Mastering the Basics of 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?

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

What does microeconomics analyze?

  • Currency inflation
  • Public policies
  • Economic growth
  • Individual agents and markets (correct)

What is the focus of economics?

  • Behaviour and interactions of economic agents (correct)
  • Currency inflation
  • Labour, capital, and land
  • Economic growth

What is the distinction between positive economics and normative economics?

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

What are some examples of individual agents in economics?

<p>Households, firms, buyers, and sellers (D)</p> Signup and view all the answers

Which of the following is a common definition of a recession?

<p>A significant decline in economic activity spread across the market (D)</p> Signup and view all the answers

What is the typical measure used to analyze business cycles?

<p>Real Gross Domestic Production (A)</p> Signup and view all the answers

How are business cycle fluctuations usually characterized?

<p>By general upswings and downturns (D)</p> Signup and view all the answers

What is the duration and intensity of expansion/recession episodes in business cycles?

<p>They change over time (C)</p> Signup and view all the answers

What are the implications of business cycles for the welfare of the population and private institutions?

<p>They affect both the broad population and private institutions (A)</p> Signup and view all the answers

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