Economics 101

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Questions and Answers

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

  • Psychology
  • Economics (correct)
  • Political Science
  • Sociology

What does microeconomics analyze?

  • The behavior and interactions of economic agents (correct)
  • The economy as a system
  • The outcomes of economic interactions
  • Factors affecting the economy

What does macroeconomics analyze?

  • The outcomes of economic interactions
  • The economy as a system (correct)
  • Factors affecting the economy
  • The behavior and interactions of economic agents

What is the distinction between positive and normative economics?

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

What is the distinction between economic theory and applied economics?

<p>Economic theory focuses on the outcomes of economic interactions, while applied economics focuses on the behavior and interactions of economic agents (C)</p> Signup and view all the answers

Which branch of economics focuses on the behavior and interactions of individual agents and markets?

<p>Microeconomics (C)</p> Signup and view all the answers

What does macroeconomics analyze as a system?

<p>Factors affecting the economy (B)</p> Signup and view all the answers

Which branch of economics advocates 'what ought to be'?

<p>Normative economics (D)</p> Signup and view all the answers

What are some examples of individual agents in economics?

<p>Households, firms, buyers, and sellers (D)</p> Signup and view all the answers

What is the distinction between economic theory and applied economics?

<p>One focuses on individual agents, while the other focuses on the economy as a system (C)</p> Signup and view all the answers

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