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4 Written questions

4 Multiple choice questions

  1. A graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology
  2. Households and firms
  3. Claims that attempt prescribe how the world should be
  4. The resources the economy uses to produce goods and services

3 True/False questions

  1. EfficientThe economy is getting all it can from the scarce resources it has available


  2. Circular-flow diagramThe study of how households and firms make decisions and how they interact in markets


  3. The market for goods and servicesStuff


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