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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?
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What is the primary focus of behavioral economics?
What is the primary focus of behavioral economics?
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