TEST BANK INTERMEDIATE MICROECONOMICS
NINTH EDITION BERGSTROM WEST PREMIUM
PRACTICE SET SOLVED WORKOUTS 2026
◉ . 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. Cuba
◉ . 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. 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 labor
B. international trade
C. economies of scale
D. command economy. Answer: 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?
A. wage levels
B. the macroeconomy
C. the firm's income
D. household income. Answer: 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. Answer: 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
D. the microeconomy. Answer: 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. Answer: 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. Answer: A. division of labor
◉ If macroeconomics looks at the economy as a whole, it focuses on
which of the following?
A. households
B. business firms
C. unemployed people
D. the division of labor. Answer: C. unemployed people
◉ In the ____________, households work and receive payment from
firms.
A. financial investment market
B. financial capital market
C. labor market
D. savings market. Answer: C. labor market
◉ In the ______________, households receive goods and services and
pay firms for them.
A. labor market
NINTH EDITION BERGSTROM WEST PREMIUM
PRACTICE SET SOLVED WORKOUTS 2026
◉ . 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. Cuba
◉ . 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. 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 labor
B. international trade
C. economies of scale
D. command economy. Answer: 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?
A. wage levels
B. the macroeconomy
C. the firm's income
D. household income. Answer: 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. Answer: 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
D. the microeconomy. Answer: 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. Answer: 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. Answer: A. division of labor
◉ If macroeconomics looks at the economy as a whole, it focuses on
which of the following?
A. households
B. business firms
C. unemployed people
D. the division of labor. Answer: C. unemployed people
◉ In the ____________, households work and receive payment from
firms.
A. financial investment market
B. financial capital market
C. labor market
D. savings market. Answer: C. labor market
◉ In the ______________, households receive goods and services and
pay firms for them.
A. labor market
