Introduction to Macroeconomics Quiz(100% Verified)
In microeconomics, price helps determine both quantity supplied and quantity demanded. Which
other factors can impact each by causing a shift to occur? correct answers Quantity supplied is
determined by production costs, and quantity demanded is determined by desire for the product.
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? correct answers Output
remains constant.
Which best describes what occurs in the product market? correct answers the exchange of goods
and services for money
Which best describes the purpose served by economic models within an economic system?
correct answers Models identify patterns.
Which body or group is most able to use money to influence the economy? correct answers
government
The aim of the study of macroeconomics is to examine correct answers the behavior of factors
affecting the economy.
Which statement best describes the circular flow model? correct answers The model represents
the movement of money and resources throughout the economy.
Economic interactions involving which of the following would most likely be studied in
macroeconomics? correct answers International Monetary Fund policy
Why are imports, which bring goods into a country, considered a leakage factor? correct answers
The money paid to producers of imports leaves the country.
Which best describes what injector factors bring to an economic system? correct answers money
In microeconomics, price helps determine both quantity supplied and quantity demanded. Which
other factors can impact each by causing a shift to occur? correct answers Quantity supplied is
determined by production costs, and quantity demanded is determined by desire for the product.
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? correct answers Output
remains constant.
Which best describes what occurs in the product market? correct answers the exchange of goods
and services for money
Which best describes the purpose served by economic models within an economic system?
correct answers Models identify patterns.
Which body or group is most able to use money to influence the economy? correct answers
government
The aim of the study of macroeconomics is to examine correct answers the behavior of factors
affecting the economy.
Which statement best describes the circular flow model? correct answers The model represents
the movement of money and resources throughout the economy.
Economic interactions involving which of the following would most likely be studied in
macroeconomics? correct answers International Monetary Fund policy
Why are imports, which bring goods into a country, considered a leakage factor? correct answers
The money paid to producers of imports leaves the country.
Which best describes what injector factors bring to an economic system? correct answers money
