Microeconomics Fundamentals Quiz

The economy as a system where production, consumption, saving, and investment interact

Currency inflation, economic growth, and public policies

Individual agents and markets, their interactions, and the outcomes of interactions (correct)

Factors affecting employment of the resources of labour, capital, and land

Individual agents and markets, their interactions, and the outcomes of interactions

Currency inflation, economic growth, and public policies

The economy as a system where production, consumption, saving, and investment interact (correct)

Factors affecting employment of the resources of labour, capital, and land

Positive economics focuses on rational economics, while normative economics focuses on behavioural economics

Positive economics only focuses on economic theory, while normative economics only focuses on applied economics

Positive economics advocates 'what ought to be', while normative economics describes 'what is'

Positive economics describes 'what is', while normative economics advocates 'what ought to be' (correct)

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

<p>Understanding the psychological and emotional factors influencing economic decisions</p> Signup and view all the answers