Microeconomics Fundamentals Quiz

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Questions and Answers

What are the broad distinctions within economics?

Rational economics and behavioural economics
Positive economics and normative economics (correct)
Economic theory and applied economics
Mainstream economics and heterodox economics

What does microeconomics analyze?

The economy as a system where production, consumption, saving, and investment interact
Individual agents and markets, their interactions, and the outcomes of interactions (correct)
Public policies that have an impact on economic growth
Factors affecting employment of the resources of labour, capital, and land

Where can economic analysis be applied?

Science, the environment, engineering, and public policies
Crime, education, the family, feminism, and law
Business, finance, cybersecurity, health care, and government (correct)
Philosophy, politics, religion, social institutions, and war

What does macroeconomics analyze?

<p>The economy as a system where production, consumption, saving, and investment interact (D)</p>

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What are the distinctions within economics between?

<p>Rational and behavioural economics (A)</p>

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Flashcards

Positive Economics

Deals with objective explanations and predictions about economic phenomena.

Normative Economics

Incorporates subjective value judgments and opinions into economic analysis.

Microeconomics

Studies the behavior of individual economic agents and specific markets.

Macroeconomics

Analyzes the economy as a whole, focusing on aggregate variables.

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Behavioral Economics

Studies how psychological factors affect economic decision-making.

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Study Notes

What are the broad distinctions within economics? What does microeconomics analyze? Where can economic analysis be applied? What does macroeconomics analyze? What are the distinctions within economics between?