Cashback Offer from 16th to 19th October 2021. Get Flat 10% Cashback credited to your account for a minimum transaction of $80. Post Your Question Today!

Question DetailsNormal
$ 7.49

ECON 101 Quiz 2

Question posted by
Online Tutor Profile
request

ECON 101 Quiz 2                                            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.

 

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.

 

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

 

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.

 

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.

 

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.

 

Question 7 of 10

10.0 Points

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

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.

 

Question 9 of 10

10.0 Points

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

10.0 Points

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

 

 

Available Answer
$ 7.49

[Solved] ECON 101 Quiz 2

  • This solution is not purchased yet.
  • Submitted On 19 Jun, 2020 06:15:48
Answer posted by
Online Tutor Profile
solution
ECON 101 Quiz 2 Question 1 of 10 10.0 Points The branch of economics that examines the impact of choices on aggregates in the econo...
Buy now to view the complete solution
Other Similar Questions
User Profile
termp...

PBL ECON 101 Final Version 1.docx ECON-101 Balancing the Federal Budget ECON-101 Abs

PBL ECON 101 Final Version 1.docx ECON-101 Balancing the Federal Budget ECON-101 Abstract The world today is one of economic uncertainty and discord. More and more, nations of the world are having a difficult time rem...
User Profile
termp...

Econ 101 Week 2 Term Paper.docx ECON 101

Econ 101 Week 2 Term Paper.docx ECON 101 MICROECON101 MacBook by Apple ECON 101 “ Microeconomics The product I would like to discus...
User Profile
Tutor...

ECON 101 Week 1 quiz

ECON 101 Week 1 quiz 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 econ...
User Profile
Tutor...

ECON 101 Week 2 Quiz Ch 3

ECON 101 Week 2 Quiz Ch 3 Question 1 of 10 10.0 Points A shift of a demand curve to the right, all other things unchanged, will: A.increase equilibrium price and quantity. B.decrease equilibrium price and quant...
User Profile
Tutor...

ECON 101 Week 1 quiz

ECON 101 Week 1 quiz 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 econ...

The benefits of buying study notes from CourseMerit

homeworkhelptime
Assurance Of Timely Delivery
We value your patience, and to ensure you always receive your homework help within the promised time, our dedicated team of tutors begins their work as soon as the request arrives.
tutoring
Best Price In The Market
All the services that are available on our page cost only a nominal amount of money. In fact, the prices are lower than the industry standards. You can always expect value for money from us.
tutorsupport
Uninterrupted 24/7 Support
Our customer support wing remains online 24x7 to provide you seamless assistance. Also, when you post a query or a request here, you can expect an immediate response from our side.
closebutton

$ 629.35