Mastering Economics
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Questions and Answers

Which branch of economics analyzes the economy as a system where production, consumption, saving, and investment interact?

  • Normative economics
  • Positive economics
  • Macroeconomics (correct)
  • Microeconomics
  • What does microeconomics analyze?

  • Individual agents and markets (correct)
  • Public policies
  • Economic growth
  • Currency inflation
  • Which branch of economics focuses on describing 'what is' rather than advocating 'what ought to be'?

  • Behavioural economics
  • Positive economics (correct)
  • Normative economics
  • Rational economics
  • What does macroeconomics analyze?

    <p>Economic growth</p> Signup and view all the answers

    What are some examples of individual agents analyzed in microeconomics?

    <p>Households and firms</p> Signup and view all the answers

    Scarcity in economics refers to the fact that there exists only a finite amount of human and nonhuman resources. What is the opposite of scarcity?

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

    Scarcity plays a key role in economic theory and is essential for a proper definition of economics. What is the best example of social wealth, according to Walras?

    <p>All things, material or immaterial</p> Signup and view all the answers

    Scarcity includes an individual's lack of resources to buy commodities. What is scarcity's role in economic theory?

    <p>To describe 'what is'</p> Signup and view all the answers

    If the conditions of scarcity didn't exist and an infinite amount of every good could be produced, what would happen to economic goods?

    <p>They would not exist</p> Signup and view all the answers

    Scarcity refers to the limited availability of a commodity. What does scarcity also include?

    <p>Individual's lack of resources</p> Signup and view all the answers

    Which of the following best describes the concept of separation of powers?

    <p>The division of a state's government into branches with separate and independent powers.</p> Signup and view all the answers

    Which branch is typically included in the trias politica model of separation of powers?

    <p>All of the above</p> Signup and view all the answers

    In which types of systems can there be overlap in membership and functions between different branches of government?

    <p>Both separation of powers and fusion of powers systems</p> Signup and view all the answers

    What is the main intention behind a system of separated powers?

    <p>To prevent the concentration of power by providing checks and balances</p> Signup and view all the answers

    In non-authoritarian jurisdictions, does the judiciary usually overlap with the other branches of government?

    <p>No</p> Signup and view all the answers

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