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"Economy-wide phenomena including inflation, unemployment and economic growth" is what type of economics? Ans>> Macroeconomics "The study of how house holds and firms make decisions and how they interact in markets" is what type of economics? Ans>> Microeconomics What is Positive Analysis? Ans>> A statement describing how something is What is Normative Analysis? Ans>> A statement describing how something should be Which of the following is most likel...

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BSNS113 Exam Multiple-Choice Questions and Answers 100% Solved Microeconomics can be described as the study of... A) How households and firms make decisions and how they interact in individual markets. B) How well markets work C) How firms and households make choices in the face of scarcity. D)All of the above. - D) All of the above Which of the following is most likely a macroeconomic topic? A) The role of the Reserve Bank in controlling inflation. B) Who gains and who loses from inte...

BSNS 113 Otago Exam Questions and Answers 100% Solved | Graded A+ Scarcity - Sometime is scarce if there is not enough for everyone if it were free Implies the need for trade offs Unlimited wants - People have unlimited wants, but the resources to satisfy those wants is limited. Positive economics - Studying how the economy works Normative economics - figuring out how the economy should be GDP - Gross domestic product Measures the market value of all final goods and services in a count...

BSNS 113 Final Exam Revision Questions and Answers 100% Solved "Economy-wide phenomena including inflation, unemployment and economic growth" is what type of economics? - Macroeconomics "The study of how house holds and firms make decisions and how they interact in markets" is what type of economics? - Microeconomics What is Positive Analysis? - A statement describing how something is What is Normative Analysis? - A statement describing how something should be Which of the f...

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