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Economics Quiz
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Economics Quiz

Created by
@SpotlessAbundance

Questions and Answers

Which field of study focuses on the behavior and interactions of economic agents and how economies work?

  • Microeconomics (correct)
  • Sociology
  • Macroeconomics
  • Psychology

    • What does macroeconomics analyze?

  • The behavior of economic agents
  • The production and consumption of goods and services
  • The economy as a system (correct)
  • Individual agents and markets

    • What is the distinction between positive economics and normative economics?

  • Positive economics advocates 'what ought to be', while normative economics advocates 'what is'
  • Positive economics describes 'what is', while normative economics describes 'what ought to be' (correct)
  • Positive economics describes 'what is', while normative economics advocates 'what ought to be'
  • Positive economics advocates 'what ought to be', while normative economics describes 'what is'

    • What is the main focus of economics?

    <p>The production and consumption of goods and services</p> Signup and view all the answers

    What are the two broad distinctions within economics?

    <p>Positive economics and normative economics</p> Signup and view all the answers

    What is the purpose of the demand and supply curves model?

    <p>To explain the determination of price and quantity in a market</p> Signup and view all the answers

    What happens when there is a shortage in the market?

    <p>Sellers raise their prices and there is an increase in quantity supplied</p> Signup and view all the answers

    What is the equilibrium price?

    <p>The price at which quantity demanded equals quantity supplied</p> Signup and view all the answers

    What is the quantity demanded when there is a shortage in the market for coffee at a price of $4 per pound?

    <p>35 million pounds</p> Signup and view all the answers

    What causes an increase in the quantity supplied in the face of a shortage?

    <p>A rise in price</p> Signup and view all the answers

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