Microeconomics Quiz

What does microeconomics primarily study?

• The behavior of entire economies

• The impact of government policies on markets

• The implications of incentives and decisions on resource allocation

• The history of economic theories

Which of the following is a key concept in microeconomics?

• Gross Domestic Product (GDP)

• Fiscal policy

• Monetary policy

• Utility theory

What is the primary focus of positive microeconomics?

• Analyzing government interventions

• Prescribing what should be done in the economy

• Describing economic behavior and predicting outcomes

• Studying macroeconomic aggregates

Which method is associated with neoclassical microeconomics?

• Keynesian economics

• Game theory

• Behavioral economics

• General equilibrium theory

How does microeconomics apply to individual decision-making?

• It focuses solely on government policies

• It analyzes the effects of global trade

• It examines how individuals maximize utility within constraints

• It studies the overall economic growth of a country

Who is the father of economics

• Adam smith

• Alfred marshell

• James mill