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Microeconomics Fundamentals Quiz

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Questions and Answers

What is the focus of macroeconomics?

Factors affecting employment of resources

Positive economics

Behaviour and interactions of economic agents

System-level interactions of production, consumption, saving, and investment (correct)

What does microeconomics primarily analyze?

Individual agents and markets (correct)

Macroeconomic policies

Economic growth

Currency inflation

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

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

Positive economics is based on economic theory, while normative economics is applied economics

What are the elements that macroeconomics analyzes?

Production, consumption, saving, and investment Signup and view all the answers

What are the examples of individual agents in microeconomics?

Households, firms, buyers, and sellers Signup and view all the answers

What are the main components of government revenues mentioned in the text?

Taxes, including income tax and import taxes Signup and view all the answers

What is the primary purpose of a government budget?

To project revenues and expenditures for a specific period Signup and view all the answers

Who is responsible for preparing a government budget in most parliamentary systems?

The government or other political entity Signup and view all the answers

What happens once a government budget is approved?

Government ministries and institutions manage the use of funds Signup and view all the answers

What are the main components of state budget revenues mentioned in the text?

Taxes, customs duties, fees, and other revenues Signup and view all the answers