Econ 101 Quiz 1 And All Correct
Answers 2026 Updated.
In a ____________, most economic decisions about what to produce, how to produce it, and for
whom to produce it are made by buyers and sellers. - Answer market-oriented economy
In the first chapter of The Wealth of Nations, Smith introduces the idea of the, which means the
way in which the work required to produce a good or service is divided into a number of tasks
that are performed by different workers.
Group of answer choices - Answer division of labor
In the _________, households receive goods and services and pay firms for them. - Answer
goods and services market
Which of the following best describes a monetary policy tool? - Answer interest rates
The basic difference between macroeconomics and microeconomics is that: - Answer
microeconomics is concerned with the trees (individual markets) while macroeconomics is
concerned with the forest (aggregate markets)
Economies of scale - Answer a term referring to the fact that for many goods, as the level of
production increases, the average cost of producing each individual unit declines.
The two main tools of macroeconomic policy include monetary policy, and fiscal policy, which
involves _____ spending. - Answer government
Which of the following is not an example of scarcity?
Because the number of trained doctors is limited, some people cannot find a doctor when they
need one.
Amanda can play a song as many times as she likes with no additional cost to her.
A small business owner has to subcontract a portion of work due to lack of time.
Joey has to choose between buying a new motorcycle or buying a small boat, since he cannot
afford to buy both. - Answer amanda
Within economics, the theory of scarcity says that there are unlimited wants and a finite
amount of resources. However, history has demonstrated the power of productivity to
overcome the theory of scarcity. What is the economic practice responsible for overcoming
scarcity? - Answer division and specialization of labor
Answers 2026 Updated.
In a ____________, most economic decisions about what to produce, how to produce it, and for
whom to produce it are made by buyers and sellers. - Answer market-oriented economy
In the first chapter of The Wealth of Nations, Smith introduces the idea of the, which means the
way in which the work required to produce a good or service is divided into a number of tasks
that are performed by different workers.
Group of answer choices - Answer division of labor
In the _________, households receive goods and services and pay firms for them. - Answer
goods and services market
Which of the following best describes a monetary policy tool? - Answer interest rates
The basic difference between macroeconomics and microeconomics is that: - Answer
microeconomics is concerned with the trees (individual markets) while macroeconomics is
concerned with the forest (aggregate markets)
Economies of scale - Answer a term referring to the fact that for many goods, as the level of
production increases, the average cost of producing each individual unit declines.
The two main tools of macroeconomic policy include monetary policy, and fiscal policy, which
involves _____ spending. - Answer government
Which of the following is not an example of scarcity?
Because the number of trained doctors is limited, some people cannot find a doctor when they
need one.
Amanda can play a song as many times as she likes with no additional cost to her.
A small business owner has to subcontract a portion of work due to lack of time.
Joey has to choose between buying a new motorcycle or buying a small boat, since he cannot
afford to buy both. - Answer amanda
Within economics, the theory of scarcity says that there are unlimited wants and a finite
amount of resources. However, history has demonstrated the power of productivity to
overcome the theory of scarcity. What is the economic practice responsible for overcoming
scarcity? - Answer division and specialization of labor
