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Questions and Answers
What does microeconomics analyze?
What does microeconomics analyze?
- 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
What does macroeconomics analyze?
What does macroeconomics analyze?
- 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
What is the distinction between positive economics and normative economics?
What is the distinction between positive economics and normative economics?
- 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)
What are the examples of individual agents in microeconomics?
What are the examples of individual agents in microeconomics?
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What is the focus of behavioural economics?
What is the focus of behavioural economics?
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