AnswersHSA 26-27 EconomicsResources and Scarcity

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?

Question illustration
A
Output remains constant.
B
Output increases.
C
Output cannot be predicted.
D
Output decreases.
2
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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.
3

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?

Question illustration
A
Output remains constant.
B
Output increases.
C
Output cannot be predicted.
D
Output reacts differently.
4

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
5

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.
6

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.
7

In microeconomics, what occurs when equilibrium is reached?

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

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

A
factors of production
B
imports
C
consumers
D
money
9

The circular flow model examines interactions between which sectors of the economy? Select THREE answers.

A
private
B
government
C
foreign
D
tech
E
households
10

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.

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