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</p> Signup and view all the answers

    What is the main focus of economics?

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

    What is the focus of behavioural economics?

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

    What does normative economics advocate?

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

    What distinguishes heterodox economics from mainstream economics?

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

    Where can economic analysis be applied?

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

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