Economics: Microeconomics and Macroeconomics
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Questions and Answers

What does microeconomics primarily analyze in the economy?

  • Individual agents and markets (correct)
  • Global economic systems
  • Macroeconomic indicators
  • Government policies

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

  • Positive economics
  • Rational economics
  • Behavioural economics
  • Normative economics (correct)

    • In what areas can economic analysis be applied throughout society?

  • Finance, cybersecurity, and engineering
  • Feminism, religion, and war
  • Business, law, and politics
  • Health care, education, and social institutions (correct)

    • What does macroeconomics primarily analyze in the economy?

    <p>Production, consumption, saving, and investment</p> Signup and view all the answers

    Which branch of economics focuses on the behaviour of economic agents and how economies work?

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

    What is the distinction between positive economics and normative economics?

    <p>Describing 'what is' vs. advocating 'what ought to be'</p> Signup and view all the answers

    What was the earlier term for the discipline of economics?

    <p>Political economy</p> Signup and view all the answers

    According to Adam Smith, what did political economy aim to provide?

    <p>A plentiful revenue or subsistence for the people</p> Signup and view all the answers

    How did Jean-Baptiste Say define economics?

    <p>The science of production, distribution, and consumption of wealth</p> Signup and view all the answers

    Who coined the term 'the dismal science' in connection with classical economics?

    <p>Thomas Carlyle</p> Signup and view all the answers

    According to John Stuart Mill, what does economics trace the laws of?

    <p>Phenomena arising from the combined operations of mankind for the production of wealth</p> Signup and view all the answers

    According to Alfred Marshall, what is economics a study of?

    <p>Wealth and man in ordinary business of life</p> Signup and view all the answers

    What did Lionel Robbins describe as the subject matter of economics?

    <p>Human behavior as a relationship between means and alternative uses</p> Signup and view all the answers

    What is the derivation of the term 'economics'?

    <p>Ancient Greek οἰκονομία (oikonomia)</p> Signup and view all the answers

    What did Adam Smith define as the twofold objectives of political economy?

    <p>To supply the state with revenue for public services and provide subsistence for the people</p> Signup and view all the answers

    What did Thomas Carlyle coin as an epithet for classical economics?

    <p>The dismal science</p> Signup and view all the answers

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