Microeconomics Fundamentals Quiz
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Questions and Answers

What does microeconomics analyze?

  • Global economic systems
  • Macroeconomic policies
  • Individual agents and markets (correct)
  • International trade agreements

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?

  • 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?

<p>Assumptions of rational behavior in economic agents (C)</p> Signup and view all the answers

What is the primary focus of behavioral economics?

<p>Understanding the psychological factors influencing economic decisions (B)</p> Signup and view all the answers

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