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{SOLVED} American Military University - ECON 201 / ECON201 - Quiz 1 - 7 MIDTERM AND FINAL EXAMS Q&A (2022)

{SOLVED} American Military University - ECON 201 / ECON201 - Quiz 1 Q&A (2021) ECON201 Quiz Week 1 Question 1 of 15 The branch of economics that examines the impact of choices on aggregates in the eco... nomy is: A. positive economics. B. normative economics. C. macroeconomics. D. microeconomics. Question 2 of 15 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 15 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 15 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 15 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 15 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. [Show More]

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