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?

Throughout society, including business, finance, cybersecurity, health care, engineering, and government (B) Signup and view all the answers

What are the broad distinctions within economics?

Between positive economics and normative economics; between economic theory and applied economics; between rational and behavioural economics; and between mainstream economics and heterodox economics (D) Signup and view all the answers