Econ 101 week 1 quiz


Don't use plagiarized sources. Get Your Custom Essay on
Econ 101 week 1 quiz
Just from $13/Page
Order Essay

ECON 101 Week 1 quiz

Week 1 Quiz (Chapters 1 & 2)

Return to Assessment List

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 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

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our Guarantees

At, we value all our customers, and for that, always strive to ensure that we deliver the best top-quality content that we can. All the processes, from writing, formatting, editing, and submission is 100% original and detail-oriented. With us, you are, therefore, always guaranteed quality work by certified and experienced writing professionals. We take pride in the university homework help services that we provide our customers.

Money-Back Guarantee

As the best homework help service in the world, 111 Papers ensures that all customers are completely satisfied with the finished product before disbursing payment. You are not obligated to pay for the final product if you aren’t 100% satisfied with the paper. We also provide a money-back guarantee if you don’t feel that your paper was written to your satisfaction. This guarantee is totally transparent and follows all the terms and conditions set by the company.

Read more

Zero-Plagiarism Guarantee

All products that we deliver are guaranteed to be 100% original. We check for unoriginality on all orders delivered by our writers using the most advanced anti-plagiarism programs in the market. We, therefore, guarantee that all products that we submit to you are 100% original. We have a zero-tolerance policy for copied content. Thanks to our strict no plagiarized work rule, you can submit your homework to your professor without worrying.

Read more

Free-Revision Policy

TThis is one of the most cherished courtesy services that we provide to help ensure that our customers are completely satisfied with our finished products. Delivering the best final product to our customers takes multiple inputs. prides itself on delivering the best university homework help services in the writing industry. And, in part, our free revision policy is how we do it. What’s more, all our revisions are 100% free without any strings attached.

Read more

Privacy Policy

Client privacy is important to use. We know and understand just how important customers value their privacy and always want to safeguard their personal information. Thus, all the information that you share with us will always remain in safe custody. We will never disclose your personal information to any third party or sell your details to anyone. 111 Papers uses the most sophisticated, top-of-the-line security programs to ensure that our customers’ information is safe and secured.

Read more

Fair-Cooperation Guarantee

Placing your order with us means that you agree with the homework help service we provide. We, in turn, will endear to ensure that we do everything we can to deliver the most comprehensive finished product as per your requirements. We will also count on your cooperation to help us deliver on this mandate. Yes, we also need you to ensure that you have the highest-quality paper.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages