Economics Fundamentals Quiz

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Questions and Answers

What does microeconomics analyze?

  • Government policies and regulations
  • Individual agents and markets (correct)
  • Global economic trends
  • Macroeconomic indicators

What is the focus of macroeconomics?

  • Microeconomic decision-making processes
  • The economy as a system and its interactions (correct)
  • International trade dynamics
  • Environmental sustainability

What are the broad distinctions within economics?

  • Positive economics and normative economics (correct)
  • Rational economics and behavioural economics
  • Economic theory and applied economics
  • Microeconomics and macroeconomics

What is the primary focus of positive economics?

<p>Describing 'what is' (D)</p> Signup and view all the answers

What does behavioural economics study?

<p>The impact of psychological factors on economic decisions (A)</p> Signup and view all the answers

What does microeconomics analyze?

<p>Individual agents and markets, their interactions, and the outcomes of interactions (B)</p> Signup and view all the answers

What is the focus of macroeconomics?

<p>Analyzing the economy as a system and the factors affecting it (A)</p> Signup and view all the answers

What are the broad distinctions within economics?

<p>Positive economics and normative economics (C)</p> Signup and view all the answers

What does positive economics describe?

<p>'What is' (B)</p> Signup and view all the answers

What is the focus of behavioural economics?

<p>Understanding the psychology and emotions influencing economic decisions (D)</p> Signup and view all the answers

What are the basic elements analyzed in microeconomics?

<p>Individual agents and markets, their interactions, and the outcomes of interactions.</p> Signup and view all the answers

What does macroeconomics analyze as a system?

<p>The economy as a system where production, consumption, saving, and investment interact, and factors affecting it.</p> Signup and view all the answers

What are the factors affecting the economy analyzed in macroeconomics?

<p>Employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies.</p> Signup and view all the answers

What are the distinctions within economics between positive and normative economics?

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

What are the distinctions within economics between economic theory and applied economics?

<p>Economic theory focuses on developing theories and principles, while applied economics involves the practical application of economic principles and data analysis.</p> Signup and view all the answers

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