AnswersGalliWCA 2221 CivicsEconomics 1st nine weeks 26-27Introduction to Macroeconomics

Introduction to Macroeconomics Answers

10 verified answers1 views
1
Free Preview

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

A
money.
B
models.
C
pricing.
D
debates.
2
Free Preview

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

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.
4

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

A
government
B
suppliers
C
firms
D
producers
5

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

A
They are inversely related.
B
They are directly related.
C
They are unrelated.
D
They fluctuate randomly.
6

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.
7

In microeconomics, what occurs when equilibrium is reached?

A
Prices decline.
B
Prices increase.
C
Prices are set.
D
Prices fluctuate.
8

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.
9

Which best describes what occurs in the product market?

A
the exchange of labor for capital
B
the exchange of goods and services for factors of production
C
the exchange of goods and services for money
D
the exchange of money for factors of production
10

The circular flow model examines interactions between which two groups?

A
households and firms
B
households and consumers
C
firms and producers
D
firms and government
11

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

A
factors of production
B
imports
C
consumers
D
money
12

In microeconomics, what occurs when equilibrium is reached?

A
Prices decline.
B
Prices increase.
C
Prices are set.
D
Prices fluctuate.
13

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.
14

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.
15

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.
16

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

A
They are inversely related.
B
They are directly related.
C
They are unrelated.
D
They fluctuate randomly.
17

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.
18

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

A
aggregates
B
macroeconomics
C
microeconomics
D
markets

Did you find these answers helpful?

More from this Course

Quiz
24 verified answers

Introduction to Macroeconomics

Quiz
18 verified answers

Economic Growth

Quiz
17 verified answers

Introduction to Macroeconomics