Podcast
Questions and Answers
Which branch of economics focuses on the behavior and interactions of economic agents and how economies work?
Which branch of economics focuses on the behavior and interactions of economic agents and how economies work?
- Positive economics
- Macroeconomics
- Normative economics
- Microeconomics (correct)
What does macroeconomics analyze?
What does macroeconomics analyze?
- The production and consumption of goods and services
- The behavior of economic agents
- Factors affecting the economy (correct)
- Individual agents and markets
What is the distinction between positive economics and normative economics?
What is the distinction between positive economics and normative economics?
- Positive economics analyzes the behavior of economic agents, while normative economics analyzes the outcomes of interactions
- Positive economics analyzes the economy as a system, while normative economics focuses on individual agents
- Positive economics focuses on microeconomics, while normative economics focuses on macroeconomics
- Positive economics describes 'what is', while normative economics advocates 'what ought to be' (correct)
What is the main focus of applied economics?
What is the main focus of applied economics?
What is the distinction between rational economics and behavioral economics?
What is the distinction between rational economics and behavioral economics?
Which term refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good?
Which term refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good?
What is the opposite of scarcity?
What is the opposite of scarcity?
What role does scarcity play in economic theory?
What role does scarcity play in economic theory?
What does scarcity include besides the limited availability of a commodity?
What does scarcity include besides the limited availability of a commodity?
According to Walras, what does social wealth refer to?
According to Walras, what does social wealth refer to?
Which term refers to the limited availability of a commodity, which may be in demand in the market or by the commons?
Which term refers to the limited availability of a commodity, which may be in demand in the market or by the commons?
What does scarcity include besides the limited availability of a commodity?
What does scarcity include besides the limited availability of a commodity?
What does economics study according to the text?
What does economics study according to the text?
What would happen if the conditions of scarcity didn't exist?
What would happen if the conditions of scarcity didn't exist?
What is the opposite of scarcity?
What is the opposite of scarcity?
Which of the following is NOT a purpose of monetary policy?
Which of the following is NOT a purpose of monetary policy?
What does fiscal policy rely on to manage business cycle phenomena?
What does fiscal policy rely on to manage business cycle phenomena?
What is the main difference between monetary policy and fiscal policy?
What is the main difference between monetary policy and fiscal policy?
What is the purpose of monetary policy in relation to exchange rates?
What is the purpose of monetary policy in relation to exchange rates?
What does monetary policy modify to control the economy?
What does monetary policy modify to control the economy?
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