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1. Which of the following statements best describes microeconomics?


study of the interactions between various countries and their producers and consumers


study of markets, resources, and productivity


study of a nation's economy and economic well-being


study of how producers and consumers interact in various markets

2.In a circular flow diagram, labor and other factors of production are sold in resource markets. These resources are then used to produce goods and services sold in product markets. How are businesses involved in this flow?



Businesses sell goods and services in product markets.


In product markets, businesses sell factors of production.


Businesses purchase goods and services in product markets.


In resource markets, individuals buy factors of production.