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4 Written Questions

4 Multiple Choice Questions

  1. Claims that attempt to describe the world as it is
  2. A highly simplified representation of a more complicated reality
  3. Claims that attempt prescribe how the world should be
  4. a visual model of the economy that shows how dollars flow through markets among households and firms

3 True/False Questions

  1. 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

          

  2. The market for goods and servicesStuff

          

  3. The market for factors of productionThe resources the economy uses to produce goods and services

          

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