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Economics 101
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Economics 101

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Questions and Answers

Which social science studies the production, distribution, and consumption of goods and services?

  • Sociology
  • Psychology
  • Anthropology
  • Economics (correct)

    • What does microeconomics analyze?

  • The factors affecting the economy
  • The production, consumption, saving, and investment
  • The behaviour and interactions of economic agents (correct)
  • The economy as a system

    • What does macroeconomics analyze?

  • The behaviour and interactions of economic agents
  • The production, consumption, saving, and investment
  • The economy as a system (correct)
  • The factors affecting the economy

    • What is the distinction between economic theory and applied economics?

    <p>Economic theory analyzes individual agents and markets, while applied economics analyzes the economy as a system</p> Signup and view all the answers

    What is the distinction between positive economics and normative economics?

    <p>Positive economics describes 'what is', while normative economics advocates 'what ought to be'</p> Signup and view all the answers

    Which field of economics focuses on the performance, structure, behavior, and decision-making of an entire economy?

    <p>Macroeconomics</p> Signup and view all the answers

    What are some of the topics studied in macroeconomics?

    <p>Unemployment and inflation</p> Signup and view all the answers

    What is the focus of analysis in microeconomics?

    <p>Single market</p> Signup and view all the answers

    Which field of economics studies the interaction of markets to produce large-scale phenomena?

    <p>Macroeconomics</p> Signup and view all the answers

    What are the two most general fields in economics?

    <p>Macroeconomics and microeconomics</p> Signup and view all the answers

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