Compared to LDCs, NICs have relatively _____ per capita GDPs.
Fill in the blank(s) with the appropriate word(s).
high
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Following Alfred Nobel's will, there are five Nobel Prizes awarded each year. These are for outstanding achievements in Chemistry, Physics, Physiology or Medicine, Literature, and Peace
In 1968, the Bank of Sweden added a prize in Economic Sciences in memory of Alfred Nobel. You think of the data as describing a population, rather than a sample from which you want to infer behavior of a larger population. The accompanying table lists the joint probability distribution between recipients in economics and the other five prizes, and the citizenship of the recipients, based on the 1969-2001 period. Joint Distribution of Nobel Prize Winners in Economics and Non-Economics Disciplines, and Citizenship, 1969-2001 U.S. Citizen (Y = 0) Non= U.S. Citizen (Y = 1) Total Economics Nobel Prize (X = 0) 0.118 0.049 0.167 Physics, Chemistry, Medicine, Literature, and Peace Nobel Prize (X = 1) 0.345 0.488 0.833 Total 0.463 0.537 1.00 (a) Compute E(Y) and interpret the resulting number. (b) Calculate and interpret E(Y =1) and E(Y =0). (c) A randomly selected Nobel Prize winner reports that he is a non-U.S. citizen. What is the probability that this genius has won the Economics Nobel Prize? A Nobel Prize in the other five disciplines? (d) Show what the joint distribution would look like if the two categories were independent. What will be an ideal response?
When the Fed sells bonds and drains reserves from the banking system, thereby reducing the supply of money, this policy will
a. decrease short-term interest rates to a greater degree than long-term interest rates. b. decrease long-term interest rates to a greater degree than short-term interest rates. c. increase short-term interest rates to a greater degree than long-term interest rates. d. increase long-term interest rates to a greater degree than short-term interest rates.
This graph shows the marginal cost and marginal benefit associated with roadside litter clean up. Assume that the marginal benefit curve and marginal cost curve each have their usual slope. 
The socially optimal number of bags of litter removed from the roadside each day is:
A. 20. B. 15. C. 10. D. 30.
Using the government as a means of redistribution generates equity at the cost of efficiency, in part because
A) the process of redistribution uses up some of society's resources. B) the process of redistribution creates new resources for society. C) redistribution creates new incentives to work for both rich and poor. D) redistribution would not take place otherwise.