Economics Quiz

Which body or group is most able to use money to influence the economy? 1.government 2.consumers 3.firms 4.producers

1.government

The aim of the study of macroeconomics is to examine 1,the interactions between individual producers and consumers. 2.the economy's behavior. 3.the relationship between supply and demand. 4.the economy's viability.

2.the economy's behavior.

The aggregate is 1.a type of economic system. 2.the total number of goods demanded or supplied. 3.a form of revenue. 4.the total profit made on sales.

2.the total number of goods demanded or supplied.

Which best describes why taxes and savings are considered leakage factors? 1.They take money out of households. 2.They take money out of the economic system. 3.They take money out of the economic sectors. 4.They take money out of the financial sector.

NOT 1.They take money out of households.

Which best describes what injector factors bring to an economic system? 1.factors of production 2.3.imports consumers 4.money

NOT 1.factors of production

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? 1.Output remains constant. 2.Output increases. 3.Output cannot be predicted. 4.Output reacts differently.

NOT 2.Output increases.

Which best describes the purpose served by economic models within an economic system? 1.Models identify patterns. 2.Models determine the business cycle. 3.Models control change. 4.Models define global demand.

NOT 3.Models control change.

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? 1.Output remains constant. 2.Output increases. 3.Output cannot be predicted. 4.Output decreases.

NOT 3.Output increases.

In macroeconomics, the economy can best be understood through the use of 1.money. 2.models. 3.pricing. 4.debates.

NOT 4.debates

The circular flow model examines interactions between which sectors of the economy? Check all that apply. [ ]private [ ]government [ ]financial [ ]tech [ ]foreign

[ ]private [X]government [X]financial [ ]tech [X]foreign