ECON 203 Quiz 1_ECONOMICS 203 Quiz 1 PRINCIPLES OF ECONOMETHICS: Questions and Answers

Question 1 1 / 1 point In countries like _____________ the command economy predominates. a)  Germany and France b)  China and Vietnam c)  Cuba and North Korea d)  South Africa and Kenya Chapter 1_market-oriented economy Question 2 0 / 1 point 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)  economies of scale b)  command economy c)  international trade d)  division of labour Chapter 1_Black market Question 3 1 / 1 point 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