{SOLVED} American Military University - ECON 201 / ECON201 - Quiz 1 Q&A (2022)

Document Content and Description Below

ECON201: Microeconomics for Business Week 1 Quiz (Chapters 1 & 2) Part 1 of 3 - 70.0/ 90.0 Points Question 1 of 15 10.0/ 10.0 Points The branch of economics that examines the impact of choices on ... aggregates in the economy is: A.positive economics. B.normative economics. C.macroeconomics. D.microeconomics. Answer Key: C Question 2 of 15 10.0/ 10.0 Points When we are forced to make choices we are facing the concept of: A.ceteris paribus. B.free goods. C.scarcity. D.the margin. Answer Key: C Question 3 of 15 10.0/ 10.0 Points An economic system is the set of rules that define _______ and _______ . A.resources; prices This study source was downloaded by 100000831988016 from CourseHero.com on 03-31-2022 04:39:54 GMT -05:00 https://www.coursehero.com/file/14585675/ECON201-Quiz-1/ B.who gets to vote; when elections will be held C.market prices; factors of production D.how an economy's resources are to be owned; how decisions about the resources are to be made Answer Key: D Question 4 of 15 10.0/ 10.0 Points In a market capitalist economy: A.factors of production are owned privately and decisions about their use are basically made by individuals. B.factors of production are owned by the government but decisions about their use are made privately. C.private ownership exists but decisions about resource allocation are usually made centrally by the government. D.there is no role for the government. Answer Key: A Question 5 of 15 10.0/ 10.0 Points The branch of economics that examines the choices of consumers and firms is: A.positive economics. B.normative economics. C.macroeconomics. D.microeconomics. Answer Key: D This study source was downloaded by 100000831988016 from CourseHero.com on 03-31-2022 04:39:54 GMT -05:00 https://www.coursehero.com/file/14585675/ECON201-Quiz-1/ Question 6 of 15 0.0/ 10.0 Points Scarcity in economics means: A.not having sufficient resources to produce all the goods and services we want. B.the wants of people are limited. C.there must be poor people in rich countries. D.economists are clearly not doing their jobs. Answer Key: A Question 7 of 15 10.0/ 10.0 Points The basic concern of economics is: A.to keep business firms from losing money. B.to prove that capitalism is better than socialism. C.to study the choices people make. D.to use unlimited resources to produce goods and services to satisfy limited wants. Answer Key: C Question 8 of 15 0.0/ 10.0 Points Whenever a choice is made: A.the value of all the [Show More]

Last updated: 1 year ago

Preview 1 out of 7 pages