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4 Written questions

4 Multiple choice questions

  1. a visual model of the economy that shows how dollars flow through markets among households and firms
  2. A highly simplified representation of a more complicated reality
  3. The study of economy-wide phenomena, including inflation, unemployment, and economic growth
  4. The resources the economy uses to produce goods and services

3 True/False questions

  1. MicroeconomicsThe study of economy-wide phenomena, including inflation, unemployment, and economic growth

          

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

          

  3. Production possibilities frontierA graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology