1. Consider the debt ceiling of the United States and the consequences of a default by the United States on its national debt.  Some commentators and politicians during the 2013 negotiations over raising the debt ceiling commented that failure to raise the debt ceiling would not have that dramatic an impact on world financial markets.  Comment on the consequences of a default by the US on its debt.

Assume we know that the population standard deviation of income in the United States (σ) is $6,000. A labor economist wishes to test the hypothesis that average income for the United States equals $53,000. A random sample of 2500 individuals is taken and the sample mean is found to be $53,300. Test the hypothesis at the 0.05 and 0.01 levels of significance. Provide the p-value.

Historically throughout the United States, families of four spend about $239 a week on groceries and food with a standard deviation of 50. Assume a random sample of 250 households is taken in the United States.

Q- If an even larger sample of 2500 households was taken and the SD remains the same, what is the new Standard Error of the estimate? Why did this occur?

Assume we know that the population standard deviation of income in the United States (σ) is $12,000. A labor economist wishes to test the hypothesis that average income for the United States exceeds $64,000. A random sample of 900 individuals is taken and the sample mean is found to be $65,000. Test the hypothesis at the 0.05 level of significance. What is the p-value of the test statistic?

An economics professor randomly selected 100 millionaires in the United States. The average age of these millionaires was 54.8 years. The population standard deviation is known to be 7.9 years. What is the 95% confidence interval for the mean age, of all United States millionaires? Interpret the confidence interval.

Point Estimate: ______

Critical Value:

Margin of Error: ________

Confidence Interval:______

Interpretation:

Currently, taking pictures or any type of video recording in the United States Supreme Court is not allowed. Discuss your thoughts and perspectives about allowing cameras in the United States Supreme Court during their hearings. What are the pros and cons about allowing cameras in the Court? Do you support putting cameras in the Court? Why or why not?

The maker of a line of toys featuring Thomas and Friends was insured by Ace American Insurance. The toy maker was sued in class action suits in the United States because of a recall of its toys for containing lead-based paint. The toys were made, painted, and tested in China. The insurance policy had a “coverage territory” exclusion which barred coverage of “occurrences” of bodily injury or property damage taking place in the United States. The defendants argued that the injuries took place in the United States, where they were exposed to the lead paint, not where the toys were manufactured and tested. Should the court interpret the policy to make the insurer defend the lawsuits? Why?

1. A major topic in domestic policy right now is immigration reform. If you were in the United States Congress, what would your priorities be in terms of immigration and why? One major issue that must be addressed is what to do about the immigration status of individuals who are currently living in the United States in an unauthorized capacity - some people believe those individuals should be given an “easier” path to citizenship because they are already here and in our society. Others believe those individuals should not be given any advantages because they came to the United States in an unauthorized /illegal capacity. What are your thoughts on how to solve this issue? at least 5-6 sentences

• Look at the products in your home and note the many different countries involved in the creation of this products
• Select 3 that are manufactured outside of the United States, or United States manufactured products that may have elements from outside of the United States incorporated into the final product..
• Based on the results of your values exercise, review the business practices of these countries, and tell us
  • are the values that are important to you incorporated into the business practices of these countries? Which are missing?
  • how does this knowledge impact your buying decisions from a personal perspective and why?
  • as a business leader, understanding that you need to run a profitable business would you conduct business in these countries? Why or why not?