2301 - Chapter 1 Review Quiz

2301 - Chapter 1 Review Quiz

University

6 Qs

quiz-placeholder

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2301 - Chapter 1 Review Quiz

2301 - Chapter 1 Review Quiz

Assessment

Quiz

Business

University

Medium

Created by

JONATHAN PATRICK

Used 1+ times

FREE Resource

6 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary focus of economics?

Mathematics and finance

Human decision-making in the face of scarcity

Business and profit maximization

Technological advancements

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who first put forth the idea of division and specialization of labor?

Karl Marx

John Maynard Keynes

Adam Smith

Milton Friedman

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does macroeconomics primarily examine?

Individual spending habits

The economy as a whole

Specific business strategies

Local market trends

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which economic system does the government make all the decisions regarding what, how, and for whom goods and services are produced?

Capitalism

Socialism

Communism

Mixed economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the study of individual markets and the behavior of consumers and firms?

Microeconomics

Macroeconomics

Econometrics

Behavioral economics

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the circular flow model, which two markets do households and firms interact in?

Financial and labor markets

Goods/services and labor markets

Tax and insurance markets

Money and capital markets