Introduction to Macroeconomics Test
Questions with Verified Answers
The aim of the study of macroeconomics is to examine - Ans -the behavior of factors
affecting the economy.
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? -
Ans -Output reacts differently.
Which best describes the purpose served by economic models within an economic
system? - Ans -Models identify patterns.
In macroeconomics, the economy can best be understood through the use of - Ans -
models.
What area of economics focuses on the interactions between individual consumers and
producers? - Ans -microeconomics
The circular flow model examines interactions between which two groups? - Ans -
households and firms
In microeconomics, what occurs when equilibrium is reached? - Ans -Prices are set.
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Questions with Verified Answers
The aim of the study of macroeconomics is to examine - Ans -the behavior of factors
affecting the economy.
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? -
Ans -Output reacts differently.
Which best describes the purpose served by economic models within an economic
system? - Ans -Models identify patterns.
In macroeconomics, the economy can best be understood through the use of - Ans -
models.
What area of economics focuses on the interactions between individual consumers and
producers? - Ans -microeconomics
The circular flow model examines interactions between which two groups? - Ans -
households and firms
In microeconomics, what occurs when equilibrium is reached? - Ans -Prices are set.
1
Page
