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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. The economy is getting all it can from the scarce resources it has available
  3. The study of how households and firms make decisions and how they interact in markets
  4. a visual model of the economy that shows how dollars flow through markets among households and firms

3 True/False questions

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


  2. ActorsHouseholds and firms


  3. ModelHouseholds and firms


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