The Two Broad Fields That Make Up the Subject of Economics

question 19

Multiple Choice

The two broad fields that make up the subject of economics are:

• A) microeconomics and macroeconomics.
• B) personal investments and business investments.
• C) fiscal policy and monetary policy.
• D) imports and exports.

Understand how behavioral biases influence perceptions of gains and losses.

Understand and describe the stages of group development.

Recognize the relationship between group size and various group dynamics such as cohesiveness, performance, and member participation.

Comprehend the concept of process losses and its impact on actual group performance.

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Definitions:

Lies

False statements made with the deliberate intention to deceive; an intentional untruth.

Prima Facie Duty

An obligation that appears to be binding upon first view, but may be overridden by stronger moral considerations.

Keep Promises

The act of fulfilling a commitment or assurance one has made.

Absolute Moral Rules

Ethical principles that are considered universally applicable and unwavering under all circumstances.