American Military University ECON 101: ECON 101 Tests 1-3.

American Military University ECON 101: ECON 101 Tests 1-3.
Question 1 points
The branch of economics that examines the impact of choices on aggregates in the
economy is:
Question options:
positive economics.

normative economics.
macroeconomics.

microeconomics.
Question
2 points
When we are forced to make choices we are facing the concept of:
Question options:

ceteris paribus.

free goods.
scarcity.

the margin.
Question
3 points
An economic system is the set of rules that define _______ and _______ .
Question options:

resources; prices

, who gets to vote; when elections will be held

market prices; factors of production
how an economy's resources are to be owned; how decisions about the resources are to be made

Question
4 points
In a market capitalist economy:
Question options:

factors of production are owned privately and decisions about their use are basically made by individuals.

factors of production are owned by the government but decisions about their use are made privately.

private ownership exists but decisions about resource allocation are usually made centrally by the government.
there is no role for the government.

Question
5 points
The branch of economics that examines the choices of consumers and firms
is: Question options:

positive economics.

normative economics.

macroeconomics.
microeconomics.
Question