Econ 1102 Milestone 1.docx - You passed this Milestone 16...

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You passed this Milestone 16 questions were answered correctly . 3 questions were answered incorrectly . 1 Using the image shown here, which of the following flows from the government to firms? Imports Wages, interest and transfer payments Purchases of goods and services Taxes CONCEPT Circular Flow Diagram 2 Which statement below regarding reasons for studying macroeconomics is false? Macroeconomics can help you understand the limitations of monetary and fiscal policy but not individual decision-making. Understanding macroeconomics helps one become a better citizen. Macroeconomics is the basis for discussions of economics in the media. Macroeconomics helps us understand the economic situation of the United States but has little application for other countries . CONCEPT Why Study Macroeconomics? 3
A house with an elasticity score of 3 would be considered a __________ good, while a house with an elasticity score of 0.5 would be considered a(n) _________ good. luxury; inferior normal; inferior luxury; normal normal; luxury CONCEPT Elasticity 4 Which statement below regarding expansions is true? They happen when GDP reaches its lowest point. They occur when the economy is experiencing GDP growth. They happen when GDP reaches its highest point. They occur during times of high rates of unemployment. CONCEPT Business Cycles - Expansionary/Recessionary (NBER) 5 Select the statement below that corresponds to the business cycle.

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