Podcast
Questions and Answers
What does microeconomics analyze?
What does microeconomics analyze?
- Global economic systems
- Macroeconomic policies
- Individual agents and markets (correct)
- International trade agreements
What is the focus of macroeconomics?
What is the focus of macroeconomics?
- Political factors affecting the economy
- Micro-level interactions of individual agents and markets
- System-level interactions of production, consumption, saving, and investment (correct)
- Environmental impacts on economic systems
What is the distinction between positive economics and normative economics?
What is the distinction between positive economics and normative economics?
- Describing 'what ought to be' vs advocating 'what is'
- Advocating 'what is' vs describing 'what ought to be'
- Describing 'what is' vs predicting 'what will be'
- Describing 'what is' vs advocating 'what ought to be' (correct)
What does rational economics focus on?
What does rational economics focus on?
What is the primary focus of behavioral economics?
What is the primary focus of behavioral economics?