1.) Describe the basic functions of a market-based economy. Briefly describe how the circular flow model works and how that relates to a market-based economy.
2.) Prior to the American Revoluyion, what kind of economic system did North Carolina have? Describe how that is different from capitalism as portrayed by Adam Smith.
3.) Who is primarily responsible for tax policies in the United States? Briefly describe four key components of fiscal policy?
4.) Who is primarily responsible for monetary policy in the United States? Briefly describe four key components of monetary policy.
5.) How is the unemployment rate measured? Who is responsible for calculating the official rate?
6.) Describe and give an example of the follow
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