Microeconomics Quiz

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Questions and Answers

What does microeconomics analyze?

  • Government policies and regulations
  • Social institutions and norms
  • International trade and finance
  • Individual agents and markets (correct)

What is the focus of macroeconomics?

  • Economy as a system and its interactions (correct)
  • Global economic trends and forecasts
  • Local market fluctuations
  • Micro-level consumer behavior

What distinguishes positive economics from normative economics?

  • Describing 'what is' vs advocating 'what ought to be' (correct)
  • Analyzing current economic trends vs historical economic data
  • Applying economic theory vs applied economics
  • Focusing on individual agents vs economy as a system

Where can economic analysis be applied?

<p>Business, finance, cybersecurity, and health care (D)</p> Signup and view all the answers

What is the main focus of economics?

<p>Production, distribution, and consumption of goods and services (D)</p> Signup and view all the answers

What is the focus of behavioural economics?

<p>Studying the influence of psychological factors on economic decisions (D)</p> Signup and view all the answers

In what way does applied economics differ from economic theory?

<p>Applied economics uses economic principles to solve real-world issues (D)</p> Signup and view all the answers

What does normative economics advocate?

<p>What ought to be in the economy (A)</p> Signup and view all the answers

What distinguishes heterodox economics from mainstream economics?

<p>Heterodox economics challenges traditional economic theories (A)</p> Signup and view all the answers

Where can economic analysis be applied?

<p>Cybersecurity, health care, and government (D)</p> Signup and view all the answers

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