The consumer wants to work because he/she
A) is told to work.
B) likes to work.
C) likes leisure.
D) wants the income.
D
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Refer to Figure 13-4. In the figure above, LRAS1 and SRAS1 denote LRAS and SRAS in year 1, while LRAS2 and SRAS2 denote LRAS and SRAS in year 2. Given the economy is at point A in year 1, what is the growth rate in potential GDP in year 2?
A) 8% B) 9.1% C) 10% D) 12%
A few years ago the news magazine The Economist listed some of the stranger explanations used in the past to predict presidential election outcomes
These included whether or not the hemlines of women's skirts went up or down, stock market performances, baseball World Series wins by an American League team, etc. Thinking about this problem more seriously, you decide to analyze whether or not the presidential candidate for a certain party did better if his party controlled the house. Accordingly you collect data for the last 34 presidential elections. You think of this data as comprising a population which you want to describe, rather than a sample from which you want to infer behavior of a larger population. You generate the accompanying table: Joint Distribution of Presidential Party Affiliation and Party Control of House of Representatives, 1860-1996 Democratic Control of House (Y = 0) Republican Control of House (Y = 1) Total Democratic President (X = 0) 0.412 0.030 0.441 Republican President (X = 1) 0.176 0.382 0.559 Total 0.588 0.412 1.00 (a) Interpret one of the joint probabilities and one of the marginal probabilities. (b) Compute E(X). How does this differ from E(X = 0)? Explain. (c) If you picked one of the Republican presidents at random, what is the probability that during his term the Democrats had control of the House? (d) What would the joint distribution look like under independence? Check your results by calculating the two conditional distributions and compare these to the marginal distribution. What will be an ideal response?
Profit maximization occurs when MC = MR
a. True b. False Indicate whether the statement is true or false
Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table. Calculators Per HourComputers Per HourSmith10010Jones1206 If Smith and Jones are dividing their time efficiently and producing more than 10 computers and fewer than 120 calculators per hour, then Smith will ________ and Jones will ________.
A. produce only computers; split his time between computers and calculators B. produce only calculators; produce only computers C. split his time between computers and calculators; produce only computers D. produce only computers; produce only calculators