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Introduction to Macroeconomics Answers

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

government

suppliers

firms

producers

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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.

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.

Which statement best describes why a government’s actions are important in macroeconomics? Check all that apply.

Government controls industry through policy.

Government is both a consumer and a producer.

Government can prevent changes and challenges.

Government can use policy to influence the economy.

Government can accurately predict economic trends.

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

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

factors of production

imports

consumers

money

Why are imports, which bring goods into a country, considered a leakage factor?

Imports do not generate domestic income.

Domestic industry loses ground as imports increase.

Imports are taxed heavily, which is a secondary leakage factor.

The money paid to producers of imports leaves the country.

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Introduction to Macroeconomics Answers

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