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Chapter 1 Study Guide (password: chapter)

1.1 What is Economics and Why is it Important?

1.2 Microeconomics and Macroeconomics

1.3 How Economists Use Theories and Models to Understand Economic Issues

1.4 How To Organize Economies: An Overview of Economic Systems

Practice Problems

Answer Key

Problem 1

Problem 2

Problem 3

Problem 4

Problem 5

Problem 6

Problem 7

Problem 8

Problem 9

Problem 10