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?

Output remains constant.

Output increases.

Output cannot be predicted.

Output reacts differently.

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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?

Output remains constant.

Output increases.

Output cannot be predicted.

Output decreases.

The aggregate is

a type of economic system.

the total number of goods demanded or supplied.

a form of revenue.

the total profit made on sales.

Which best describes what injector factors bring to an economic system?

factors of production

imports

consumers

money

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

a family’s finances

trade at a duty-free shop on the U.S.-Canadian border

International Monetary Fund policy

a small company’s supply contract for a local town

In microeconomics, what occurs when equilibrium is reached?

Prices decline.

Prices increase.

Prices are set.

Prices fluctuate.

What is the relationship between aggregate demand and the price level?

They are inversely related.

They are directly related.

They are unrelated.

They fluctuate randomly.

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

money.

models.

pricing.

debates.

What area of economics focuses on the interactions between individual consumers and producers?

aggregates

macroeconomics

microeconomics

markets

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

Models identify patterns.

Models determine the business cycle.

Models control change.

Models define global demand.

Introduction to Macroeconomics Answers

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