Introduction to Macroeconomics

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Which best describes what injector factors bring to an economic system?
money
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?
Output reacts differently.
In microeconomics, what occurs when equilibrium is reached?
Prices are set.
Which best describes why taxes and savings are considered leakage factors?
They take money out of the economic system.
Which best describes the purpose served by economic models within an economic system?
Models identify patterns.
What area of economics focuses on the interactions between individual consumers and producers?
microeconomics
Which challenges faced by an economy are examined in macroeconomics? Check all that apply.
inflation
unemployment
decreased output
Which body or group is most able to use money to influence the economy?
government
The circular flow model examines interactions between which sectors of the economy? Check all that apply.
government
business
households
The circular flow model examines interactions between which two groups?
households and firms
In microeconomics, what occurs when equilibrium is reached?
Prices are set.
In macroeconomics, the economy can best be understood through the use of
models.
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?
Output remains constant.
The aggregate is
the total number of goods demanded or supplied.
In microeconomics, price helps determine both supply and demand. Which other factors also help determine each?
Supply is determined by production costs, and demand is determined by need for the product
Which best describes why taxes and savings are considered leakage factors?
They take money out of the economic system.
Categories: Macroeconomics