Microeconomics Fundamentals Quiz
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Questions and Answers

What does microeconomics analyze?

Microeconomics analyzes individual agents and markets, their interactions, and the outcomes of interactions.

What is economics?

Economics is a social science that studies the production, distribution, and consumption of goods and services.

What does macroeconomics analyze?

Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it.

What do positive economics and normative economics describe?

<p>Positive economics describes 'what is', while normative economics advocates 'what ought to be'.</p> Signup and view all the answers

What are the broad distinctions within economics?

<p>The broad distinctions within economics include those between positive economics and normative economics, economic theory and applied economics, and rational and behavioural economics.</p> Signup and view all the answers

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