Mastering the Basics of Economics
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Questions and Answers

Which branch of economics focuses on the behavior and interactions of individual agents and markets?

  • Microeconomics (correct)
  • Macroeconomics
  • Normative economics
  • Positive economics

    • What does macroeconomics analyze?

  • The production, distribution, and consumption of goods and services
  • Individual agents and markets
  • The economy as a system and factors affecting it (correct)
  • The behavior and interactions of economic agents

    • What are some factors that macroeconomics analyzes?

  • Employment, inflation, economic growth, and public policies (correct)
  • Individual agents and markets
  • The behavior and interactions of economic agents
  • The production, distribution, and consumption of goods and services

    • What is the main focus of positive economics?

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

    What is the main focus of normative economics?

    <p>Advocating 'what ought to be'</p> Signup and view all the answers

    Which of the following is NOT a focus of microeconomics?

    <p>Macroeconomic factors</p> Signup and view all the answers

    Which branch of economics studies the production, distribution, and consumption of goods and services?

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

    What does normative economics advocate?

    <p>What ought to be</p> Signup and view all the answers

    Which factors does macroeconomics analyze?

    <p>Currency inflation and economic growth</p> Signup and view all the answers

    What are the two broad distinctions within economics?

    <p>Positive and normative economics</p> Signup and view all the answers

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