Economics Fundamentals Quiz

Theoretical and empirical methods (correct)

Historical and political methods

Sociological and psychological methods

Geographical and anthropological methods

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

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