10 Questions
What is the focus of normative economics?
Evaluating and making judgements
Which assumption in economics states that individuals act in a logical and predictable manner?
Rationality
What Latin phrase refers to the assumption that controls the effects of other variables not under study in economics?
Ceteris paribus
Which economic fallacy occurs when one assumes that a change was caused by an event just because the change followed the event?
Post hoc fallacy
In economics, what does the fallacy of composition refer to?
Assuming a trait of one part applies to the whole
What is the term used for the application of economic theory and econometrics in real-world situations?
Applied Economics
Which core value of economic development refers to self-respect, reputation, pride, and acknowledgment?
Self-Esteem
What does positive economics focus on?
Describing what exists and how things work
In the context of economic study and analysis, what does 'inclusive growth' aim to achieve?
Establishing a middle-class society with equal opportunities
Which social processes and phenomenon can be understood using economic concepts such as demand and supply, exchange, and cost and benefits?
Social relationships and migration
Explore the application of economic theory and econometrics in real-world scenarios, known as applied economics. Learn how economic concepts like demand and supply, cost and benefits, and profit maximization can be used to interpret social processes and phenomena.
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