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Economics Basics Quiz

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Questions and Answers

What does microeconomics focus on?

Factors affecting employment and economic growth

Behaviour of economic agents and how economies work

Analysis of the economy as a system

Interactions of individual agents and markets (correct)

Which of the following is an example of an individual agent in economics?

Cybersecurity analysts

Political parties

Labour unions

Households (correct)

What is the main distinction between positive economics and normative economics?

Positive economics looks at individual agents while normative economics looks at markets.

Positive economics analyzes microeconomics while normative economics analyzes macroeconomics.

Positive economics describes 'what is' while normative economics advocates 'what ought to be'. (correct)

Positive economics focuses on economic theory while normative economics focuses on applied economics.

What does macroeconomics analyze in the economy?

Factors affecting employment and economic growth (A) Signup and view all the answers

What distinction exists between mainstream economics and heterodox economics?

Mainstream economics is based on rational decision-making while heterodox economics incorporates behavioural economics. (B) Signup and view all the answers

Where can economic analysis be applied in society?

Health care (C) Signup and view all the answers

'What is' vs. 'What ought to be' is a distinction in which branches of economics?

'Positive' vs. 'normative' economics (A) Signup and view all the answers

'Applied' vs. 'Theoretical' is a distinction in which fields of economics?

'Normative' vs. 'positive' economics (A) Signup and view all the answers