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Questions and Answers
Which branch of economics studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources?
Which branch of economics studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources?
- Behavioral economics
- Microeconomics (correct)
- Macroeconomics
- Development economics
What does microeconomics focus on studying?
What does microeconomics focus on studying?
- Individual markets and industries (correct)
- Government policies
- Market failures
- The national economy as a whole
What is one goal of microeconomics?
What is one goal of microeconomics?
- To analyze market mechanisms and resource allocation (correct)
- To analyze the sum total of economic activity
- To understand national policies
- To study market failures
What does macroeconomics focus on studying?
What does macroeconomics focus on studying?
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What does microeconomics analyze when markets fail to produce efficient results?
What does microeconomics analyze when markets fail to produce efficient results?
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