Answer the following statement(s) true (T) or false (F)
1. Economics is the study of how goods and services are produced, distributed, and used.
2. The circular flow of economic activity is the distant relationship between consumers and producers.
3. In a free market, prices rise and fall according to supply and demand.
4. A mixed economy blends the centrally planned economy and the free enterprise system.
5. A monopoly is open control over the supply of a product or service.
1. True
2. True
3. True
4. True
5. False
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