Does the United States’ labor supply tend to be more elastic or more inelastic? Explain the competing theories discussed in our textbook. Which seems more convincing to you? Explain your answer.

The makers of Excedrin Extra Strength advertise that its fast-acting formula delivers extra strength headache relief in no more than 15 minutes, on average. A consumer advocacy group believes that this claim is incorrect, and that the true average headache relief time is significantly longer than 15 minutes.

To test their belief, the consumer advocacy group took a random sample of 45 hospital patients who were currently experiencing a headache and administered a dose of Excedrin Extra Strength pain reliever. The amount of time it took for each patient to report relief from their headache, in minutes, was recorded. The sample mean headache relief time was 15.35 minutes, and the sample standard deviation was 0.95 minutes.

Using a significance level of .01, can the consumer advocacy group conclude that the true average headache relief time after taking Excedrin Extra Strength is longer than 15 minutes? Do a complete and appropriate hypothesis test.

Step 1 (Hypotheses)

H₀:    (Click to select)   π   x-bar   s   n   μ   σ   p      (Click to select)   =   ≠   ≤   >   ≥   <    

H_A:    (Click to select)   μ   x-bar   π   p   σ   s   n      (Click to select)   =   ≠   ≤   >   ≥   <    

Step 2 (Decision rule)

Using only the appropriate statistical table in your textbook, the critical value for rejecting H₀ is   (Click to select)   +   -   ±   . (report your answer to 3 decimal places, using conventional rounding rules)

Step 3 (Test statistic)

Using the sample data, the calculated value of the test statistic is   (Click to select)   +   -   ±   . (report your answer to 2 decimal places, using conventional rounding rules)

Step 4 (Evaluate the null hypothesis)

Should the null hypothesis be rejected?    (Click to select)   yes   no   

Step 5 (Practical conclusion)

Can the consumer advocacy group conclude that the true average headache relief time after taking Excedrin Extra Strength is longer than 15 minutes?   (Click to select)   yes   no   

Using only the appropriate statistical table in your textbook, what is the most accurate statement you can make about the numerical value of the p-value of this hypothesis test?       

Discuss the possible impact of Affordable Care Act (Obamacare) from the following stalkholders. Framework A. Individuals B. The public C. Healthcare professionals D. Federal and state governments E. Managed care and traditional insurance companies F. Employers H. Healthcare industries the pharmaceutical industry

Iron ore is Australia's largest export. Suppose that there was an unexpected increase in demand for Australia's iron ore exports globally. Explain what this would do to Australian Dollar exchange rates, and how this would impact other exporting industries, other import-competing industries, and domestic consumers.

Employees in a plant in Minnesota are observed to be industrious and very productive. Employees in a similar plant in Southern California are observed to be lazy and unproductive. Discuss how alternative views of human behavior and motivation might suggest different explanations for this observed behavior.

How are current business-level and corporate-level strategies of Google company are being implemented?

How well does each tax system meet Rawls’s principles of justice?

Visit the Fed's Summary of Commentary on Current Economic Conditions (Links to an external site.), also known as the Beige Book. Prepare a proposal recommending monetary policy actions designed to correct problems with spending, employment, and prices. Defend your choices.

Comparing market capitalist and planned socialist economic systems involves a number of practical and theoretical difficulties. What are the main difficulties one encounters when comparing the level and rate of growth of output in these differing economic systems? 1/2 page

Considering the idea of the liquidity preference theory of chapter 5, we are considering the relationship between changes in a measure of the US money supply and changes in interest rates.   Admittedly the theory and state of analysis is a bit vague in some ways because it isn’t really clear which interest rate and which money supply aggregate to use.   You will find in the data sheet DISC02Data.xlsx useful. In the first tab “RawDataFromFred” is data on M2 and a 3 month interest rate. I have added two additional items, calculations shown. The first is YRLY%M2, the second is MTHLY%M2.   YRLY%M2 is the yearly percentage change in M2 over a year period, MTHLY%M2 is the monthly change in M2 over a month to month period. Use the data in the tab “Q1Analysis” as that has all you need and the dates of the variables are matched.

1. According to the Liquidity Preference Theory, what type of relationship should I expect between changes in the money supply and interest rates? Explain.

20. If the capital stock is ABOVE the Golden Rule level, an increase in the capital stock would

A raise output less than depreciation B raise output more than depreciation

21. If the capital stock is ABOVE the Golden Rule level, an increase in the capital stock would

A cause consumption to fall B cause consumption to rise

22. At the Golden Rule level of capital,

A the marginal product of capital per worker equals the depreciation rate

B the marginal product of capital per worker net of depreciation equals zero

C both A and B

23. If the saving rate were lowered, steady-state consumption might

A fall B rise C either A or B

24. If the saving rate were raised, steady-state consumption might

A fall B rise C either A or B