Podcast
Questions and Answers
What does macroeconomics analyze?
What does macroeconomics analyze?
- The behaviour and interactions of economic agents
- The employment of resources of labour, capital, and land
- The economy as a system where production, consumption, saving, and investment interact (correct)
- The impact of currency inflation on economic growth
What does microeconomics analyze?
What does microeconomics analyze?
- The economy as a system and its interactions with other global economies
- Individual agents and markets, their interactions, and the outcomes of interactions (correct)
- The overall impact of public policies on economic growth
- The employment of 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 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)
- Positive economics focuses on economic theory, while normative economics focuses on applied economics
- Positive economics analyzes the behaviour and interactions of economic agents, while normative economics analyzes the outcomes of interactions
What are the individual agents analyzed in microeconomics?
What are the individual agents analyzed in microeconomics?
What are the factors affecting the economy analyzed in macroeconomics?
What are the factors affecting the economy analyzed in macroeconomics?
What is the goal of the consumer according to economists?
What is the goal of the consumer according to economists?
How is utility measured by economists?
How is utility measured by economists?
According to the utility maximizing rule, how is the marginal benefit of a product measured?
According to the utility maximizing rule, how is the marginal benefit of a product measured?
How is the marginal cost of a product measured according to the text?
How is the marginal cost of a product measured according to the text?
What does the text assume about the consumer's income?
What does the text assume about the consumer's income?
What does the utility maximizing rule suggest about the marginal benefit of a product?
What does the utility maximizing rule suggest about the marginal benefit of a product?
What does the equal-margin concept in utility maximization imply?
What does the equal-margin concept in utility maximization imply?
What do choices that follow the marginal decision rule generally produce?
What do choices that follow the marginal decision rule generally produce?
How is the marginal cost of a product measured according to the text?
How is the marginal cost of a product measured according to the text?
What is the focus of utility-maximizing choices in relation to the marginal utilities and price?
What is the focus of utility-maximizing choices in relation to the marginal utilities and price?
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