Introduction to Macroeconomics Answers
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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?
A
Output remains constant.B
Output increases.C
Output cannot be predicted.D
Output decreases.2
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Which best describes what injector factors bring to an economic system?
A
factors of productionB
importsC
consumersD
money3
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.4
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 production5
The circular flow model examines interactions between which sectors of the economy? Select THREE answers.
A
privateB
governmentC
foreignD
techE
households6
In macroeconomics, the economy can best be understood through the use of
A
money.B
models.C
pricing.D
debates.7
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.8
In microeconomics, what occurs when equilibrium is reached?
A
Prices decline.B
Prices increase.C
Prices are set.D
Prices fluctuate.9
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.10
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.Did you find these answers helpful?
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