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Microeconomics Fundamentals Quiz

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Questions and Answers

Which branch of economics studies individual markets, sectors, or industries as opposed to the national economy?

Macroeconomics

Development economics

Econometrics

Microeconomics (correct)

What is the primary focus of microeconomics?

Studying the behavior of individuals and firms in decision-making (correct)

Examining market mechanisms that establish relative prices

Analyzing the sum total of economic activity

Dealing with national policies related to growth, inflation, and unemployment

What does microeconomics analyze under market failure?

Effects of economic policies on macroeconomic behavior

Inefficient results produced by markets (correct)

National policies related to economic growth

Efficient resource allocation in free markets

What aspect of the economy does macroeconomics primarily deal with?

<p>Issues of growth, inflation, and unemployment</p> Signup and view all the answers

What has much of modern macroeconomic theories been built upon?

<p>Microfoundations based upon basic assumptions about micro-level behavior</p> Signup and view all the answers

Microeconomics Fundamentals Quiz

Choose a study mode

Podcast

Questions and Answers

Which branch of economics studies individual markets, sectors, or industries as opposed to the national economy?

What is the primary focus of microeconomics?

What does microeconomics analyze under market failure?

What aspect of the economy does macroeconomics primarily deal with?

What has much of modern macroeconomic theories been built upon?

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