Amu Econ 101 Quiz 1 Essay

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Week 1 Quiz (Chapters 1 & 2) Return to Assessment List Part 1 of 1 - | 100.0 Points | Question 1 of 10 | 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 10 | 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 10 | 10.0 Points | An economic system is the set of rules that define _______ and _______ . | | A.resources; prices | | | 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 10 | 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 10 | 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 | | | Question 6 of 10 | 10.0 Points | Scarcity in economics means: | | A.not having sufficient resources to produce

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