Quiz 1 and Keys Fall 2010

Quiz 1 and Keys Fall 2010 - AGEC 105 Fall 2010 Quiz 1 Name...

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AGEC 105 Quiz 1 Fall 2010 Name: __________________________________ Choose the single best answer for each question. Each question is worth 2.5 points. 1. Economics is a. exclusively the study of the markets for stocks and bonds b. the study of choice under conditions of scarcity c. exclusively the study of business firms d. fundamentally the same as sociology e. applicable only when scarcity is not a problem 2. How retail gasoline stations behave in a local market is an example of a macroeconomic issue. a. True b. False 3. A microeconomist might study which of the following? 4. Positive economics deals with a. value judgments b. how the economy does work c. how the economy should work d. how the federal government should operate e.
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