Practice Branches Of Economics (1.6) - Introduction to Economics

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9 questions

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2 cards from this section. Quick, good the night before a test.
Exercise
6 questions · about 4 min · pass mark 70%. Hints available.
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Quiz
3 questions · about 2 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
What does microeconomics focus on?
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Think about small-scale decisions.
Question 2.
What does macroeconomics look at?
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Consider large-scale economic factors.
3Question 3.
What does microeconomics study?
- National income
- Households and firms
- Inflation
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Think ‘micro’ means small.
4Question 4.
Macroeconomics is concerned with what type of analysis?
- True
- False
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Consider what ‘macro’ represents.
Question 5.
If the government raises taxes, how might this affect micro and macro levels differently?
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Consider direct impacts on individuals versus wide-scale effects.
Question 6.
Create a diagram that illustrates the interaction between microeconomic decisions and macroeconomic outcomes.
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Use arrows to represent causation from small to large.

5 more questions in this section. Enroll free to practise them all.