Answer the following statements true (T) or false (F)
1) Uncertainty is the result of incomplete information.
2) Probability is the chance that an event occurs.
3) It is possible for the probability of an event to be 1.50.
4) A probability distribution of a random variable is a listing of all of the possible outcomes of the random variable and the associated probabilities.
5) The larger the extent of variation, the smaller the risk.
1) TRUE
2) TRUE
3) FALSE
4) TRUE
5) FALSE
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Capital deepening is the only mechanism by which economies can grow
Indicate whether the statement is true or false
Income taxes paid by corporations are
A) the major source of revenue for the federal government. B) the major source of revenue for state governments. C) the major source of revenue for local governments. D) about 9 percent of the federal government's revenue. E) the major source of expenditure by the federal government.
The Earned Income Tax Credit
a. tends to increase income inequality. b. is a program that provides additional income to workers with above-average incomes. c. tends to reduce income inequality. d. is both a and b.
The so-called "Lake Wobegon effect", where everyone in a group claim to be above average, illustrates the:
A. Confirmation bias B. Framing effect C. Overconfidence effect D. Self-serving bias