For a normal distribution, the skewness and kurtosis measures are as follows:
A) 1.96 and 4
B) 0 and 0
C) 0 and 3
D) 1 and 2
Ans: C) 0 and 3
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Adam Smith's Wealth of Nations, written in 1776, describes the market's invisible hand representing the
A) King of England's control over the colonies. B) control all governments have in organizing the market. C) efficiency the market achieves without the interference of governments. D) inefficiency of markets when governments do not organize them. E) invisible command system that efficiently allocates resources.
The demand curve for a typical good has
a. a negative slope because some consumers switch to other goods as the price of the good rises. b. a negative slope because the supply of the good rises as demand rises. c. a negative slope because the good has less "snob appeal" as its price falls. d. an inverse slope because as the price goes up, the good has more profitability. e. a positive slope because price is a clear indicator of need.
The economy can produce 15X and 15Y, 10X and 20Y, 5X and 25Y, or 0X and 30Y. It follows that opportunity cost of 1X is ___Y
A) 4.0 B) 5.0 C) 2.5 D) 1.0 E) none of the above
Which of the following statements is true?
a. When a monopoly firm sells an additional unit of output, its revenue increases by an amount less than the price. b. When a monopolistic firm decides to increase price, its profit will increase. c. When a competitive firm sells an additional unit of output, its revenue increases by an amount less than the price. d. Average revenue is the same as price for both competitive and monopoly firms.