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Economics Fundamentals Quiz

5 Questions

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Economics Fundamentals Quiz

Created by

@UnabashedCoralReef

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Questions and Answers

Which branch of economics focuses on the behavior and interactions of economic agents and how economies work?

Microeconomics (correct)

Macroeconomics

Positive economics

Normative economics

What does macroeconomics analyze?

Individual agents and markets

Normative economics

Factors affecting the economy (correct)

Positive economics

What is the distinction between positive economics and normative economics?

Positive economics focuses on individual agents and markets, while normative economics focuses on the economy as a system

Positive economics analyzes factors affecting the economy, while normative economics analyzes individual agents and markets

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

Positive economics advocates 'what ought to be', while normative economics describes 'what is'

What is the distinction between economic theory and applied economics?

<p>Economic theory describes 'what is', while applied economics advocates 'what ought to be'</p> Signup and view all the answers

What does behavioral economics focus on?

<p>Individual agents and markets</p> Signup and view all the answers

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