Introduction to Macroeconomics

In macroeconomics, the economy can best be understood through the use of Money models pricing debates

models

Which best describes what injector factors being to an economic system? factors of production imports consumers money

money

Economic interactions 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

What area of economics focuses on the interactions between individual consumers and producers? aggregates macroeconomics microeconomics markets

Microeconomics

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

Models identify patters

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 us 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.

The aggregate is A type of economic system the total number of goods demanded of 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 economic sectors They take money out of the financial sector

They take money out of the economic system

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