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Home Page Social Science Economics Environmental Economics Circular Flow Model Flashcards About Introduction To Macroeconomics

Flashcards About Introduction To Macroeconomics

Mary Browning
14 July 2020
10 test answers

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question
Which best describes why taxes and savings are considered leakage factors?
answer
They take money out of the economic system.
question
The circular flow model examines interactions between which sectors of the economy? Check all that apply.
answer
government, financial, foreign
question
What area of economics focuses on the interactions between individual consumers and producers?
answer
microeconomics
question
Which challenges faced by an economy are examined in macroeconomics? Check all that apply.
answer
inflation, unemployment, decreased output
question
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?
answer
NOT output increases.
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question
Why are imports, which bring goods into a country, considered a leakage factor?
answer
The money paid to producers of imports leaves the country.
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question
In microeconomics, what occurs when equilibrium is reached?
answer
Prices are set.
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question
Which best describes what injector factors bring to an economic system?
answer
money
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question
Which body or group is most able to use money to influence the economy?
answer
government
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question
Which best describes the purpose served by economic models within an economic system?
answer
models identify patterns
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