APU ECO101 Week 1 Quiz (Chapters 1 & 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