Micro-economics Test
- What are the central problems of an economy?
- What do you mean by the production possibilities of an economy?
- What is a Production Possibility Frontier (PPF)?
- What is the subject matter of economics?
- How does a centrally planned economy differ from a market economy?
- What do you understand by positive economic analysis?
- What do you understand by normative economic analysis?
- What is the difference between microeconomics and macroeconomics?