Introduction To Macroeconomics Definitions

question

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

International Monetary Fund policy
question

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

money
question

What area of economics focuses on the interactions between individual consumers and producers?
answer

microeconomics
question

Which best describes what occurs in the product market?
answer

the exchange of goods and services for money
question

Macroeconomic equilibrium occurs when aggregate supply and aggregate demand meet. What does this indicate about society?
answer

Society is using all of its resources efficiently.
question

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

NOT Models determine the business cycle.
question

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

NOT Imports are taxed heavily, which is a secondary leakage factor.
question

In macroeconomics, the economy can best be understood through the use of
answer

NOT money.
question

In microeconomics, what occurs when equilibrium is reached?
answer

Prices are set.
question

The aggregate is
answer

the total number of goods demanded or supplied.

Get instant access to
all materials

Become a Member