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Principles of Economics, Openstax - Exam Preparation Test Bank (Downloadable Doc)

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Description: Test Bank for Principles of Economics, Openstax, 2e prepares you efficiently for your upcoming exams. It contains practice test questions tailored for your textbook. Principles of Economics, Openstax, 2e Test bank allow you to access quizzes and multiple choice questions written specifically for your course. The test bank will most likely cover the entire textbook. Thus, you will get exams for each chapter in the book. You can still take advatange of the test bank even though you are using newer or older edition of the book. Simply because the textbook content will not significantly change in ne editions. In fact, some test banks remain identical for all editions. Disclaimer: We take copyright seriously. While we do our best to adhere to all IP laws mistakes sometimes happen. Therefore, if you believe the document contains infringed material, please get in touch with us and provide your electronic signature. and upon verification the doc will be deleted.

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,Chapter 1 Test Bank



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




Answer: A Reference:




Explanation:




Type: Multiple Choice Difficulty: Easy Category: Understand




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




Answer: B Reference:




Explanation:




Type: Multiple Choice Difficulty: Easy Category: Analyze




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
Connected book
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Steven A. Greenlaw, David Shapiro, Timoth Taylor Principles of Economics 2e
Publisher: 2017 ISBN: 9781947172364 Edition: Unknown

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