Econ Final Exam review (Economics Final Exam review)

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Econ Final Exam review Chapter 1  Question 1 Which of the following statements is correct? Correct Answer: All else constant, a monopoly firm has more market power than a monopolistically competitive firm.  Question 2 Which of the following statements is false? In the circular flow model: Correct Answer: factor payments are made to business firms.  Question 3 Which of the following would be considered an example of a macroeconomic problem? Correct Answer: Should the federal...