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practice Test For Econ 2400

practice Test For Econ 2400 - Name Date 1 Which statement...

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Name: __________________________ Date: _____________ 1. Which statement below best illustrates the “art,” rather than the “science” of macroeconomics? A) Macroeconomic data provide the motivation for new macroeconomic theory. B) Macroeconomic relationships can be expressed using symbols and equations. C) Macroeconomists must determine which simplifying assumptions give misleading results. D) Graphs and charts can be used to illustrate the history of macroeconomic variables. 2. In a simple model of the supply and demand for pizza, when the price of cheese increases, the price of pizza ______ and the quantity purchased ______. 3. In a simple model of the supply and demand for pizza, when aggregate income increases, the price of pizza ______ and the quantity purchased ______.
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