Economics: Micro and Macroeconomics

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Questions and Answers

What is the focus of microeconomics?

Examination of individual agents and markets (correct)
Study of production, consumption, saving, and investment
Analysis of factors affecting employment and economic growth
Analysis of the economy as a system

Which type of economics advocates 'what ought to be'?

Rational economics
Positive economics
Normative economics (correct)
Mainstream economics

Where can economic analysis be applied?

Agriculture and retail
Health care and engineering (correct)
Cybersecurity and space exploration
Sports and entertainment

What does macroeconomics analyze?

Factors affecting economic growth (A) Signup and view all the answers

What are the main focus areas of microeconomics?

Individual agents and markets, their interactions, and the outcomes of interactions. Signup and view all the answers

What are the broad distinctions within economics?

Behavioural economics and rational economics (C) Signup and view all the answers

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. Signup and view all the answers

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. Signup and view all the answers

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. Signup and view all the answers