Intro to macro economics

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Which body or group is most able to use money to influence the economy

Government

In macroeconomics, the economy can best be understand through the use of

Models

The graph shows price and total output in the short and long run. According to this graph how does supply behave in the long run

Out put remains constant.

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

Which statement best describes the circular flow model?

WRONG! The model represents the interactions within sectors

Which best describes what occurs in the product market

The exchange of goods and services for money

A long run equilibrium occurs when a long run aggregate supply and aggregate demand meet. What does having long run equilibrium indicate about a society

The society is using all of its resources efficiently.

Which best describes why taxes and savings are considered leakage factors

They take money out of the economic system

In microeconomics, what occurs when equilibrium is reached?

Prices are set

In microeconomics, price helps determine both quantity supplied and quantity demanded. Which other factors also help determine each?

Quantity supplied is determined by production costs and quantity demanded is determined by desire for the product.


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