ECON 101 Quiz 1

Part 1 of 1 –
100.0 PointsQuestion 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 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 10
10.0 Points
In a command socialist economy: A.resources are government owned but…