1/29/2021 Q1 WRITTEN WORK 1: Attempt review

Home / My courses / BAED-ECON2122-2022S / Week 1: Introduction to Economics / Q1 WRITTEN WORK 1

Started on Friday, 29 January 2021, 9:44 PM

State Finished
Completed on Friday, 29 January 2021, 9:52 PM
Time taken 7 mins 51 secs
Grade 5.00 out of 5.00 (100%)

Question 1
Correct

Mark 1.00 out of 1.00

This is the authoritative system wherein decision-making is centralized in the government or a planning committee. This kind of economy
holds true in dictatorial, socialist, and communist nations

Select one:
A. Market Economy

B. Traditional Economy

C. Command Economy 

Question 2
Correct

Mark 1.00 out of 1.00

Defined as the market value of final products produced within the country

Answer: Gross Domestic Product 

Question 3
Correct

Mark 1.00 out of 1.00

What is the study of economic behavior and decision making of small units, such as individuals, families, and businesses called?

Select one:
A. Microeconomics 

B. Macroeconomics

C. Economics

D. Economic statistics

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1/29/2021 Q1 WRITTEN WORK 1: Attempt review

Question 4
Correct

Mark 1.00 out of 1.00

The study of how society manages its scarce resources.

Select one:
A. Economics 

B. Allocation

C. Applied Economics

D. Scarcity

Question 5
Correct

Mark 1.00 out of 1.00

A condition where there are insufficient resources to satisfy needs and wants of a population.

Answer: SCARCITY 

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