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4 Written questions

4 Multiple choice questions

  1. A highly simplified representation of a more complicated reality
  2. The resources the economy uses to produce goods and services
  3. The study of economy-wide phenomena, including inflation, unemployment, and economic growth
  4. Claims that attempt to describe the world as it is

3 True/False questions

  1. Production possibilities frontierClaims that attempt to describe the world as it is

          

  2. ActorsA highly simplified representation of a more complicated reality

          

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