Economics 101

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App

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

Flashcards are hidden until you start studying

More Like This

Use Quizgecko on...
Browser
Browser