Podcast
Questions and Answers
What is the focus of macroeconomics?
What is the focus of macroeconomics?
- Specific economic units
- The price of specific products and resources
- Total output and total employment (correct)
- Individual industries and firms
What is the main concern of microeconomics?
What is the main concern of microeconomics?
- National income and overall price level
- Entire industries and economics
- The individual industry, firm, or household (correct)
- The unemployment rate and gross domestic product
Which branch of economics focuses on the optimal rate of inflation?
Which branch of economics focuses on the optimal rate of inflation?
- Microeconomics
- Neither macroeconomics nor microeconomics
- Macroeconomics (correct)
- Both macroeconomics and microeconomics
What does macroeconomics analyze?
What does macroeconomics analyze?
Which aspect does microeconomics examine?
Which aspect does microeconomics examine?
Which branch of economics analyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe courses of action?
Which branch of economics analyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe courses of action?
What are economic models used for in economics?
What are economic models used for in economics?
What is the term for an efficient economy that produces what people want at the least possible cost?
What is the term for an efficient economy that produces what people want at the least possible cost?
Which branch of economics focuses on individual and business decisions regarding the allocation of resources and prices of goods and services?
Which branch of economics focuses on individual and business decisions regarding the allocation of resources and prices of goods and services?
What type of economics seeks to understand behavior and the operation of systems without making judgments, describing what exists and how it works?
What type of economics seeks to understand behavior and the operation of systems without making judgments, describing what exists and how it works?
