NAME: ________________________

Economics Ch2 Vocab Test

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4 Written Questions

4 Multiple Choice Questions

  1. A highly simplified representation of a more complicated reality
  2. Households and firms
  3. The study of economy-wide phenomena, including inflation, unemployment, and economic growth
  4. Claims that attempt prescribe how the world should be

3 True/False Questions

  1. The market for goods and servicesStuff


  2. Circular-flow diagrama visual model of the economy that shows how dollars flow through markets among households and firms


  3. EfficientHouseholds and firms


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