Economics Basics Quiz
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Questions and Answers

What is the focus of microeconomics?

  • Analyzing the economy as a system
  • Advocating for economic growth
  • Describing 'what ought to be'
  • Analyzing individual agents and markets (correct)

    • What does macroeconomics analyze?

  • Describing 'what is'
  • Advocating for economic growth
  • Analyzing individual agents and markets
  • The economy as a system with production, consumption, saving, and investment (correct)

    • What does normative economics advocate?

  • Describing 'what is'
  • Advocating 'what ought to be' (correct)
  • Analyzing the economy as a system
  • Analyzing individual agents and markets

    • Where can economic analysis be applied?

    <p>Cybersecurity and health care</p> Signup and view all the answers

    What are the broad distinctions within economics?

    <p>Between mainstream economics and heterodox economics</p> Signup and view all the answers

    What is the focus of normative economics?

    <p>Advocating 'what ought to be'</p> Signup and view all the answers

    In what way does behavioural economics differ from rational economics?

    <p>It focuses on how individuals actually behave rather than how they should behave</p> Signup and view all the answers

    Where can economic analysis be applied?

    <p>Cybersecurity and health care</p> Signup and view all the answers

    What are the main elements analyzed in microeconomics?

    <p>Individual agents and markets, their interactions, and the outcomes of interactions</p> Signup and view all the answers

    What does positive economics describe?

    <p>'What is' in economics</p> Signup and view all the answers

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