Amu Econ 101 Mid Term Essay

793 WordsMay 17, 20154 Pages
MID TERM Question 1 of 19 5.0 Points Economics is the study of: A. increasing the level of productive resources so there is maximum output in society. B. increasing the level of productive resources so there is a minimum level of income. C. how people, institutions, and society make choices under conditions of scarcity. D. the efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses. Answer Key: C Question 2 of 19 5.0 Points Which of the following is not a central focus of the "economic perspective"? A. Scarcity and choice. B. The scientific method. C. Purposeful behavior. D. Marginal analysis. Answer Key: B Question 3 of 19 5.0 Points The satisfaction or pleasure one gets from consuming a good or service is: A. price. B. utility. C. consumption. D. preferences. Answer Key: B Question 4 of 19 5.0 Points The private ownership of property resources and use of prices to direct and coordinate economic activity is characteristic of: A. a command system. B. a market system. C. communism. D. socialism. Answer Key: B Question 5 of 19 5.0 Points Which statement best describes a capitalist economy? A. The production of goods and services is determined primarily by markets, but the allocation of goods and services is determined primarily by government. B. The production of goods and services is determined primarily by government, but the allocation of goods and services is determined primarily by markets. C. The production and allocation of goods and services is determined primarily through markets. D. The production and allocation of goods and services is determined primarily through government. Answer Key: C Question 6 of 19 5.0 Points

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