What is the probability of tossing a pair of dice once and getting a 1? How about a 7?
What will be an ideal response?
It is impossible to toss two dice and get a 1, since the smallest number you can roll is a 2. So the probability of getting a 1 is 0. On the other hand a seven can be obtained a 6 different ways, and since there are 36 possible outcomes from a single roll of a pair of dice, the answer is 6/36 or 1/6 or 16.7%
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Demand curves and other economic relationships
A) are always linear. B) produce linear regression equations. C) can take many different functional forms. D) are dependent upon the type of advertising done.
During a hyperinflation the real domestic value of a country's currency
a. falls and its nominal exchange rate depreciates. b. falls and its nominal exchange rate appreciates. c. rises and its nominal exchange rate depreciates. d. rises and its nominal exchange rate appreciates.
The "fiscal multiplier" is the ripple effect of subsequent:
A. increases in spending following an initial increase in government spending. B. increase rate changes following a change to the federal funds rate. C. increases in lending following an initial increase in bank reserves. D. private-sector layoffs following an initial layoff in the public sector.
The primary conclusion of using inflation accounting is that inflation
A. distorts the tax system and results in slower economic growth. B. reduces the national debt to its nominal value instead of its real value. C. causes recessions and increases the structural deficit. D. distorts government budget accounting by exaggerating interest expense.