Microeconomics Fundamentals Quiz
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Questions and Answers

What does microeconomics focus on?

  • International trade and finance
  • Government policies and regulations
  • Individual agents and markets (correct)
  • Macroeconomic factors only

    • What is the primary concern of macroeconomics?

  • Microeconomic decision-making
  • Environmental sustainability
  • Social welfare and equity
  • The economy as a system and its interactions (correct)

    • What is the distinction between positive economics and normative economics?

  • Comparing capitalist vs socialist economic systems
  • Studying market demand vs supply dynamics
  • Describing 'what is' vs advocating 'what ought to be' (correct)
  • Analyzing past economic data vs forecasting future trends

    • What are the economic agents analyzed in microeconomics?

    <p>Households, firms, buyers, and sellers</p> Signup and view all the answers

    What are the factors that macroeconomics analyzes?

    <p>Production, consumption, saving, and investment</p> Signup and view all the answers

    What does microeconomics primarily analyze?

    <p>Individual agents and markets</p> Signup and view all the answers

    What is the focus of macroeconomics?

    <p>The economy as a system and its interactions</p> Signup and view all the answers

    Which distinction within economics describes "what ought to be"?

    <p>Normative economics</p> Signup and view all the answers

    What does behavioural economics focus on?

    <p>Understanding psychological factors in economic decisions</p> Signup and view all the answers

    What does rational economics emphasize?

    <p>Logical decision-making in economic contexts</p> Signup and view all the answers

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