Microeconomics Fundamentals Quiz

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Questions and Answers

What are the main focuses of economics?

The main focuses of economics are the production, distribution, and consumption of goods and services.

What does microeconomics analyze?

Microeconomics analyzes individual agents and markets, their interactions, and the outcomes of interactions.

What does macroeconomics analyze?

Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it such as employment, currency inflation, economic growth, and public policies.

What are the broad distinctions within economics?

The broad distinctions within economics include those between positive economics (describing 'what is') and normative economics (advocating 'what ought to be'), between economic theory and applied economics, and between rational and behavioural economics. Signup and view all the answers

What are some examples of individual agents in the economy?

Some examples of individual agents in the economy are households, firms, buyers, and sellers. Signup and view all the answers

What are the two main branches of economics and what do they focus on?

The two main branches of economics are microeconomics and macroeconomics. Microeconomics focuses on individual agents and markets, while macroeconomics analyzes the economy as a system. Signup and view all the answers

What are some examples of individual agents in microeconomics?

Some examples of individual agents in microeconomics are households, firms, buyers, and sellers. Signup and view all the answers

What does macroeconomics analyze in terms of the economy?

Macroeconomics analyzes the interactions of production, consumption, saving, and investment, as well as factors affecting the economy such as employment, inflation, economic growth, and public policies. Signup and view all the answers

What are the broad distinctions within economics?

The broad distinctions within economics include positive economics (describing 'what is') and normative economics (advocating 'what ought to be'), economic theory and applied economics, and rational and behavioral economics. Signup and view all the answers