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Questions and Answers
What does microeconomics analyze?
What does microeconomics analyze?
- The economy as a system
- The interactions of individual agents and markets (correct)
- The employment of resources like labour and capital
- The factors affecting production and consumption
What does macroeconomics analyze?
What does macroeconomics analyze?
- The economy as a system where production, consumption, saving, and investment interact (correct)
- The employment of resources like labour and capital
- The interactions of individual agents and markets
- The factors affecting production and consumption
What is the distinction between positive economics and normative economics?
What is the distinction between positive economics and normative economics?
- 'Positive economics advocates 'what ought to be', while normative economics describes 'what is'
- Positive economics describes 'what is', while normative economics advocates 'what ought to be' (correct)
- 'Positive economics describes 'what ought to be', while normative economics advocates 'what is'
- 'Positive economics advocates 'what is', while normative economics describes 'what ought to be'
Where can economic analysis be applied?
Where can economic analysis be applied?
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What does mainstream economics focus on?
What does mainstream economics focus on?
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