Introduction to Macroeconomics Answers
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What is the relationship between aggregate demand and the price level?
A
They are inversely related.B
They are directly related.C
They are unrelated.D
They fluctuate randomly.22
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Which body or group is most able to use money to influence the economy?
A
governmentB
suppliersC
firmsD
producers23
Which best describes what occurs in the product market?
A
the exchange of labor for capitalB
the exchange of goods and services for factors of productionC
the exchange of goods and services for moneyD
the exchange of money for factors of production24
A long-run equilibrium occurs when long-run aggregate supply and aggregate demand meet. What does having long-run equilibrium indicate about a society?
A
The society’s supply and demand have stagnated.B
The society is using all of its resources efficiently.C
The society’s needs are being fully met.D
The society is not using all of its resources effectively.25
Which best describes the purpose served by economic models within an economic system?
A
Models identify patterns.B
Models determine the business cycle.C
Models control change.D
Models define global demand.26
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?
A
Output remains constant.B
Output increases.C
Output cannot be predicted.D
Output decreases.27
The aggregate is
A
a type of economic system.B
the total number of goods demanded or supplied.C
a form of revenue.D
the total profit made on sales.Did you find these answers helpful?
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