Master the Basics of Economics

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Questions and Answers

Which social science studies the production, distribution, and consumption of goods and services?

  • Sociology
  • Psychology
  • Anthropology
  • Economics (correct)

What does microeconomics analyze in the economy?

  • Global trade
  • Environmental factors
  • Individual agents and markets (correct)
  • Government policies

What does macroeconomics analyze in the economy?

  • Government policies (correct)
  • Environmental factors
  • Global trade
  • Individual agents and markets

What is the distinction between positive economics and normative economics?

<p>Positive economics describes 'what is', while normative economics advocates 'what ought to be'. (B)</p> Signup and view all the answers

What are the factors analyzed in macroeconomics?

<p>Employment, inflation, and economic growth (B)</p> Signup and view all the answers

Which term refers to the markets where workers and employers interact?

<p>Labour economics (C)</p> Signup and view all the answers

What is the main commodity supplied by labourers in exchange for a wage?

<p>Labour (A)</p> Signup and view all the answers

What variables must labour economics account for besides the functioning and dynamics of labour markets?

<p>Cultural and political variables (D)</p> Signup and view all the answers

What do labour markets normally have in terms of geographical boundaries?

<p>National boundaries (D)</p> Signup and view all the answers

What has brought about a 'planetary' aspect to labour markets?

<p>Digitization (A)</p> Signup and view all the answers

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