MACROECONOMICS TEST 1 (MCGRAW –
HILL CHS,1,2,3,&6 ) EXAM WITH CORRECT
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+
Reason for Shape in PPC - ANSWERS-each point represents
some maximum output of two products; it shows the limits
of attainable outputs
Law of Increasing Opportunity Costs - ANSWERS-as the
production of a particular good increases, the opportunity
cost of producing an additional unit rises
Points on the inside of the PPC - ANSWERS-Unemployment
Points on the Outside of PPC - ANSWERS-increase in quality
or quantity
, Trade-offs for PPC - ANSWERS-Allocating resources to more
efficiently produce, with an opportunity cost attached
Growth in the PPC - ANSWERS-larger total outputs
Biases - ANSWERS-Opinion not supported by fact
Loaded Terminology - ANSWERS-The use of words to make a
reader think a certain way; often biased
Fallacy of Composition - ANSWERS-a statement that is valid
for an individual or part si not necessarily valid for the larger
group or whole
Post Hoc Fallacy - ANSWERS-because event A precedes
event B, A is the Cause of B; "after this, therefore because of
this" fallacy
Correlation but Not Causation - ANSWERS-Just because
there is an increase in X, and Y also increases, they are not
always directly related--there could be another factor Z not
included in analysis
HILL CHS,1,2,3,&6 ) EXAM WITH CORRECT
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+
Reason for Shape in PPC - ANSWERS-each point represents
some maximum output of two products; it shows the limits
of attainable outputs
Law of Increasing Opportunity Costs - ANSWERS-as the
production of a particular good increases, the opportunity
cost of producing an additional unit rises
Points on the inside of the PPC - ANSWERS-Unemployment
Points on the Outside of PPC - ANSWERS-increase in quality
or quantity
, Trade-offs for PPC - ANSWERS-Allocating resources to more
efficiently produce, with an opportunity cost attached
Growth in the PPC - ANSWERS-larger total outputs
Biases - ANSWERS-Opinion not supported by fact
Loaded Terminology - ANSWERS-The use of words to make a
reader think a certain way; often biased
Fallacy of Composition - ANSWERS-a statement that is valid
for an individual or part si not necessarily valid for the larger
group or whole
Post Hoc Fallacy - ANSWERS-because event A precedes
event B, A is the Cause of B; "after this, therefore because of
this" fallacy
Correlation but Not Causation - ANSWERS-Just because
there is an increase in X, and Y also increases, they are not
always directly related--there could be another factor Z not
included in analysis
