Assume that A and B are two events in the sample space such that Pr[A/B] is 2/3, Pr[B] is 1/4, and Pr[A] is 1/6 . Applying the Bayesian reasoning calculate the probability Pr[B/A]
a. Pr[B/A]=0
b. Pr[B/A]=0.75
c. Pr[B/A]=1
d. Pr[B/A]=0.5
C
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Suppose the government of South Island fixes the exchange rate of its currency, the Islandia, in terms of the U.S. dollar. Initially the exchange rate is set at $1 per Islandia. In a crisis, the government changes the exchange rate to $0.50 per Islandia. This is an example of a(n):
A. devaluation B. revaluation C. depreciation D. appreciation
The reason economists create a market basket is to:
A. track its changing prices to reflect changes in purchasing patterns of firms. B. see how the cost of buying the goods and services on the list changes over time. C. know how each individual consumer is being affected by changing prices. D. get a sense of how people buy items on a weekly basis.
What happened to government expenditures during World War II?
a. They increased. b. They decreased. c. They were suspended. d. They were capped.
Your real income is
A. The purchasing power of the money you receive. B. The amount of money you receive during a given time period. C. Measured in current dollars. D. The same as your nominal income in times of high inflation.