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Questions and Answers
Microeconomics focuses on the behavior and interactions of economic agents and how economies work
True
Macroeconomics analyzes individual agents and markets, their interactions, and the outcomes of interactions
False
Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact
True
Positive economics describes 'what ought to be'
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Normative economics advocates 'what is'
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A high-income economy is defined by the World Bank as a country with a gross national income per capita of US$13,845 or more in 2022, calculated using the Atlas method.
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The term 'high-income' is often used interchangeably with 'First World' and 'developed country.'
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According to the United Nations, some high-income countries may also be developing countries.
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The GCC countries are classified as developing high-income countries.
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Vatican City is classified as a sovereign state.
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