Chapter 1 Quiz - 4/4

What is the study of how individuals and businesses make decisions to allocate resources?

• Macroeconomics

• Microeconomics

• Statistics

Which term refers to the collection, analysis, interpretation, and presentation of data?

• Economic Model

• Positive Economics

• Statistics

What is the branch of economics that deals with the performance, structure, and behavior of an economy as a whole?

• Macroeconomics

• Microeconomics

• Normative Economics

Which type of economics focuses on facts and cause-and-effect relationships?

• Normative Economics

• Positive Economics

• Economic Model

What is a simplified representation of reality used to understand and predict economic behavior?

• Economic Model

• Statistics

• Macroeconomics

Which type of economics involves value judgments and opinions about what the economy should be like?

• Positive Economics

• Normative Economics

• Microeconomics

Which field of study would analyze the impact of a new tax policy on the entire country's economy?

• Microeconomics

• Macroeconomics

• Statistics

What is the term for a model that helps economists understand how different sectors of the economy interact?

• Economic Model

• Normative Economics

• Positive Economics

Which type of economics would involve studying the supply and demand of a single product?

• Macroeconomics

• Microeconomics

• Normative Economics

What is the study of the economy at a large scale, including national productivity and interest rates?

• Microeconomics

• Macroeconomics

• Statistics