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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. Claims that attempt to describe the world as it is
  4. The study of how households and firms make decisions and how they interact in markets

3 True/False questions

  1. EfficientThe economy is getting all it can from the scarce resources it has available


  2. The market for factors of productionStuff


  3. MacroeconomicsThe study of economy-wide phenomena, including inflation, unemployment, and economic growth


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