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Microeconomics Fundamentals Quiz
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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

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