Maximum Outputs, Endogenous, Inefficient Point, Principles of Macroeconomics First Exam
The key terms in this Principles of Macroeconomics course include Inefficient Point, Paintings, Sculptures, Maximum Outputs, Endogenous, Point A, Variables, Capital, Great Recession, Principles of Macroeconomics, First Exam
Refer to the following figure to answer the following questions.
Which of the following represents an inefficient point?
point A
point D
point B
point C
point F
Mikhail and Stefan are both artists who can create sculptures or paintings each day. The following table describes their maximum outputs per day. Use this table to answer the following questions.
| Sculptures | Paintings | |
| Mikhail | 10 | 5 |
| Stefan | 6 | 2 |
What is Mikhail’s opportunity cost of a painting?
3 paintings
1/2 painting
2 sculptures
2 paintings
1/2 sculpture
Car companies build wind tunnels to test the aerodynamics and the handling capabilities of their car designs. The many variables that can be precisely controlled inside the wind tunnel are considered __ factors.
normative
exogenous
comparative
positive
endogenous
Goods that are produced now so that they can be used to produce other goods in the future are called __ goods.
consumer
opportunity
capital
normal
Which faulty assumption by banks led to the Great Recession that began in 2007?
that real estate prices would always rise
that inflation would always remain low
that stock prices would never drop
that the dollar would always be strong against other currencies
that the U.S. government would always pay its debts
Refer to the following figure to answer the following questions.
Which of the following represents an inefficient point?
point A
point D
point B
point C
point F
Mikhail and Stefan are both artists who can create sculptures or paintings each day. The following table describes their maximum outputs per day. Use this table to answer the following questions.
| Sculptures | Paintings | |
| Mikhail | 10 | 5 |
| Stefan | 6 | 2 |
| | | |
What is Mikhail’s opportunity cost of a painting?
3 paintings
1/2 painting
2 sculptures
2 paintings
1/2 sculpture
Car companies build wind tunnels to test the aerodynamics and the handling capabilities of their car designs. The many variables that can be precisely controlled inside the wind tunnel are considered __ factors.
normative
exogenous
comparative
positive
endogenous
Goods that are produced now so that they can be used to produce other goods in the future are called __ goods.
consumer
opportunity
capital
investment
normal
Which faulty assumption by banks led to the Great Recession that began in 2007?
that real estate prices would always rise
that inflation would always remain low
that stock prices would never drop
that the dollar would always be strong against other currencies
that the U.S. government would always pay its debts