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Questions and Answers
Which branch of economics studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources?
Which branch of economics studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources?
- Microeconomics (correct)
- Development economics
- Behavioral economics
- Macroeconomics
What is the primary focus of microeconomics?
What is the primary focus of microeconomics?
- Dealing with issues of growth, inflation, and unemployment
- Analyzing market mechanisms for establishing relative prices (correct)
- Studying national economy as a whole
- Analyzing national policies relating to economic issues
In which branch of economics do we study the sum total of economic activity and national policies relating to growth, inflation, and unemployment?
In which branch of economics do we study the sum total of economic activity and national policies relating to growth, inflation, and unemployment?
- Development economics
- Macroeconomics (correct)
- International economics
- Microeconomics
What does microeconomics analyze when considering free markets?
What does microeconomics analyze when considering free markets?
Which type of theories has much of modern macroeconomics been built upon?
Which type of theories has much of modern macroeconomics been built upon?
According to microeconomic theory, what does rationality mean for an individual?
According to microeconomic theory, what does rationality mean for an individual?
What technical assumption is needed to ensure the existence of a utility function in microeconomic theory?
What technical assumption is needed to ensure the existence of a utility function in microeconomic theory?
What guarantees the existence of a solution to the utility maximization problem according to economists?
What guarantees the existence of a solution to the utility maximization problem according to economists?
What is the heart of consumer theory in microeconomics?
What is the heart of consumer theory in microeconomics?
Which model of microeconomic theory takes consumer choice as the primitive?
Which model of microeconomic theory takes consumer choice as the primitive?
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