The Branch of Economics Which Studies the Behaviour of Entire

question 60

Multiple Choice

The branch of economics which studies the behaviour of entire economies is called:

• A)public economics.
• B)microeconomics.
• C)macroeconomics.
• D)normative economics.

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Definitions:

Regulatory Capture

A theory that describes the situation where a regulatory agency, created to act in the public's interest, eventually acts in favor of the commercial or special interests that dominate the industry it is charged with regulating.

Negative Externalities

Costs suffered by a third party due to an economic transaction that they were not a part of, often leading to market failure.

Human Safety

The condition of being protected from or unlikely to cause danger, risk, or injury to individuals.

Regulatory Capture

A theory that regulatory agencies may come to be dominated by the interests they're supposed to regulate, rather than serve the public interest.