Economics Fundamentals Quiz

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Questions and Answers

Which social science studies the production, distribution, and consumption of goods and services?

  • Psychology
  • Sociology
  • Economics (correct)
  • Anthropology

What does microeconomics analyze?

  • The outcomes of economic interactions
  • The factors affecting the economy
  • The behavior of economic agents (correct)
  • The economy as a system

What does macroeconomics analyze?

  • The behavior of economic agents
  • The economy as a system (correct)
  • The factors affecting the economy
  • The outcomes of economic interactions

What is the distinction between positive economics and normative economics?

<p>Positive economics describes 'what is', while normative economics describes 'what ought to be' (D)</p> Signup and view all the answers

What is the distinction between economic theory and applied economics?

<p>Economic theory develops frameworks and models, while applied economics uses those frameworks and models to analyze real-world problems (D)</p> Signup and view all the answers

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