Introduction to Macroeconomics Answers
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Why are imports, which bring goods into a country, considered a leakage factor?
A
Imports do not generate domestic income.B
Domestic industry loses ground as imports increase.C
Imports are taxed heavily, which is a secondary leakage factor.D
The money paid to producers of imports leaves the country.22
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Which statement best describes the circular flow model?
A
The model represents the movement of money and resources throughout the economy.B
The model represents the interactions within sectors.C
The model represents the flow of goods and services abroad.D
The model represents the changing relationships between actors.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 short run and long run?
A
Output remains constant.B
Output increases.C
Output cannot be predicted.D
Output reacts differently.24
What area of economics focuses on the interactions between individual consumers and producers?
A
aggregatesB
macroeconomicsC
microeconomicsD
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