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

Introduction To Macroeconomics Terms – Flashcards

Marvel Brown
7 July 2022
10 test answers

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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.
question
The circular flow model examines interactions between which two groups?
answer
households and firms
question
In macroeconomics, the economy can best be understood through the use of
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NOT money. (right answer is almost definitely models)
question
According to this graph, how does supply behave in the short run and long run?
answer
Output reacts differently.
question
The aggregate is
answer
the total number of goods demanded or supplied.
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question
In microeconomics, what occurs when equilibrium is reached?
answer
Prices are set.
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question
According to this graph, how does supply behave in the long run?
answer
Output remains constant.
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question
Which challenges faced by an economy are examined in macroeconomics? Check all that apply.
answer
inflation unemployment decreased output
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question
Which best describes why a government's actions are important within macroeconomics?
answer
Government can use policy to influence the economy.
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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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