ECON 101 Quiz 2 Question 1 of 10
The branch of economics that examines the impact of choices on aggregates in the economy is:
Question 2 of 10
When we are forced to make choices we are facing the concept of:
Question 3 of 10
An economic system is the set of rules that define _______ and _______ .
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
Question 4 of 10
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.
Question 5 of 10
The branch of economics that examines the choices of consumers and firms is:
Question 6 of 10
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.
Question 7 of 10
In a command socialist economy:
A.resources are government owned but individuals make some decisions over their use.
B.resources are government owned and government exercises broad power over their use.
C.resources are privately owned and individuals make decisions over their use.
D.resources are privately owned but government exercises broad power over their use.
Question 8 of 10
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.
Question 9 of 10
Whenever a choice is made:
A.the value of all the other choices that could have been made is called opportunity cost.
B.normative economics is encountered.
C.the problem of “all other things unchanged” results.
D.the opportunity cost of that choice is value of the next best alternative
Question 10 of 10
Economics is different from other social sciences because it gives special emphasis to the study of ______; it is similar to other social sciences because they are all concerned with the study of _______.
A.unlimited resources; economic systems
B.human interactions; limited resources
C.opportunity costs; choices
D.social behavior; scarcity
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