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

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Description: Test Bank for Principles of Macroeconomics 2e, Openstax prepares you efficiently for your upcoming exams. It contains practice test questions tailored for your textbook. Principles of Macroeconomics 2e, Openstax Test bank allow you to access quizzes and multiple choice questions wri...

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  • July 4, 2022
  • 577
  • 2021/2022
  • Exam (elaborations)
  • Questions & answers

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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.

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