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Question 1

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

Revolt · Accepted Answer

money

Question 2

In microeconomics, what occurs when equilibrium is reached?

Revolt · Accepted Answer

Prices are set.

Question 3

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

Revolt · Accepted Answer

microeconomics

Question 4

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

Revolt · Accepted Answer

Models identify patterns.

Question 5

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

Revolt · Accepted Answer

models.

Question 6

In microeconomics, price helps determine both quantity supplied and quantity demanded. Which other factors can impact each by causing a shift to occur?

Revolt · Accepted Answer

Quantity supplied is determined by production costs, and quantity demanded is determined by desire for the product.

Question 7

Which best describes what occurs in the product market?

Revolt · Accepted Answer

the exchange of goods and services for money

Question 8

The circular flow model examines interactions between which two groups?

Revolt · Accepted Answer

households and firms

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

The aggregate is

Revolt · Accepted Answer

the total number of goods demanded or supplied.

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