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Questions and Answers
Which branch of economics studies individual markets, sectors, or industries as opposed to the national economy?
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?
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?
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?
What aspect of the economy does macroeconomics primarily deal with?
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What has much of modern macroeconomic theories been built upon?
What has much of modern macroeconomic theories been built upon?
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