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Microeconomics is concerned with the economic behavior of national economy as a whole.
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.
Microeconomics is a branch of economics that studies the behavior of individual economic units.
True
Microeconomics and macroeconomics are two minor branches of economics.
Microeconomics and macroeconomics are two minor branches of economics.
False
Microeconomics deals with the economic behavior of individual households and firms.
Microeconomics deals with the economic behavior of individual households and firms.
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Microeconomics studies the economic behavior of the entire economy.
Microeconomics studies the economic behavior of the entire economy.
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Normative economics deals with the analysis of how the economy actually works.
Normative economics deals with the analysis of how the economy actually works.
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Scarcity refers to the fact that all economic resources are abundant in supply.
Scarcity refers to the fact that all economic resources are abundant in supply.
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Resources that are available to a society in unlimited quantities at zero price are considered free resources.
Resources that are available to a society in unlimited quantities at zero price are considered free resources.
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Normative analysis is based on facts and can be proved or rejected with reference to those facts.
Normative analysis is based on facts and can be proved or rejected with reference to those facts.
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Disagreements on a normative statement can be solved by relying on expert opinions.
Disagreements on a normative statement can be solved by relying on expert opinions.
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