Economics Quiz

What does economics study?

• Historical events

• Weather patterns

• Literary works

• Production, distribution, and consumption of goods and services

What does microeconomics analyze?

• Geological formations

• Artistic movements

• Individual agents and markets

• Global politics

What does macroeconomics analyze?

• Weather phenomena

• Economic systems and factors affecting them

• Astronomical events

• Biological processes

What is the distinction between positive economics and normative economics?

• Mainstream economics and heterodox economics

• Economic theory and applied economics

• Describing 'what is' and advocating 'what ought to be'

• Rational and behavioural economics

Where can economic analysis be applied?

• Only in fashion

• Only in sports

• Throughout society including business, finance, and government

• Only in music

What are some subjects to which economics is applied?

• Only art

• Only technology

• Crime, education, and the family

• Only sports

What is an example of an economic agent?

• Plants

• Households

• Animals

• Rocks

What does mainstream economics focus on?

• Unconventional ideas

• Traditional economic theories

• Only recent trends

• Only futuristic concepts

What is the purpose of applied economics?

• To create theoretical models

• To predict future economic trends

• To solve real-world economic problems

• To study historical economics

What is the main focus of economics?

• Studying fictional worlds

• Studying natural phenomena

• Studying the production, distribution, and consumption of goods and services

• Studying human behavior