Podcast
Questions and Answers
What is the main focus of Microeconomics?
What is the main focus of Microeconomics?
- Studying the economic behavior of the whole economy
- Dealing with the individual decisions of units of the economy (correct)
- Dictating the manner of production
- Promoting economic growth
Which branch of economics studies the economic behavior of the whole economy?
Which branch of economics studies the economic behavior of the whole economy?
- Microeconomics
- Capitalism
- Macroeconomics (correct)
- Socialism
What is Capitalism based on?
What is Capitalism based on?
- Privately owned resources and individual decision-making (correct)
- State ownership of enterprises
- Government ownership of key enterprises
- Subsistence economy
Which factor of production refers to human-made goods used in production?
Which factor of production refers to human-made goods used in production?
In which economic system are key enterprises owned by the state?
In which economic system are key enterprises owned by the state?
What is a defining feature of a Traditional Economy?
What is a defining feature of a Traditional Economy?
Which term refers to a commodity or service being short in supply relative to its demand?
Which term refers to a commodity or service being short in supply relative to its demand?
What is the Greek origin of the word 'economics' as mentioned in the text?
What is the Greek origin of the word 'economics' as mentioned in the text?
Which type of economic analysis considers economic conditions 'as they are'?
Which type of economic analysis considers economic conditions 'as they are'?
What does the term 'Ceteris Paribus' mean in economics?
What does the term 'Ceteris Paribus' mean in economics?
Which economist mentioned in the text defines economics as 'simply scarcity and choice'?
Which economist mentioned in the text defines economics as 'simply scarcity and choice'?
What type of economic analysis judges economic conditions 'as it should be'?
What type of economic analysis judges economic conditions 'as it should be'?
