Suppose that during a recent year for the United​ States, merchandise imports were ​$2.2 ​trillion, unilateral transfers were a net outflow of ​$0.2 ​trillion, service exports were ​$0.3 ​trillion, service imports were ​$0.1 ​trillion, and merchandise exports were ​$1.6 trillion.

The merchandise trade deficit was ? trillion. ​(Enter your response rounded to one decimal​ place.)

The balance on goods and services was ? trillion. ​(Enter your response rounded to one decimal place and include a minus sign if​ necessary.)

The current account balance was ? trillion. ​(Enter your response rounded to one decimal place and include a minus sign if​ necessary.)

Almost all medical schools in the United States require students to take the Medical College Admission Test (MCAT). To estimate the mean score ? of those who took the MCAT on your campus, you will obtain the scores of an SRS of students. The scores follow a Normal distribution, and from published information you know that the standard deviation is 10.8 . Suppose that, unknown to you, the mean score of those taking the MCAT on your campus is 495 . In answering the questions, use ? ‑scores rounded to two decimal places. (a) If you choose one student at random, what is the probability that the student's score is between 490 and 500 ? Use Table A, or software to calculate your answer. (Enter your answer rounded to four decimal places.) probability: (b) You sample 36 students. What is the standard deviation of the sampling distribution of their average score ?¯ ? (Enter your answer rounded to two decimal places.) standard deviation: (c) What is the probability that the mean score of your sample is between 490 and 500 ? (Enter your answer rounded to four decimal places.) probability:

True/False

1. _________Chronic illness is a leading health problem in the United States.

2. _________Caregivers who respond in denial to their child’s chronic illness respond by trying to protect the child at all costs.

3. _________Caregivers can help siblings of children with chronic illnesses cope by not talking about the sibling’s condition with the other children.

4. _________To encourage a child with a chronic illness to reach a desired goal related to their own self care, the use of a chart or visual aid is appropriate.

5. _________Negative reinforcement and discipline is important for the child with a chronic illness because this gives the child a sense of pride and self-confidence.

Fill-in-the-Blank

1. Chronic illness is a condition of ________________________________duration or one that progresses slowly, shows little change, and often interferes with daily functioning.

2. Care of an ill child so that the caregivers can have a period of rest and refreshment is called

________________________________ care.

3. Caregivers who distance themselves emotionally from the chronically ill child are responding with

_____________________________________ towards the child.

4. Caregivers who respond with gradual _______________________________ take a common-sense approach to the child’s chronic condition.

5. Siblings of a child who has a chronic illness may feel ____________________________________, which is the feeling of embarrassment or shame, especially if the ill child has a physical disfigurement or cognitive deficit.

What is your favorite color? A large survey of countries, including the United States, China, Russia, France, Turkey, Kenya, and others, indicated that most people prefer the color blue. In fact, about 24% of the population claim blue as their favorite color.† Suppose a random sample of n = 57 college students were surveyed and r = 10 of them said that blue is their favorite color. Does this information imply that the color preference of all college students is different (either way) from that of the general population? Use α = 0.05.

(a) What is the level of significance?

State the NULL and ALTERNATE hypotheses.
H0: p = 0.24; H1: p ≠ 0.24;
H0: p ≠ 0.24; H1: p = 0.24;
H0: p = 0.24; H1: p > 0.24; OR
H0: p = 0.24; H1: p < 0.24.

(b) What sampling distribution will you use?
i. The standard normal, since np < 5 and nq < 5.
ii. The Student's t, since np > 5 and nq > 5.
iii. The Student's t, since np < 5 and nq < 5.
iv. The standard normal, since np > 5 and nq > 5.

*** What is the value of the sample test statistic? (Round your answer to two decimal places.)

(c) Find the P-value of the test statistic. (Round your answer to four decimal places.)

**** Sketch the sampling distribution and show the area corresponding to the P-value.

(d) Based on your answers in parts (a) to (c), will you reject or fail to reject the null hypothesis? Are the data statistically significant at level α?
i.   At the α = 0.05 level, we reject the null hypothesis and conclude the data are statistically significant.
ii. At the α = 0.05 level, we reject the null hypothesis and conclude the data are not statistically significant.
iii. At the α = 0.05 level, we fail to reject the null hypothesis and conclude the data are statistically significant.
iv.  At the α = 0.05 level, we fail to reject the null hypothesis and conclude the data are not statistically significant.

(e) Interpret your conclusion in the context of the application.
i. There is sufficient evidence at the 0.05 level to conclude that the true proportion of college students favoring the color blue differs from 0.24.
ii. There is insufficient evidence at the 0.05 level to conclude that the true proportion of college students favoring the color blue differs from 0.24.  

The mid-to-late 90s in the United States were characterized by increasing productivity, increasing wealth, and very optimistic firm and consumer expectations for the macroeconomy. The period became known as the “New Economy” and some overzealous economists even proclaimed that recessions were a thing of the past and we were now on a path of permanent expansion and prosperity. Using the Income-Expenditure model along with the AS/AD model, show and discuss the Short Run effects, and predict any future Long Run effects policymakers would be concerned about.

What kind of Monetary Policy should the Fed use to deal with the concerns you identified above? Show the effects using the Income-Expenditure model along with the AS/AD model, and summarize the expected changes in our big 3 indicator variables. (Income, Unemployment rate, inflation rate)

The United States Army recently commissioned a study to assess how deeply a bullet penetrates ceramic body armor. In the study, a cylindrical clay model was layered under an armor vest. A projective was then fired, causing an indentation in the clay. The deepest impression in the clay was measured as an indication of survivability of someone wearing the armor. Here are the data that were observed; measurements (Y , measured in mm) were made using a manually controlled digital caliper. The data are already ordered from low to high.

y <- c(22.4,23.6,24.0,24.9,25.5,25.6,25.8,26.1,26.4,26.7,27.4,27.6,28.3, 29.0,29.1,29.6,29.7,29.8,29.9,30.0,30.4,30.5,30.7,30.7,31.0,31.0, 31.4,31.6,31.7,31.9,31.9,32.0,32.1,32.4,32.5,32.5,32.6,32.9,33.1, 33.3,33.5,33.5,33.5,33.5,33.6,33.6,33.8,33.9,34.1,34.2,34.6,34.6, 35.0,35.2,35.2,35.4,35.4,35.4,35.5,35.7,35.8,36.0,36.0,36.0,36.1, 36.1,36.2,36.4,36.6,37.0,37.4,37.5,37.5,38.0,38.7,38.8,39.8,41.0, 42.0,42.1,44.6,48.3,55.0)

(a) Check the normal assumptions with plots. State clearly why do you use the plots and what does the plot imply.

(b) Construct a 95 percent confidence interval for the population mean µ and interpret your interval. Explain clearly (in words) what µ represents in the context of this problem.

(c) A co-worker of yours looks at your interval in part (a) and says, ”I’m confused. Ninetyfive percent of the measurements above should be in this interval, but far fewer are.” How would you respond to him?

(d) Calculate a 95 percent confidence interval for the population standard deviation σ and interpret your interval. Explain clearly (in words) what σ represents in the context of this problem.

The US Federal Reserve Bank (FED) is considering tightening the money supply now. The United States has an open macro-economy including exports and imports, a market for foreign currency (exchange rates are the price in this market), and international capital mobility. If the FED does restrict the money supply, it will affect investment as it would in a closed economy. But now, adjustments in the foreign currency market occur that induce further changes in aggregate Supply and Demand.

Summarize the majority market adjustments to the new monetary policy. First, explain how a change in the money supply affects aggregate demand(and why). Then explain the second level effects on exchange rates, and the market for goods and services (aggregate supply and demand). Use three supply/demand diagrams, one for the money market, one for the goods and services market, and one for the foreign currency market.

Compared to the closed economy we studied earlier in the semester, are the effects of a change in the money supply larger or smaller when the economy is open (Has trade and floating exchange rates)?

What has been the reaction to Donald Trump's announcement that the United States would withdraw from the Paris Agreement?

Imagine you have recently been elected President of the United States (you are free to assume you are from any party and are free to pursue any policy you think is in the best interest of the country). Your security and military advisors are concerned about China’s growing wealth and military capability. You also have members of congress who want you to change policy towards China because American manufacturing jobs often leave the country and some move to China. Your Commerce Secretary emphasizes that the U.S. trade relationship with China provides consumers with cheap products and that we do sell some products to China, like Boeing commercial jets, which provide American jobs. Your Treasury secretary informs you that because of our trade deficit with China we are dependent on China to finance our budget deficit, and without Chinese money we would have to raise interest rates possibly causing a ecession or worse. Your Secretary of State cautions that China must be handled carefully because no matter what we do China will remain large, powerful country in Asia where we have vital security interests. Everyone is looking to you for the next move. What do you do?

1. The United States began including a chicken pox vaccine as part of its standard panel of childhood vaccines in 1995, and shortly after introduced a shingles vaccine for those over the age of 60. In countries that did not vaccinate against chicken pox (today, relatively few), the shingles vaccine was not necessary. Explain why this is the case. Be sure to use terms on the immune system in your response (e.g. secondary immune response, memory cells).

2. Does Flaviviruses enter the lysogenic cycle or not? Explain.