Microeconomics Quiz
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Questions and Answers

Which branch of economics studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources?

  • Microeconomics (correct)
  • Behavioral economics
  • Macroeconomics
  • Development economics

What does microeconomics focus on studying?

  • Macroeconomic policies
  • Market mechanisms and resource allocation
  • The national economy as a whole
  • Individual markets, sectors, or industries (correct)

What is one goal of microeconomics?

  • Analyzing market mechanisms and resource allocation (correct)
  • Analyzing macroeconomic policies
  • Studying the national economy as a whole
  • Studying the behavior of individuals and firms

What does microeconomics analyze in addition to the conditions under which free markets lead to desirable allocations?

<p>Market failure (C)</p> Signup and view all the answers

What does macroeconomics focus on studying?

<p>The sum total of economic activity (A)</p> Signup and view all the answers

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