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Questions and Answers
What does microeconomics analyze?
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?
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?
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?
Where can economic analysis be applied throughout society?
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What is the focus of rational economics in economics distinctions?
What is the focus of rational economics in economics distinctions?
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