AnswersMO-EconomicsIntroduction to Macroeconomics

Introduction to Macroeconomics Answers

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1
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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.
2
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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.
3

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.
4

In microeconomics, what occurs when equilibrium is reached?

A
Prices decline.
B
Prices increase.
C
Prices are set.
D
Prices fluctuate.
5

The circular flow model examines interactions between which sectors of the economy? Select THREE answers.privategovernmentforeigntechhouseholds

A
private
B
government
C
foreign
D
tech
E
households
6

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.
7

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.
8

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.
9

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

A
a family’s finances
B
trade at a duty-free shop on the U.S.-Canadian border
C
International Monetary Fund policy
D
a small company’s supply contract for a local town
10

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

A
money.
B
models.
C
pricing.
D
debates.

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