Economics > QUESTIONS & ANSWERS > {SOLVED} American Military University - ECON 201 / ECON201 - Quiz 1 Q&A (2021) (All)

{SOLVED} American Military University - ECON 201 / ECON201 - Quiz 1 Q&A (2021)

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Part 1 of 3 - 90.0/ 90.0 Points Question 1 of 15 10.0/ 10.0 Points The branch of economics that examines the impact of choices on aggregates in the economy is: A.positive economics. B.normative ec... onomics. C.macroeconomics. D.microeconomics. Answer Key: C Question 2 of 15 10.0/ 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 15 10.0/ 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 This study source was downloaded by 100000831988016 from CourseHero.com on 03-14-2022 05:07:28 GMT -05:00 https://www.coursehero.com/file/13554417/Week-1-Quiz-Econ-201/ Answer Key: D Question 4 of 15 10.0/ 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. [Show More]

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