10 Questions
What is the focus of microeconomics?
Examination of individual agents and markets
Which type of economics advocates 'what ought to be'?
Normative economics
Where can economic analysis be applied?
Health care and engineering
What does macroeconomics analyze?
Factors affecting economic growth
What are the main focus areas of microeconomics?
Individual agents and markets, their interactions, and the outcomes of interactions.
What are the broad distinctions within economics?
Behavioural economics and rational economics
How does macroeconomics analyze the economy?
As a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies.
What are the broad distinctions within economics mentioned in the text?
Positive economics and normative economics; economic theory and applied economics; rational and behavioural economics; mainstream economics and heterodox economics.
In what diverse subjects can economic analysis be applied?
Business, finance, cybersecurity, health care, engineering, government, crime, education, family, feminism, law, philosophy, politics, religion, social institutions, war, science, and the environment.
What does economics focus on in terms of the behaviour and interactions of economic agents?
Economics focuses on the behaviour and interactions of economic agents and how economies work.
Test your knowledge of economics with a focus on micro and macroeconomics. Understand the fundamental principles of economic agents, markets, and the overall economy.
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