You are at a college of roughly 1,000 students and obtain data from the entire freshman class (250 students) on height and weight during orientation
You consider this to be a population that you want to describe, rather than a sample from which you want to infer general relationships in a larger population. Weight (Y) is measured in pounds and height (X) is measured in inches. You calculate the following sums:
= 94,228.8, = 1,248.9, = 7,625.9
(small letters refer to deviations from means as in = – ).
(a) Given your general knowledge about human height and weight of a given age, what can you say about the shape of the two distributions?
(b) What is the correlation coefficient between height and weight here?
What will be an ideal response?
Answer:
(a) Both distributions are bound to be normal.
(b) 0.703.
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Which one of the following is TRUE about the effects of fiscal policy?
A) A decrease in government spending will decrease aggregate demand. B) A tax change does not have any direct or indirect effects on aggregate demand. C) A decrease government spending will increase aggregate supply. D) An increase in government spending will reduce aggregate demand.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point A to Point D. This could be explained by
A. an increase in economic growth. B. a change in society's preferences for motorcycles versus hybrid cars. C. a reduction in unemployment. D. an improvement in technology.
Assume an industry, currently dominated by one firm, experiences a large decline in fixed costs. This will
A) make entry of other firms more likely. B) make entry of other firms less likely. C) serve as higher barrier to entry. D) induce the incumbent firm to exit the industry.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same. B. at any of the labeled points, as all of the points represent an efficient allocation of resources. C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced. D. indeterminate from this information, as we don't have any information about the society's desires.