23. Which of the following is not an example of the opportunity cost of going to school?

For each variable, determine the scale of measurement (nominal, ordinal, interval, or ratio) and the type of variable (categorical or numerical); if it is numerical is it discrete or continuous? Justify your decision for each one

1. What school did the participant attend?
2. What is the highest level of education for the participants parent?
3. Is the participant a female or not?
4. What is the annual income for the participant's household?
5. What is the participant's math outcome score?
6. How many students are gifted in the participant’s school?

Prepare a report on the benefits and disadvantages of private vouchers as a way to improve public school education. The proposal is that every parent/guardian should be given a voucher for each child that can be used to pay for the child's education at either a public or private school. Include in your report a discussion of the economic principles of (a) accountability, (b) welfare, (c) competition. Why are most teacher's unions opposed to the private voucher system, while minorities are in favor?

Assume that the alternative to attending college was to work right after high school. Find the average wage of someone with a high school diploma, but keep in mind that the opportunity costs include only the income you are losing, so if you currently work part-time then the opportunity costs = Income working full time – Income working part-time. Be sure to explicitly state your assumptions.

What is the Present Values of costs and benefits?

Explain in detail why stages 5 and 6 of Erikson’s (Identity vs Role Confusion and Intimacy vs Isolation ) eight stages of personality development may be the highest hurdles to jump in life. Think about your junior high and high school years and what’s to come in your post-high school years. Include physical, emotional, and cognitive aspects and explain how these all fit into Erikson’s stages 5 and 6.

The day after the U.S. stock market crash of October 19, 1987, Federal Reserve Board Chairman Alan Greenspan issued the following statement: “The Federal Reserve, consistent with its responsibilities as the nation’s central bank, affirmed today its readiness to serve as a source of liquidity to support the economic and financial system.”  What school of thought may prompt that statement?  That is, which school (or schools) has a role for active monetary policy?

It had only been a week ago that Janie had been so excited about being hired for her first job as a medical assistant at the women's wellness clinic in town. During her interview, the office manager had asked her several questions pertaining to injection skills and her ability to handle upset or angry patients. Janie felt that she had given suitable answers to all the interviewer's questions. When asked if Janie had any questions, she had asked about several policies that the clinic had in place for their employees, such as workplace attire, company sick days, and weekend work schedules.

Now, just 1 week into her new job, Janie feels completely unprepared to handle the situation that now confronts her. To her dismay, she learns that the clinic routinely performs legal abortions. A devout Catholic, Janie had not thought about the clinic performing abortions nor the fact that, as an employee, she would be called upon to be a participant in the process. What should Janie have done differently? What should she do now?

5. Determine whether the given description corresponds to an experiment or

observational study.

a. A stock analyst selects a stock from a

group of twenty for investment by

choosing the stock with the greatest

earnings per share reported for the

last quarter.

b. A marketing firm does a survey to find out

how many people use a product. Of the one

hundred people contacted, fifteen said

they use the product.

c. A political pollster reports that his

candidate has a 10% lead in the polls

with 10% undecided.

d. A doctor gives a new medication to half of

his patients with the flu and a placebo to

the other half of his patients with the flu.

6. Identify the type of study (cross-sectional, retrospective, prospective)

a. Researchers collect data by

interviewing athletes who have won

Olympic gold medals from 1992 to 2016.

b. A town obtains current employment data

by polling 10,000 of its citizens this

month.

c. A researcher obtains data by searching

through the medical records of 500

men who died of lung cancer

d. A researcher collects data on the progress

of a group of women who diagnosed with

breast cancer 10 years ago.

This table uses the data file that contains the scores of the winning teams from the final NBA Championship game. I would like to know if the average winning score is the same for each decade listed in the table. Test the claim that the samples all come from populations with the same mean. Use a significance level of 0.05.

H₀ (null hypothesis):

H₁ (alternative hypothesis):

• Write the F-Table value here:

• What is the P-value:

• Now use your calculator or the formula to find the calculated F value (known as the “test statistic”):

REJECT H₀:   YES or NO

• What is your conclusion? Are the groups the same or is at least one group different? Explain.

1. Trade problems of the developing countries and their solutions

Unstable export markets, worsening terms of trade, and limited access to the markets in advanced countries are just a few of the problems that have plagued developing nations in Africa, Asia, Latin America, and the Middle East. For example, developing countries have worsening terms of trade because of ________ (falling prices of exports relative to imports/ rising prices of exports relative to imports/ the high price elasticity of supply).

Developing nations have formed international commodity agreements (ICAs) between leading producing and consuming nations of commodities. To promote stability in commodity markets, ICAs have relied on production and export controls, buffer stocks, and multilateral contracts. For example, the fair trade system may help to _______ (increase the number of middlemen selling farmer's products/ increase the income of farmers in developing nations/ decrease the markup price that retailers charge on farmer's products).