10 Questions
Microeconomics is concerned with the economic behavior of national economy as a whole.
False
Microeconomics is a branch of economics that studies the behavior of individual economic units.
True
Microeconomics and macroeconomics are two minor branches of economics.
False
Microeconomics deals with the economic behavior of individual households and firms.
True
Microeconomics studies the economic behavior of the entire economy.
False
Normative economics deals with the analysis of how the economy actually works.
False
Scarcity refers to the fact that all economic resources are abundant in supply.
False
Resources that are available to a society in unlimited quantities at zero price are considered free resources.
True
Normative analysis is based on facts and can be proved or rejected with reference to those facts.
False
Disagreements on a normative statement can be solved by relying on expert opinions.
False
Test your understanding of economics concepts, including microeconomics and macroeconomics. This quiz covers topics such as decision-making, market interactions, and the effects of aggregate behavior on the economy.
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