Economics Basics
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Questions and Answers

Which field of economics studies the choices made by households, firms, and government and how these choices affect the markets for goods and services?

  • Macroeconomics
  • Econometrics
  • Behavioral Economics
  • Microeconomics (correct)
  • What is the sum of consumption, investments, government spending, and imports-exports that calculates the growth or shrinkage of the economy called?

  • Gross Domestic Product (GDP) (correct)
  • Net Domestic Product (NDP)
  • Gross National Product (GNP)
  • Net National Product (NNP)
  • What does the science of economics primarily explore?

  • The choices made by individual people (correct)
  • The standard of living and purchasing power
  • The choices made by organizations
  • The growth and shrinkage of the economy
  • Which field of economics studies the nation’s economy as a whole?

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

    Which field of economics studies the choices made by individual people, as well as organizations (such as the government) to understand the standard of living, purchasing power, as well as prosperity and efficiency?

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

    Which field of economics studies the choices made by households, firms, and government and of how these choices affect the markets for goods and services?

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

    Which field of economics studies the nation’s economy as a whole?

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

    What is the sum of consumption, investments, government spending, and imports-exports that calculates the growth or shrinkage of the economy called?

    <p>Gross Domestic Product (GDP)</p> Signup and view all the answers

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