Two random variables X and Y are independently distributed if all of the following conditions hold, with the exception of
A) Pr(Y = y = x) = Pr(Y = y).
B) knowing the value of one of the variables provides no information about the other.
C) if the conditional distribution of Y given X equals the marginal distribution of Y.
D) E(Y) = E[E(Y )].
Answer: D
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From the U.S. perspective, a drop in the price of foreign exchange means that
a. fewer U.S. dollars are needed to purchase foreign currency b. more U.S. dollars are needed to purchase foreign currency c. worldwide, imports will become more expensive d. worldwide, exports will become cheaper e. transaction costs on international markets will decrease
Economists calculate GDP two different ways. They add up the total value of all final goods and services produced in the economy in a given year and add up the total value of the resources used in making these goods and services. Identify these two approaches. a. The former calculation is called the circular flow approach to GDP; the latter is called the income approach to GDP
b. The former calculation is called the expenditure approach to GDP; the latter is called the income approach to GDP. c. The former calculation is called the income approach to GDP; the latter is called the expenditure approach to GDP. d. The former calculation is called the real GDP approach; the latter is called the nominal GDP approach. e. The former calculation is called the nominal GDP approach; the latter is called the real GDP approach.
The MRP of capital is measured by the change in
a. total output/change in loanable funds b. marginal physical product/change in loanable funds c. total revenue/change in loanable funds d. loanable funds/change in total revenue e. total output/change in total capital
Which school of thought argues that because people anticipate the consequences of announced government policy and incorporate these anticipated consequences into their decision making, they end up undermining government policy?
a. neo-Keynesian b. Keynesian c. monetarist d. supply-side e. rational expectations