Economics Basics Quiz

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

What does microeconomics analyze?

Factors affecting employment of the resources of labour, capital, and land
Individual agents and markets, their interactions, and the outcomes of interactions (correct)
Positive economics describing 'what is'
The economy as a system where production, consumption, saving, and investment interact

What do normative economics advocate?

Describing 'what is'
Analyzing individual agents and markets
Advocating 'what ought to be' (correct)
Factors affecting economic growth

Where can economic analysis be applied?

Only in government policies
Throughout society including business, finance, cybersecurity, health care, engineering, and government (correct)
Primarily in social institutions
Exclusively in business and finance

What does macroeconomics analyze?

<p>The economy as a system where production, consumption, saving, and investment interact (A)</p> Signup and view all the answers

Which subjects can economic analysis be applied to?

<p>Crime, education, the family, feminism, law, philosophy, politics, religion, social institutions, war, science and the environment (B)</p> Signup and view all the answers

Flashcards are hidden until you start studying