Economics > QUESTIONS & ANSWERS > {SOLVED} American Military University - ECON 201 / ECON201 - Midterm - Quiz 4 Q&A (2022) (All)
{SOLVED} American Military University - ECON 201 / ECON201 - Midterm - Quiz 4 Q&A (2022)
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Question 1 of 28 5.0/ 5.0 Points Economics is the study of: A.increasing the level of productive resources so there is maximum output in society. B.increasing the level of productive resources so ... there is a minimum level of income. C.how people, institutions, and society make choices under conditions of scarcity. D.the efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses. Answer Key: C Question 2 of 28 5.0/ 5.0 Points Which of the following is not a central focus of the "economic perspective"? A.Scarcity and choice. B.The scientific method. C.Purposeful behavior. D.Marginal analysis. Answer Key: B Question 3 of 28 5.0/ 5.0 Points The satisfaction or pleasure one gets from consuming a good or service is: A.price. B.utility. C.consumpti on. D.preferenc es. Answer Key: B Question 4 of 28 5.0/ 5.0 Points The private ownership of property resources and use of prices to direct and coordinate economic activity is characteristic of: A.a command system. B.a market system. C.communism. D.socialism. Answer Key: B Question 5 of 28 5.0/ 5.0 Points Which statement best describes a capitalist economy? A.The production of goods and services is determined primarily by markets, but the allocation of goods and services is determined primarily by government. B.The production of goods and services is determined primarily by government, but the allocation of goods and services is determined primarily by markets. C.The production and allocation of goods and services is determined primarily through markets. D.The production and allocation of goods and services is determined primarily through government. Answer Key: C Question 6 of 28 5.0/ 5.0 Points Capitalism is an economic system that: A.produces more capital goods than consumer goods. B.produces more consumer goods than capital goods. C.gives the government the right to tax individuals and corporations. D.private individuals and corporations the right to own productive resources. Answer Key: D Question 7 of 28 5.0/ 5.0 Points In a market system, well-defined property rights are important because they: A.reduce unnecessary investment. B.limit destructive economic growth. C.create economic problems. D.encourage economic activity. Answer Key: D Question 8 of 28 5.0/ 5.0 Points If two goods are complements: A.they are consumed independently. B.an increase in the price of one will increase the demand for the other. C.a decrease in the price of one will increase the demand for the other. D.they are necessarily inferior goods. Answer Key: C Question 9 of 28 5.0/ 5.0 Points When the price of a pro [Show More]
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