Introduction To Macroeconomics Test
Questions with Answers
a long-run equilibrium occurs when long-run aggregate supply and aggregate demand
meet. What does having long-run equilibrium indicate about a society? - Ans -the
society is using all of its resources efficiently
which best describes the purpose served by economic models within an economic
system? - Ans -models identify patterns
in microeconomics, what occurs when equilibrium is reached? - Ans -prices are set
which body or group is most able to use money to influence the economy? - Ans -
government
why are imports, which bring goods into a country, considered a leakage factor? -
Ans -the money paid to producers of imports leaves the country
which statement best describes why a government's actions are important in
macroeconomics? - Ans -government controls industry through policy, government is
both a consumer and a producer, and government can use policy to influence the economy
economic interactions involving which of the following would most likely be studied in
macroeconomics? - Ans -international monetary fund policy
In microeconomics, price helps determine both quantity supplied and quantity demanded.
Which other factors can impact each by causing a shift to occur? - Ans -quantity
supplied is determined by production costs, and quantity demanded is determined by
1
desire for the product
Page
Questions with Answers
a long-run equilibrium occurs when long-run aggregate supply and aggregate demand
meet. What does having long-run equilibrium indicate about a society? - Ans -the
society is using all of its resources efficiently
which best describes the purpose served by economic models within an economic
system? - Ans -models identify patterns
in microeconomics, what occurs when equilibrium is reached? - Ans -prices are set
which body or group is most able to use money to influence the economy? - Ans -
government
why are imports, which bring goods into a country, considered a leakage factor? -
Ans -the money paid to producers of imports leaves the country
which statement best describes why a government's actions are important in
macroeconomics? - Ans -government controls industry through policy, government is
both a consumer and a producer, and government can use policy to influence the economy
economic interactions involving which of the following would most likely be studied in
macroeconomics? - Ans -international monetary fund policy
In microeconomics, price helps determine both quantity supplied and quantity demanded.
Which other factors can impact each by causing a shift to occur? - Ans -quantity
supplied is determined by production costs, and quantity demanded is determined by
1
desire for the product
Page
