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?

    <p>Factors affecting economic growth</p> Signup and view all the answers

    What are the main focus areas of microeconomics?

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

    What are the broad distinctions within economics?

    <p>Behavioural economics and rational economics</p> Signup and view all the answers

    How does macroeconomics analyze the economy?

    <p>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.</p> Signup and view all the answers

    What are the broad distinctions within economics mentioned in the text?

    <p>Positive economics and normative economics; economic theory and applied economics; rational and behavioural economics; mainstream economics and heterodox economics.</p> Signup and view all the answers

    In what diverse subjects can economic analysis be applied?

    <p>Business, finance, cybersecurity, health care, engineering, government, crime, education, family, feminism, law, philosophy, politics, religion, social institutions, war, science, and the environment.</p> Signup and view all the answers

    What does economics focus on in terms of the behaviour and interactions of economic agents?

    <p>Economics focuses on the behaviour and interactions of economic agents and how economies work.</p> Signup and view all the answers

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