Macroeconomics focuses on the economy ________.


on an individual level

as a whole

of the labor force

of only the standard of living

What does a aggregate supply curve do?


Shows only how much goods can be produced.

Measure how capital GDP affects real GDP.

Measure how real GDP can be produced at various points.

Measures the aggregate supply of the labor force solely.

Which is true of aggregate demand?


Aggregate demand can only decrease.

Aggregate demand can only increase.

Aggregate demand only increases when aggregate supply increases.

Aggregate demand can both increase and decrease.

When quantity supplied is the same as quantity demanded the price has reached ________.


aggregate supply

aggregate demand

equilibrium price

aggregate supply curve

If “aggregate” is used to describe either supply or demand then, ________


aggregate cannot apply to supply but only demand.

it is referring to the total value of either supply or demand for all goods and services from everyone in an economy.

it is referring to the total value of only demand because aggregate does not apply to supply.

it is referring to the total value of either supply or demand for all goods and services from corporations only.

Aggregate demand curve measures the current GDP of an economy.


True

False

If consumers decided to spend less and save more, AD would shift ________.


right

left

no change

disappear

If consumers decided to spend more and save less, AD would shift ________.


right

left

no change

disappear

If an economist wanted to give an accurate prediction of an economy, aggregate supply and aggregate demand can be used.


True

False

Which best describes the purpose of using frameworks in the study of economics?


It provides a basic structure but not necessarily accurate predictions.

It gives accurate predictions.

Frameworks are not useful in the study of an economy.

None of these

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