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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?

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

What is the distinction between positive economics and normative economics?

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

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

Macroeconomics Signup and view all the answers

What are some of the topics studied in macroeconomics?

Unemployment and inflation Signup and view all the answers

What is the focus of analysis in microeconomics?

Single market Signup and view all the answers

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

Macroeconomics Signup and view all the answers

What are the two most general fields in economics?

Macroeconomics and microeconomics Signup and view all the answers