Introduction to Macroeconomics Answers
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1
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The circular flow model examines interactions between which sectors of the economy? Select THREE answers.
A
privateB
governmentC
foreignD
techE
households2
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Which best describes what injector factors bring to an economic system?
A
factors of productionB
importsC
consumersD
money3
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.4
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.5
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?
A
Output remains constant.B
Output increases.C
Output cannot be predicted.D
Output reacts differently.6
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.7
Why are imports, which bring goods into a country, considered a leakage factor?
A
Imports do not generate domestic income.B
Domestic industry loses ground as imports increase.C
Imports are taxed heavily, which is a secondary leakage factor.D
The money paid to producers of imports leaves the country.Did you find these answers helpful?
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