AnswersOC27 Economics-2102310-Sem-MeadowsUnit Test

1.6 Introduction to Macroeconomics Answers

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21
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Which body or group is most able to use money to influence the economy?

A
government
B
suppliers
C
firms
D
producers
22
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Which best describes why taxes and savings are considered leakage factors?

A
They take money out of households.
B
They take money out of the economic system.
C
They take money out of the economic sectors.
D
They take money out of the financial sector.
23

This is a graph showing price and total output in the short and long run. According to this graph, how does supply behave in the long run?

Question illustration
A
Output remains constant.
B
Output increases.
C
Output cannot be predicted.
D
Output decreases.
24

This is a graph showing price and total output in the short and long run.According to this graph, how does supply behave in the short run and long run?

Question illustration
A
Output remains constant.
B
Output increases.
C
Output cannot be predicted.
D
Output reacts differently.
25

What area of economics focuses on the interactions between individual consumers and producers?

A
aggregates
B
macroeconomics
C
microeconomics
D
markets
26

The aim of the study of macroeconomics is to examine

A
the interactions between individual producers and consumers.
B
the behavior of factors affecting the economy.
C
the relationship between supply and demand.
D
the economy’s viability.
27

In microeconomics, what occurs when equilibrium is reached?

A
Prices decline.
B
Prices increase.
C
Prices are set.
D
Prices fluctuate.
28

What area of economics focuses on the interactions between individual consumers and producers?

A
aggregates
B
macroeconomics
C
microeconomics
D
markets

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