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4 Written questions

4 Multiple choice questions

  1. Claims that attempt prescribe how the world should be
  2. a visual model of the economy that shows how dollars flow through markets among households and firms
  3. The study of how households and firms make decisions and how they interact in markets
  4. The study of economy-wide phenomena, including inflation, unemployment, and economic growth

3 True/False questions

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


  2. Positive statementsClaims that attempt to describe the world as it is


  3. ActorsA highly simplified representation of a more complicated reality


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