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Umuc Econ 203 Complete Course – Latest 2015 November

  • Date Submitted: 03/18/2016 05:34 AM
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homework 1
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Chapter 1_ a command economy
Question 1 1 / 1 point
In countries like _____________ the command economy predominates.
a) Germany and France
b) Cuba and North Korea
c) China and Vietnam
d) South Africa and Kenya
Chapter 1_market-oriented economy
Question 2 1 / 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) command economy
b) division of labour
c) economies of scale
d) international trade
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
Chapter 1_type of market
Question 4 1 / 1 point
In the ______________, households receive goods and services and pay firms for them.
a) labor market
b) savings market
c) goods and services market
d) financial capital market
Chapter 1_Specialization
Question 5 1 / 1 point
_____________ – a term referring to the fact that for many goods, as the level of production increases, the average cost of producing each individual unit declines.
a) Specialization
b) Economies of scale
c) Division of labor
d) Skill
Chapter 1 _The circular flow diagram
Question 6 1 / 1 point
In the circular flow diagram model:
a) households receive income from businesses in exchange for providing inputs and use that income to buy goods and services from businesses.


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