Question 1

10pts

Resources are

Group of answer choices

scarce for households but plentiful for economies.

plentiful for households but scarce for economies.

scarce for households and scarce for economies.

plentiful for households and plentiful for economies.

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Question 2

10pts

Economics deals primarily with the concept of

Group of answer choices

scarcity.

poverty.

change.

power.

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Question 3

10pts

Specialization allowsbusiness

Group of answer choices

totake advantageofeconomiesof economiesof scope.

totake advantageofeconomiesofpoverty

totake advantageofeconomiesofscale

to take advantage ofdiseconomiesof scale

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Question 4

10pts

Microeconomics

Group of answer choices

Isnormativeinnature

is the study of economy-wide phenomena, including inflation, unemployment, and economic growth

is the study of how households and firms make decisions and how they interact in markets

Isnormativein nature

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Question 5

10pts

Macroeconomics

Group of answer choices

is thestudyofhumans

the branch of economics that focuses on actions of particular agents within the economy, like

households, workers, and business firms

is the study of economy-wide phenomena, including inflation, unemployment, and economic growth.

is thestudyofhowworkers or firms focus on particular tasks for which they are well-suited within the overallproduction process.

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Question 6

10pts

command economy

Group of answer choices

an economy where economic decisions are decentralized, resources are owned by private

individuals, and businesses supply goods and services based on demand

an economy where economic decisions are passed down from government authority and

where resources are owned by the government

typically an agricultural economy where things are done the same as they have always been

done

when the average cost of producing each individual unit declines as total output increases

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Question 7

10pts

Economics seeks to solve the problem

Group of answer choices

of bad weather

of abundance

of scarcity

All of the above are correct.

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Question 8

10pts

fiscal policy

Group of answer choices

policy that involves altering the level of interest rates, the availability of credit in the economy,

and the extent of borrowing

system where the means of production (resources and businesses) are owned and operated by

private individuals or groups of private individuals

economic policies that involve government spending and taxes

the branch of economics that focuses on actions of particular agents within the economy, like

households, workers, and business firms

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Question 9

10pts

circular flow diagram

Group of answer choices

A graph that shows the combinations of two goods the economy can possibly produce given the available resources and the available technology.

the study of how humans make choices under conditions of scarcity

A visual model of the economy, shows how dollars flow through markets among households and firms.

the market in which households sell their labor as workers to business firms or other employers

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Question 10

10pts

Which of the following statements doesnotapply to a market economy?

Group of answer choices

Firms decide whom to hire and what to produce.

No one is looking out for the economic well-being of society as a whole.

Households decide which firms to work for and what to buy with their incomes.

Government policies are the primary forces that guide the decisions of firms and households.