Three possibilities have probabilities 0.4, 0.4 and 0.2 and values $10, $20, and $30 respectively. The expected value is:
a. $15
b. $16
c. $17
d. $18
d
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The unemployment rate is obtained by
A) dividing the number of employed people by the number of unemployed people. B) dividing the number of employed people by the noninstitutional population. C) dividing the number of unemployed people by the noninstitutional population. D) dividing the number of unemployed people by the civilian labor force.
Suppose Larry's Lariats produces lassos in a factory, and uses nine feet of rope to make each lasso. The rope is put into a machine that automatically cuts it to the right length, then seals the ends to prevent fraying. The rope is then hand tied, dipped, and wound before being placed in a packaging machine to prepare it for retail sale. Which of the following would be considered a fixed cost for this company?
A. Employee wages B. The cost of rope C. The packaging material D. None of these would be considered a fixed cost.
All of the following are examples of negative externalities except
a. getting the flu vaccine. b. smoking in a crowded bar. c. driving while intoxicated. d. littering in the park. e. pouring paint down the storm drains.
A closed shop is a business enterprise in which
A) employees cannot belong to a union when they are employed, and cannot join a union and keep working there. B) employees must join the union to maintain employment. C) employees must belong to the union before they can be employed. D) employees cannot belong to the union when they are hired, but may join the union later and keep their jobs.