
A. financial investment market
B. financial capital market
C. labor market
D. savings market
In the ______________, households receive goods and services and C. goods and services market
pay firms for them.
A. labor market
B. financial capital market
C. goods and services market
D. savings market
Which of the following best describes a monetary policy tool? A. interest rates
A. interest rates
B. taxes
C. household savings
D. government spending
BANK | QUESTIONS AND ANSWERS |
STUDY GUIDE | EXAM PREP | GRADED A+ |
GUARANTEED SUCCESS
Updated Questions and Answers | 100% Verified Exam Prep
,In countries like _____________ the command economy B. Cuba and North Korea
predominates.
A. China and Vietnam
B. Cuba and North Korea
C. South Africa and Kenya
D. Germany and France
. In which of the following countries will the national B. Cuba
government have the greatest influence with respect to the
nation's economy?
A. China
B. Cuba
C. Canada
D. Chile
. In a command economy, the __________ either makes most A. government
economic decisions itself or at least strongly influences how
the decisions are made.
A. government
B. market
C. firm
D. business sector
Because of their relatively small national economies, which of B. international trade
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 labor
B. international trade
C. economies of scale
D. command economy
,. In a discussion of economics, which of the following would B. the macroeconomy
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
. In a _______________________, most economic decisions about what to A. market-oriented economy
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
Which of the following best denotes the reason for the B. a command economy
existence of substantial black markets?
A. a market-oriented economy
B. a command economy
C. government laws and rules
D. the microeconomy
. Which of the following is generally accepted as a valid C. environmental pollution
criticism of the production of useful goods and services?
A. government involvement
B. the black market
C. environmental pollution
D. economic freedom
, In the first chapter of The Wealth of Nations, Smith introduces A. division of labor
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
If macroeconomics looks at the economy as a whole, it C. unemployed people
focuses on which of the following?
A. households
B. business firms
C. unemployed people
D. the division of labor
In the ____________, households work and receive payment from C. labor market
firms.
A. financial investment market
B. financial capital market
C. labor market
D. savings market
In the ______________, households receive goods and services and C. goods and services market
pay firms for them.
A. labor market
B. financial capital market
C. goods and services market
D. savings market
Which of the following best describes a monetary policy tool? A. interest rates
A. interest rates
B. taxes
C. household savings
D. government spending
