Microeconomics Fundamentals Quiz
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Questions and Answers

What does microeconomics focus on?

  • Individual agents and markets, their interactions, and the outcomes of interactions (correct)
  • Describing 'what ought to be' in the economy
  • Factors affecting employment of the resources of labour, capital, and land
  • The economy as a system where production, consumption, saving, and investment interact
  • What does macroeconomics analyze?

  • Individual agents and markets, their interactions, and the outcomes of interactions
  • The economy as a system where production, consumption, saving, and investment interact (correct)
  • Factors affecting employment of the resources of labour, capital, and land
  • Describing 'what ought to be' in the economy
  • What are the broad distinctions within economics?

  • Economic theory and applied economics
  • Positive economics and normative economics (correct)
  • Describing 'what ought to be' and 'what is' in the economy
  • Rational economics and behavioural economics
  • What does positive economics describe?

    <p>Describing 'what is' in the economy</p> Signup and view all the answers

    What does normative economics advocate?

    <p>Advocating 'what ought to be' in the economy</p> Signup and view all the answers

    In biological classification, which taxonomic rank is a group of related taxonomic orders?

    <p>Class</p> Signup and view all the answers

    Who first introduced the class as a distinct rank of biological classification with its own distinctive name?

    <p>Joseph Pitton de Tournefort</p> Signup and view all the answers

    In the hierarchy of biological classification, which rank is between phylum and order?

    <p>Class</p> Signup and view all the answers

    How is a class historically conceived in biological classification?

    <p>Embracing taxa with a distinct grade of organization and a distinct type of construction</p> Signup and view all the answers

    What was the year when the classification of plants by Joseph Pitton de Tournefort appeared in his Eléments de botanique?

    <p>1694</p> Signup and view all the answers

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