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

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
private
B
government
C
foreign
D
tech
E
households
2
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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.
3

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.
4

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

A
money.
B
models.
C
pricing.
D
debates.
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 long run?

Question illustration
A
Output remains constant.
B
Output increases.
C
Output cannot be predicted.
D
Output decreases.
6

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

A
government
B
suppliers
C
firms
D
producers
7

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.
8

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.
9

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
10

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.

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