The Student t distribution is
A) the distribution of the sum of m squared independent standard normal random variables.
B) the distribution of a random variable with a chi-squared distribution with m degrees of freedom, divided by m.
C) always well approximated by the standard normal distribution.
D) the distribution of the ratio of a standard normal random variable, divided by the square root of an independently distributed chi-squared random variable with m degrees of freedom divided by m.
Ans: D) the distribution of the ratio of a standard normal random variable, divided by the square root of an independently distributed chi-squared random variable with m degrees of freedom divided by m.
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If there were an increase in the number of bank failures, we should expect the amount of excess reserves in the banking system to:
A. increase. B. decrease since failing banks lost theirs. C. decrease. D. not change.
Both a competitive industry and a monopoly
A. Face downward-sloping market demand curves. B. Maximize profit per unit where P = MC. C. Produce products that have many identical substitutes. D. Use marginal cost pricing.
An economic system is
A) the universe of all resources. B) a way to create new resources. C) a mechanism to allocate scarce resources. D) an organization that generates profits.
The marginal product of labor (measured in units of output) for Relient Corp. is given by MPN = A(200 - N)where A measures productivity and N is the number of labor hours used in production. Suppose the price of output is $3 per unit and A = 2.0. What will be the demand for labor if the nominal wage is $30?
A. 185 B. 195 C. 170 D. 190