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4 Written questions

4 Multiple choice questions

  1. The economy is getting all it can from the scarce resources it has available
  2. a visual model of the economy that shows how dollars flow through markets among households and firms
  3. A highly simplified representation of a more complicated reality
  4. The study of economy-wide phenomena, including inflation, unemployment, and economic growth

3 True/False questions

  1. ActorsHouseholds and firms


  2. The market for goods and servicesStuff


  3. Production possibilities frontierA graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology


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