Introduction to Macroeconomics Quiz

Which best describes what injector factors bring to an economic system?

money

The aim of the study of macroeconomics is to examine

the behavior of factors affecting the economy.

Economic interactions involving which of the following would most likely be studied in macroeconomics?

International Monetary Fund policy

Which best describes the purpose served by economic models within an economic system?

Models identify patterns.

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.

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.

Which statement best describes the circular flow model?

The model represents the movement of money and resources throughout the economy.

Why are imports, which bring goods into a country, considered a leakage factor?

The money paid to producers of imports leaves the country.

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

government

Which best describes what occurs in the product market?

the exchange of goods and services for money