Microeconomics Quiz
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Questions and Answers

What does microeconomics analyze?

  • Factors affecting employment of resources of labour, capital, and land
  • The behaviour and interactions of economic agents
  • Individual agents and markets, their interactions, and the outcomes of interactions (correct)
  • The economy as a system where production, consumption, saving, and investment interact

    • What is the focus of macroeconomics?

  • Factors affecting employment of resources of labour, capital, and land
  • The economy as a system where production, consumption, saving, and investment interact (correct)
  • Analysis of economic agents and markets
  • Study of individual agents and markets

    • What is the distinction between positive economics and normative economics?

  • Normative economics focuses on economic theory, while positive economics focuses on applied economics
  • Normative economics describes 'what is', while positive economics advocates 'what ought to be'
  • Positive economics describes 'what is', while normative economics advocates 'what ought to be' (correct)
  • Positive economics focuses on economic theory, while normative economics focuses on applied economics

    • Where can economic analysis be applied?

    <p>Throughout society, including business, finance, cybersecurity, health care, engineering, and government</p> Signup and view all the answers

    What are the broad distinctions within economics?

    <p>Between positive economics and normative economics; between economic theory and applied economics; between rational and behavioural economics; and between mainstream economics and heterodox economics</p> Signup and view all the answers

    What is the focus of microeconomics?

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

    What does macroeconomics analyze?

    <p>The economy as a system and its interactions</p> Signup and view all the answers

    What are the broad distinctions within economics?

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

    Where can economic analysis be applied?

    <p>Business, finance, and government</p> Signup and view all the answers

    What is the distinction between rational and behavioural economics?

    <p>Approach to economic decision-making</p> Signup and view all the answers

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