INTRODUCTION TO MACROECONOMICS LATEST
ACTUAL EXAM WITH VERIFIED QUESTIONS & CORRECT
ANSWERS
Question 1.
In microeconomics, what occurs when equilibrium is reached?
ANSWER
Prices are set.
Question 2.
What area of economics focuses on the interactions between individual consumers and producers?
ANSWER
microeconomics
Question 3.
Which best describes what occurs in the product market?
ANSWER
the exchange of goods and services for money
Question 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?
ANSWER
Output remains constant.
Question 5.
Which best describes the purpose served by economic models within an economic system?
ANSWER
Models identify patterns.
1/2
ACTUAL EXAM WITH VERIFIED QUESTIONS & CORRECT
ANSWERS
Question 1.
In microeconomics, what occurs when equilibrium is reached?
ANSWER
Prices are set.
Question 2.
What area of economics focuses on the interactions between individual consumers and producers?
ANSWER
microeconomics
Question 3.
Which best describes what occurs in the product market?
ANSWER
the exchange of goods and services for money
Question 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?
ANSWER
Output remains constant.
Question 5.
Which best describes the purpose served by economic models within an economic system?
ANSWER
Models identify patterns.
1/2
