Introduction to Macroeconomics Quiz
The circular flow model examines interactions between which two groups? Households and firms Households and consumers Firms and producers Firms and government
Households and firms
Economic interactions involving which of the following would most likely be studied in macroeconomics? A family's finances Trade at a duty-free shop on the U.S.-Canadian border International Monetary Fund policy A small company's supply contract for a local town
International Monetary Fund policy
In macroeconomics, the economy can best be understood through the use of Money Models Pricing Debates
Models
Which best describes what injector factors bring to an economic system? Factors of production Imports Consumers Money
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 long run? Output remains constant Output increases Output cannot be predicted Output decreases
Output remains constant
The aim of the study of macroeconomics is to examine The interactions between individual producers and consumers The behavior of factors affecting the economy The relationship between supply and demand The economy's viability
The behavior of factors affecting the economy
The aggregate is A type of economic system The total number of goods demanded or supplied A form of revenue The total profit made on sales
The total number of goods demanded or supplied
Which best describes why taxes and savings are considered leakage factors? They take money out of households They take money out of the economic system They take money out of the economic sectors They take money out of the financial sector
They take money out of the economic system
In microeconomics, what occurs when equilibrium is reached? Prices decline Prices increase Prices are set Prices fluctuate
Prices are set
In microeconomics, price helps determine both quantity supplied and quantity demanded. Which other factors can impact each by causing a shift to occur? Quantity supplied is determined by production costs, and quantity demanded is determined by desire for the product Quantity supplied is determined by production costs, and quantity demanded is determined by producer behavior Quantity supplied is determined by consumer behavior, and quantity demanded is determined by aggregate demand Quantity supplied is determined by producer behavior, and quantity demanded is determined by desire for the product
Quantity supplied is determined by production costs, and quantity demanded is determined by desire for the product