Economics Basics Quiz
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Questions and Answers

What does microeconomics analyze?

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

    • What does macroeconomics analyze?

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

    • What are the broad distinctions within economics?

  • Between economic theory and behavioural economics
  • Between rational economics and applied economics
  • Between positive economics describing 'what is', and normative economics advocating 'what ought to be' (correct)
  • Between mainstream economics and heterodox economics

    • Where can economic analysis be applied throughout society?

    <p>Business, finance, cybersecurity, health care, engineering and government (B)</p> Signup and view all the answers

    What is the focus of rational economics in economics distinctions?

    <p>'What is', describing actual economic phenomena (C)</p> Signup and view all the answers

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