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4 Written questions

4 Multiple choice questions

  1. Claims that attempt prescribe how the world should be
  2. A highly simplified representation of a more complicated reality
  3. Stuff
  4. The resources the economy uses to produce goods and services

3 True/False questions

  1. MacroeconomicsThe study of how households and firms make decisions and how they interact in markets


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


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