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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?

Scarcity and trade-offs (D) Signup and view all the answers

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

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

What does microeconomics analyze?

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

What is the focus of macroeconomics?

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

What is the distinction between positive economics and normative economics?

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

What does behavioural economics focus on?

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

What are the broad distinctions within economics?

Between positive economics and normative economics (B) Signup and view all the answers