1. Assume that the population variance is unknown. We test the hypothesis that Ho: µ=5 against the alternative that it is not at a level of significance of 5% and a sample size of n=151. We calculate a test statistic = -1.976. The p-value of this hypothesis test is approximately ______%, Write your answer in percent form. In other words, write 5% as 5.0

2. When choosing between two unbiased estimators, we prefer to use the one that is most efficient.

3. If a null hypothesis is rejected at the 5% significance level but not at the 1% significance level, then the p-value of the test is less than 1%.

Most states today have four main types of criminal homicide. Define and discuss these and provide examples.

Three of the fundamental economic questions or choices that a society has to deal with are: What to produce? How to produce? and For Whom to produce? Discuss how these three basic questions are answered or decided in a market system.

Consider a firm with a production function of the following form:F (L, K) = L(1/4)K(1/2)

20

the corresponding marginal products are
MPL = 1 L(−3/4)K(1/2)

4 20MPK = 1 L(1/4)K(−1/2)

2 20
The cost of a unit of labour is the wage rate w and the cost of a unit of capital is the

rental rate r. The firm is free to adjust all factors of production. (19 points)
a. Does this production function exhibit decreasing returns, increasing returns, or

constant returns to scale?

b. Set up the cost minimization problem and derive the conditional input demand functions for the firm.

c. Provide an expression for the total cost curve for a given level of output q (the cost function should be a function of only the exogenous variables).

What are some reasons to think a fully funded retirement system of private accounts might perform better than a pay-as-you-go unfunded system? What are some reason to think it might not?

what are some of the social conditions that changed for children, women and families as a result of women's activism in the 20th century? why do you think women were able to enact change despite their presumed lack of influence and inability to vote at that time in history?

Consider the four generations of workers now in the workplace. Identify a worker you know from each generation. How do they fit into their generational stereotype? How do they differ? Are there rea- sons other than age that accounts for the similarities and differences in workers?

how would you describe the attitude of Americans during the Great Depression?

1.) The consumption function is associated with   A. John Maynard Keynes.   B. Karl Marx.   C. Milton Friedman.   D. Adam Smith.

2.) Who made these statements? "Conspicuous consumption of valuable goods is a means of reputability to the gentlemen of leisure." "With the exception of the instinct of self-preservation, the propensity for emulation is probably the strongest and most alert and most persistent of the economic motives proper".   A. John Maynard Keynes   B. Milton Friedman   C. Murray Weidenbaum   D. Thorstein Veblen

3.) Saving is negative in each case except   A. when the C line is below the 45-degree line.   B. when there is dissaving.   C. at very low levels of disposable income.   D. when the APC is greater than one.

4.) Which of these relations is correct?   A. APC - APS = 1   B. MPC + MPS = 1   C. APC + MPC = 1   D. 1 + MPC = MPS

5.) According to _______________, if you suddenly inherited a large sum of money, you would spend only a small part of your inheritance right away.   A. the paradox of thrift   B. the permanent income hypothesis   C. Thorstein Veblen's Theory of the Leisure Class   D. the theory of the multiplier
6.) According to Friedman's "permanent income hypothesis,"   A. Consumption today is based on income today.   B. Consumption for future periods is based on today's income.   C. Income is never permanent because of the government's ability to tax.   D. Consumption depends on a person's expected income stream over time.

   7.) In the above graph, saving is negative below a disposable income of   A. 0.   B. 2500.   C. 3000.   D. 3500.

   8.) In the above graph, when disposable income is 6000, C is   A. 0.   B. 2100.   C. 3900.   D. 4500.

   9.) In the above graph, when disposable income is 6,000 savings is   A. -2100.   B. 0.   C. 2100.   D. 3900.
   10.) In the above graph, when disposable income is 4000, APS is about   A. 0.45   B. 0.34   C. 0.23   D. 0.12

   11.) In the above graph, the MPC is about   A. 0.10   B. 0.15   C. 0.20   D. 0.25

   12.) In the above graph, when disposable income is 3500, induced consumption is   A. -500.   B. 0.   C. 500.   D. 750.

13.) In the above graph, when disposable income is 2500, C is   A. 0.   B. 1000.   C. 2000.   D. 2500.



14.) In the above graph, when disposable income is 1250, saving is   A. -1000.   B. -500.   C. 0.   D. 500.


15.) Using the above schedule, how much is autonomous consumption when disposable income is $800 billion?   A. 0     B. $200 billion   C. $400 billion   D. $600 billion




16.) Using the above schedule, how much is the marginal propensity to save when disposable income rises from $400 billion to $600 billion?   A. .25   B. .5   C. .75   D. 1.0



17.) Using the above schedule, how much is the average propensity to consume when disposable income is $800 billion?   A. 0   B. .25   C. .5   D. .75



18.) Using the above schedule, how much is the marginal propensity to consume when disposable income rises from 0 to $1 trillion?   A. 0   B. .25   C. .5   D. .75

19.) For levels of disposable income to the left of the point where consumption intersects the 45-degree line   A. Saving is negative.   B. Disposable income exceeds consumption.   C. Saving equals disposable income.   D. Consumption equals disposable income.

20.) Autonomous consumption is NOT influenced by   A. Aggregate household wealth.   B. Expectations of future income and wealth.   C. Aggregate household debt.   D. Disposable income.

21.) When the APC is greater than one,   A. the APS is negative.   B. the APS is zero.   C. the APS is positive.   D. the APS may be positive, zero or negative.

22.) If the APC is .6, we consume   A. 4 percent of our income.   B. 6 percent of our income.   C. 40 percent of our income.   D. 60 percent of our income.

   23.) In the above graph, when disposable income is 2000, consumption is   A. 2000.   B. 2500.   C. 3000.   D. 3500.

   24.) In the above graph, when disposable income is 2,000, savings is   A. 2,000.   B. 1,500.   C. 0.   D. -1,500.

25.) Conspicuous consumption   A. was a phrase coined by Thorstein Veblen.   B. is a way the wealthy, among others, advertise their wealth.   C. was written about in The Theory of the Leisure Class.   D. All the choices are true.

26.) Autonomous consumption is   A. that part of consumption that rises or falls with changes in disposable income.   B. the minimum that people will spend even if disposable income is zero.   C. the amount people will spend when the C line crosses the 45-degree line.   D. the amount people will spend when income is equal to consumption.




27.) Using the above schedule, what is the MPC?   A. 0.17   B. 0.12   C. 0.83   D. 0.75




28.) Using the above schedule, what is the level of consumption when disposable income is $61,000?   A. $9,000   B. $7,000   C. $49,000   D. $52,000

   29.) Using the above graph, when disposable income is 2000, how much is saving?   A. -700   B. 2700   C. 1300   D. 700


   30.) Using the above graph, at what level of disposable income is saving 0?    A. 5000   B. 4000   C. 3000   D. 2000

The topic of this discussion is marginal analysis. The goal of this discussion is to apply the marginal concept in a unique way. Specifically answer this prompt: Craft a scenario and a numeric problem for other students to solve using the Marginal Benefit/Marginal Cost framework. Explain how the "MB" and "MC" are defined in your scenario, and why they increase, decrease or remain constant. Try to use your scenario to explain some behavior or phenomenon that may be puzzling at first glance. You can use any example appropriate (some example ideas could be asking: "Do people wash their car until it is 100% spotless?". "Why does food waste occur?" "Cell phone use while driving on the freeway?" "Using 100% of the toothpaste from the tube?")  Be creative!

(Example response: Food waste and yogurt. Many people throw away their yogurt container with still some edible yogurt inside; it is rare to find someone who will scrape the yogurt container 100% clean. In this example, the quantity or "Q" will be defined as "number of spoonfuls of yogurt," the marginal benefit "MB" is the value of each additional spoonful of yogurt to the consumer (measured in dollars), and the marginal cost "MC" is the effort required to obtain additional spoonfuls of yogurt from the container (measured in dollars). In this example, as the consumer eats more and more yogurt, she gets more full, so the value of each additional spoonful is decreasing (therefore the MB is decreasing). She values the first spoonful of yogurt the most because she is the most hungry at that time, and she values the last spoonful of yogurt the least because she is the most full. The cost of obtaining additional spoonfuls or the MC will be increasing, since the first spoonful will be easy to acquire because the yogurt is plentiful but when the yogurt is close to being finished, the cost of obtaining additional spoonfuls is higher.

Multiple choice question: Let's imagine we have 4 total spoonfuls available in the container, the MB of each is: $5, $4, $2, $1 respectively and the MC of each is: $1, $3, $4, $9. How much yogurt should our consumer eat to maximize total net benefits (TNB)?

• A) 1 spoonful: TNB is $4
• B) 2 spoonfuls: TNB is $9
• C) 2 spoonfuls: TNB is $5
• D) 3 spoonfuls: TNB is $11
• E) 4 spoonfuls: TNB is $12
  1. Clearly defined scenario to explain using the MB/MC framework
  2. Clearly defined quantity, MB, and MC
  3. A multiple choice problem for other students to answer

The table below contains data on prices and quantities for the economy of Summerville. Fill in the missing cells for nominal GDP, real GDP, the GDP deflator, and the inflation rate. Use 2010 as the base year.

Instructions: Round nominal and real GDP values to two decimal places. Round the GDP deflator and inflation rate values to the nearest whole number.

Q4 .

On 26 February, Hong Kong’s Financial Secretary Paul Chan announced that all permanent residents in Hong Kong will receive a HK$10,000 from the HKSAR government. This policy will cost the HKSAR government roughly HK$71 billion and it is aimed at tackling the worse economic downturn that the city has experienced in the last 10 years.

a. Briefly explain why this policy can increase equilibrium output in the short run .  

b. An economist argues that if the HKSAR government spends HK$71 billion on goods and services instead of giving each Hong Kong resident a HK$10,000, the policy effect on output would be larger. Briefly discuss the economic rationale behind this economist’s argument.                                                       

steps and time taken to bring business up to speed of waste to energy company?

Question 2:

Suppose the demand curve for laptops is:

P_d = 52 - 4 * Q, where Q is the quantity demanded.

The supply curve is:

P_s = 11 + 5 * Q, Laptop production, considering the materials used, the wastes created, transportation, and packing results in 8 euro of external costs per laptop.

Solve for the

(1). equilibrium price (P_m) and quantity (Q_m) in the unregulated laptop market. Pm =? & Qm =?

(3). What is total social welfare (W_m) in the unregulated laptop market? Solve for consumer surplus (CS_m), producer surplus (PS_m), and the externality damage (ED_m).

CS_m = ?

PS_m = ?

ED_m = ?

W_m = ?

(4). If the correct Pigouvian tax is instituted, what will be the equilibrium price (P_t) and quantity (Q_t) in the laptop market?

Q_t = ?

P_t = ?

(5). What is total social welfare (W_t) in the laptop market with the correct Pigouvian tax? Solve for consumer surplus (CS_t), producer surplus (PS_t), the externality damage (ED_t), and the tax revenues (TR).

CSt = ?

PS_t = ?

ED_t = ?

TR = ?

W_t = ?