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Questions and Answers
What does microeconomics analyze?
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?
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?
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?
What does macroeconomics analyze?
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Which subjects can economic analysis be applied to?
Which subjects can economic analysis be applied to?
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