Economics Basics Quiz
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Questions and Answers

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?

  • 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?

  • '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?

    <p>Throughout society, including business, finance, cybersecurity, health care, engineering, and government</p> Signup and view all the answers

    What does mainstream economics focus on?

    <p>Rational economics</p> Signup and view all the answers

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