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4 Written questions

4 Multiple choice questions

  1. Stuff
  2. The resources the economy uses to produce goods and services
  3. A highly simplified representation of a more complicated reality
  4. The economy is getting all it can from the scarce resources it has available

3 True/False questions

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


  2. Positive statementsClaims that attempt prescribe how the world should be


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