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Questions and Answers
What are the methods of economic study?
What are the methods of economic study?
- Theoretical and empirical methods (correct)
- Historical and political methods
- Sociological and psychological methods
- Geographical and anthropological methods
What is the difference between microeconomics and macroeconomics?
What is the difference between microeconomics and macroeconomics?
- Microeconomics studies the economy as a whole, while macroeconomics focuses on individual economic units
- Microeconomics and macroeconomics both focus on individual economic units
- Microeconomics focuses on individual economic units, while macroeconomics studies the economy as a whole (correct)
- Microeconomics and macroeconomics both study the economy as a whole
What does the nature and scope of economics encompass?
What does the nature and scope of economics encompass?
- Study of only international trade
- Study of only individual consumer behavior
- Study of how individuals and societies allocate limited resources to satisfy unlimited wants (correct)
- Study of only government spending and taxation
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