Basic Economics Principles Quiz

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Questions and Answers

How many editions of Basic Economics were published with the original subtitle?

  • Two
  • Five
  • Three (correct)
  • Four

What was the original subtitle of the book Basic Economics?

  • A Citizen's Guide to the Economy (correct)
  • The Economics Handbook
  • Understanding Economic Principles
  • A Common Sense Guide to Economics

What is the focus of Basic Economics?

  • The role of government in economic development
  • How societies create prosperity or poverty through their economic organization (correct)
  • The impact of globalization on economies
  • The history of economic theories

According to the reviewer R. Bastiat, what is the initial topic discussed in the book?

<p>Scarcity and trade-offs (D)</p> Signup and view all the answers

How does Thomas Sowell describe the writing style of Basic Economics?

<p>Written in plain English for easy understanding (A)</p> Signup and view all the answers

What does microeconomics analyze?

<p>Individual agents and markets, their interactions, and the outcomes of interactions (A)</p> Signup and view all the answers

What is the focus of macroeconomics?

<p>The economy as a system where production, consumption, saving, and investment interact (A)</p> Signup and view all the answers

What is the distinction between positive economics and normative economics?

<p>Describing 'what is' vs advocating 'what ought to be' (B)</p> Signup and view all the answers

What does behavioural economics focus on?

<p>The psychological and emotional factors influencing economic decisions (B)</p> Signup and view all the answers

What are the broad distinctions within economics?

<p>Between positive economics and normative economics (B)</p> Signup and view all the answers

Flashcards

Editions with original subtitle?

Three editions of Basic Economics were published with the original subtitle.

Original subtitle of Basic Economics?

The original subtitle was 'A Citizen's Guide to the Economy'.

Focus of Basic Economics?

Basic Economics focuses on how societies create prosperity or poverty through their economic organization.

Initial topics discussed?

The initial topics discussed are scarcity and trade-offs.

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Writing style of Basic Economics?

Written in plain English for easy understanding.

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What does microeconomics analyze?

Microeconomics analyzes individual agents and markets and their interactions.

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Focus of macroeconomics?

Macroeconomics focuses on the economy as a system of interacting production, consumption, saving, and investment.

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Positive vs. Normative Economics?

Positive describes 'what is,' normative advocates 'what ought to be.'

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Focus of behavioural economics?

Behavioral economics focuses on psychological and emotional factors influencing economic decisions.

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Broad distinctions within economics?

Distinctions between positive and normative economics.

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