Big Mowers is a firm selling large farm equipment. To attract new customers they are running a promotion in which customers are asked to guess the number of raw corn kernels in a gallon bucket. It is free for a customer to guess and if they get the exact number of kernels correct, they win a $200,000 lawn tractor. Big Mowers is running the promotion for a week and the probability a customer gets
the exact number of kernels correct during that one week is 0.001. What is the expected cost of the promotion?
A) $200 B) $2 C) $20 D) $2,000
A) $200
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In 2003, the per-capita income in China was roughly ________ of that in the U.S
A) one hundredth B) one eighth C) one half D) the same as E) one twentieth
In an open-market purchase the Federal Reserve ________ government bonds from the public and the supply of bank reserves ________.
A. sells; decreases B. buys; increases C. buys; decreases D. sells; increases
Suppose that the total expenditures for a typical household in 2015 equaled $2,500 per month, while the cost of purchasing exactly the same items in 2017 was $3,000. If 2015 is the base year, the CPI for 2015 equals:
A. 0.83 B. 1.20 C. 1.00 D. 1.25
Microeconomics is best described as the study of:
A. the choices made by individual households, firms, and governments. B. inflation, unemployment, gross national product, and the nation's economy as a whole. C. how markets interact in the aggregate economy. D. marginal changes in the economy.