Podcast
Questions and Answers
What is the focus of normative economics?
What is the focus of normative economics?
- Predicting economic behavior
- Explaining economic phenomena
- Describing economic models
- Evaluating and making judgements (correct)
Which assumption in economics states that individuals act in a logical and predictable manner?
Which assumption in economics states that individuals act in a logical and predictable manner?
- Ceteris paribus
- Perfect information
- Profit maximization
- Rationality (correct)
What Latin phrase refers to the assumption that controls the effects of other variables not under study in economics?
What Latin phrase refers to the assumption that controls the effects of other variables not under study in economics?
- Perfect information
- Rationality
- Ceteris paribus (correct)
- Profit maximization
Which economic fallacy occurs when one assumes that a change was caused by an event just because the change followed the event?
Which economic fallacy occurs when one assumes that a change was caused by an event just because the change followed the event?
In economics, what does the fallacy of composition refer to?
In economics, what does the fallacy of composition refer to?
What is the term used for the application of economic theory and econometrics in real-world situations?
What is the term used for the application of economic theory and econometrics in real-world situations?
Which core value of economic development refers to self-respect, reputation, pride, and acknowledgment?
Which core value of economic development refers to self-respect, reputation, pride, and acknowledgment?
What does positive economics focus on?
What does positive economics focus on?
In the context of economic study and analysis, what does 'inclusive growth' aim to achieve?
In the context of economic study and analysis, what does 'inclusive growth' aim to achieve?
Which social processes and phenomenon can be understood using economic concepts such as demand and supply, exchange, and cost and benefits?
Which social processes and phenomenon can be understood using economic concepts such as demand and supply, exchange, and cost and benefits?
