Inefficient Point – Principles of Macroeconomics First Exam

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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?

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.

 SculpturesPaintings
Mikhail105
Stefan  62

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


Refer to the following figure to answer the following questions.

Inefficient Point - Principles of Macroeconomics First Exam

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.


 SculpturesPaintings
Mikhail105
Stefan  62


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