Fundamental Concepts of Economics Quiz
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Questions and Answers

Microeconomics focuses on the behavior and interactions of economic agents and how economies work

True

Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact

True

Positive economics describes 'what ought to be'

False

Normative economics advocates 'what is'

<p>False</p> Signup and view all the answers

Rational economics and behavioral economics are distinct fields within economics

<p>True</p> Signup and view all the answers

Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact

<p>True</p> Signup and view all the answers

Microeconomics analyzes individual agents and markets, their interactions, and the outcomes of interactions

<p>True</p> Signup and view all the answers

Positive economics describes 'what is'

<p>True</p> Signup and view all the answers

Normative economics advocates 'what ought to be'

<p>True</p> Signup and view all the answers

Economics is a natural science that studies the production, distribution, and consumption of goods and services

<p>False</p> Signup and view all the answers

Macroeconomics analyzes the economy at the individual agent and market level

<p>False</p> Signup and view all the answers

Normative economics advocates 'what ought to be'

<p>True</p> Signup and view all the answers

Rational economics and behavioral economics are distinct fields within economics

<p>True</p> Signup and view all the answers

Microeconomics analyzes the behavior and interactions of economic agents and how economies work

<p>True</p> Signup and view all the answers

Positive economics describes 'what is'

<p>True</p> Signup and view all the answers

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