Introduction to Macroeconomics

Question 1

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?

Revolt · Accepted Answer

Output reacts differently.

Question 2

In macroeconomics, the economy can best be understood through the use of

Revolt · Accepted Answer

models.

Question 3

Economic interactions involving which of the following would most likely be studied in macroeconomics?

Revolt · Accepted Answer

International Monetary Fund policy

Question 4

What is the relationship between aggregate demand and the price level?

Revolt · Accepted Answer

They are inversely related.

Question 5

In microeconomics, what occurs when equilibrium is reached?

Revolt · Accepted Answer

Prices are set.

Question 6

Why are imports, which bring goods into a country, considered a leakage factor?

Revolt · Accepted Answer

The money paid to producers of imports leaves the country.

Question 7

The aggregate is

Revolt · Accepted Answer

the total number of goods demanded or supplied.

Question 8

The circular flow model examines interactions between which two groups?

Revolt · Accepted Answer

households and firms

Question 9

Which statement best describes the circular flow model?

Revolt · Accepted Answer

The model represents the movement of money and resources throughout the economy.

Question 10

Which best describes what injector factors bring to an economic system?

Revolt · Accepted Answer

money

Introduction to Macroeconomics Answers

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