ECO 201 Exam Questions and
Answers 100% Pass
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 - ✔✔B. Cuba
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 - ✔✔B. Cuba and North Korea
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,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 - ✔✔A. government
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 - ✔✔B. international trade
In a discussion of economics, which of the following would exert the most influence on
an individual firm's decision to hire workers?
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,A. wage levels
B. the macroeconomy
C. the firm's income
D. household income - ✔✔B. the macroeconomy
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 - ✔✔A. market-oriented economy
Which of the following best denotes the reason for the existence of substantial black
markets?
A. a market-oriented economy
B. a command economy
C. government laws and rules
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, D. the microeconomy - ✔✔B. a command economy
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 - ✔✔C. environmental pollution
. 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 - ✔✔A. division of labor
If macroeconomics looks at the economy as a whole, it focuses on which of the
following?
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Answers 100% Pass
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 - ✔✔B. Cuba
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 - ✔✔B. Cuba and North Korea
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 1
,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 - ✔✔A. government
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 - ✔✔B. international trade
In a discussion of economics, which of the following would exert the most influence on
an individual firm's decision to hire workers?
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 2
,A. wage levels
B. the macroeconomy
C. the firm's income
D. household income - ✔✔B. the macroeconomy
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 - ✔✔A. market-oriented economy
Which of the following best denotes the reason for the existence of substantial black
markets?
A. a market-oriented economy
B. a command economy
C. government laws and rules
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 3
, D. the microeconomy - ✔✔B. a command economy
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 - ✔✔C. environmental pollution
. 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 - ✔✔A. division of labor
If macroeconomics looks at the economy as a whole, it focuses on which of the
following?
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 4
