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What is the focus of microeconomics?
What is the focus of microeconomics?
- International trade agreements
- Global economic systems
- Individual agents and markets (correct)
- Government policies and regulations
What is the distinction between positive economics and normative economics?
What is the distinction between positive economics and normative economics?
- Describing current economic policies vs. historical economic policies
- Describing 'what ought to be' vs. advocating 'what is'
- Describing 'what is' vs. advocating 'what ought to be' (correct)
- Advocating for market interventions vs. advocating for free market principles
What does macroeconomics analyze?
What does macroeconomics analyze?
- Individual consumer choices
- Environmental impacts on economies
- Micro-level economic behavior
- Systemic interactions of production, consumption, saving, and investment (correct)
Where can economic analysis be applied?
Where can economic analysis be applied?
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What are the broad distinctions within economics?
What are the broad distinctions within economics?
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