Microeconomics 2: Subfields of Economics

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By BrandNewEpiphany

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24 Questions

What is the study of how households and firms make decisions and how they interact in markets?

Which subfield of economics studies economy-wide phenomena such as inflation, unemployment, and economic growth?

What does GDP stand for?

What does real GDP exclude to prevent double counting?

What does economic growth refer to?

Why do economists use real GDP rather than nominal GDP to gauge economic well-being?

What is the difference between nominal GDP and real GDP?

What is the impact of productivity on the standard of living?

How is well-being usually measured in economics?

What is disposable income?

Which of the following statements is correct regarding disposable income?

Which of the following best defines microeconomics?

What is the primary focus of macroeconomics?

Why do economists use real GDP instead of nominal GDP to gauge economic well-being?

What does GDP exclude to prevent double counting?

What does economic growth refer to?

What is the primary reason behind dividing economics into microeconomics and macroeconomics?

What is the main reason economists use real GDP instead of nominal GDP to gauge economic well-being?

What is the nominal GDP for the year 2018, based on the given data?

Which factor does real GDP reflect that nominal GDP doesn't?

What is the main reason productivity is important in economics?

What is the measure of well-being typically expressed in per-capita terms as an average income?

What does disposable income represent?

Which statement accurately describes disposable income?

Description

Test your knowledge about the subfields of economics with this quiz. Learn about the distinction between microeconomics and macroeconomics and what each subfield encompasses.

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