Test Bank for Principles of Macroeconomics 2nd Edition Openstax (All Chapters included)
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Course
Microeconomics
Institution
Microeconomics
This pdf includes the multiple choice answers of Principles of Macroeconomics 2nd edition...Complete Test Bank for Principles of Macroeconomics 2nd Edition by Openstax ; ISBN13: 9781938168253.....(Full Chapters included Chapter 1 to 21)...1.Welcome to Economics!
2.Choice in a World of Scarcity
3....
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
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