Olivia t
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Quiz of some topics covered in chapter one- micro

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Olivia t
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Chapter One Quiz

Question 1 of 8

1

Fill the blank spaces to complete the text.

What are the 3 Economic Ideas?
1.
2.
3.

Explanation

Question 2 of 8

1

Why do people make choices?

Select one or more of the following:

  • People make choices as they try to attain their goals

  • People make choices because resources are scarce

Explanation

Question 3 of 8

1

Fill the blank spaces to complete the text.

What are the 3 economic fundamental questions
1. ?
2. ?
3. produced?

Explanation

Question 4 of 8

1

What are the 2 opposing answers to the 3 fundamental economic questions

Select one or more of the following:

  • centrally planned market

  • market economy (price system)

Explanation

Question 5 of 8

1

The following statement: "gas prices are too low" is what kind of statement:

Select one of the following:

  • normative

  • positive

Explanation

Question 6 of 8

1

Fill the blank spaces to complete the text.

Define market, economics, and scarcity.
1. Market:
2. Economics:
3. Scarcity:

Explanation

Question 7 of 8

1

People make decisions because of scarcity

Select one of the following:

  • True
  • False

Explanation

Question 8 of 8

1

Fill the blank spaces to complete the text.

Define opportunity cost.
Opportunity cost:

Explanation

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