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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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
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.