Microeconomics Fundamentals Quiz
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Questions and Answers

What does microeconomics focus on?

  • Government policies and regulations
  • International trade agreements
  • Individual agents and markets (correct)
  • Global economic trends

What does macroeconomics analyze?

  • Micro-level consumer behavior
  • Local market fluctuations
  • The economy as a system and its interactions (correct)
  • Corporate financial statements

What is the distinction between positive economics and normative economics?

  • Analyzing current economic data vs predicting future trends
  • Describing 'what is' vs advocating 'what ought to be' (correct)
  • Focusing on microeconomics vs macroeconomics
  • Comparing market behaviors vs government interventions

What are the key elements analyzed in macroeconomics?

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

What are the economic agents analyzed in microeconomics?

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

What does microeconomics analyze?

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

What is the focus of macroeconomics?

<p>The economy as a system (A)</p> Signup and view all the answers

What does normative economics advocate?

<p>&quot;What ought to be&quot; (B)</p> Signup and view all the answers

What are the broad distinctions within economics?

<p>Positive economics and normative economics (D)</p> Signup and view all the answers

What does behavioural economics focus on?

<p>Understanding the psychological and emotional factors influencing economic decisions (D)</p> Signup and view all the answers

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