Into to Macroeconomics – Flashcards
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The aim of the study of macroeconomics is to examine
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The economy's behavior
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Which best describes the purpose served by economic models within an economic system?
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Models identify patterns
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Why are imports, which bring goods into a country, considered a leakage factor?
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The money paid to producers of imports leaves the country
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Which best describes why a government's actions are important within macroeconomics?
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Government can use policy to influence the economy
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In macroeconomics, the economy can best be understood through the use of
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Models
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In microeconomics, what occurs when equilibrium is reached?
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Prices are set
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Which best describes why taxes and savings are considered leakage factors?
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They take money out of the economic system
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Macroeconomic equilibrium occurs when aggregate supply and aggregate demand meet. What does this indicate about society?
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Society is using all of its resources efficiently
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Which best describes what injector factors bring to an economic system?
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Money
