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 long run?

Revolt · Accepted Answer

Output remains constant.

Question 2

Which best describes why taxes and savings are considered leakage factors?

Revolt · Accepted Answer

They take money out of the economic system.

Question 3

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

Question 4

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

Revolt · Accepted Answer

International Monetary Fund policy

Question 5

Which best describes the purpose served by economic models within an economic system?

Revolt · Accepted Answer

Models identify patterns.

Question 6

The aggregate is

Revolt · Accepted Answer

the total number of goods demanded or supplied.

Question 7

Which best describes what occurs in the product market?

Revolt · Accepted Answer

the exchange of goods and services for money

Question 8

In microeconomics, what occurs when equilibrium is reached?

Revolt · Accepted Answer

Prices are set.

Question 9

A long-run equilibrium occurs when long-run aggregate supply and aggregate demand meet. What does having long-run equilibrium indicate about a society?

Revolt · Accepted Answer

The society is using all of its resources efficiently.

Question 10

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

Revolt · Accepted Answer

government

Introduction to Macroeconomics Answers

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