Q1. During the last decades, in the United States, union membership went down. Today, approximately________ % of workers of private companies are members of unions.

1. 29

2. 19

3. 11

4. 7

Q.2 Command-and-control regulations were able to reduce pollution; however, they have shortcomings. Which one of the following four answers represents one of these shortcomings?

1. They provide incentives for a firm to go beyond the pollution limits set by the government.

2. They specify how much pollution can be emitted.

3. They often have politically motivated loopholes.

4. They can specify what type of pollution-control technologies must be used.

Q3. According to economists, television programs are considered nonrival when

Group of answer choices

the market suffers from inefficiently low consumption.

more than one person can consume the same unit of the good at the same time.

individuals ignore the effect of their use on the amount of the resource remaining for others.

the supplier cannot prevent consumption by people who do not pay for it.

Q4. In a market economy cost-plus regulation causes a challenge to the regulators. One of the following answers best represents this difficulty. Which answers is that?

Group of answer choices

Producers have less reason to be concerned with high costs because they can pass them along to the consumer in the form of higher prices.

When a set-price declines slightly over time and the market changes dramatically, the firm can experience a great loss of revenue.

If a large firm is divided into smaller firms, the cost of production would increase and the economy would become less efficient as a whole.

The two firms may discover subtle ways of coordinating their behavior and keeping prices high.

10. The natural unemployment rate in the United States has varied over the last 50 years. According to the Congressional Budget Office, the natural rate was 5.5% in 1960, rose to about 6.5% in the 1970s, and had declined to about 4.8% by 2000. What do you think might have caused this variation?

11. Suppose the Fed begins carrying out an expansionary monetary policy in order to close a recessionary gap. Relate what happens during the next two phases of the inflation-unemployment cycle to the maxim “You can fool some of the people some of the time, but you can’t fool all of the people all of the time.”

Congratulations! You have been appointed an economic policy advisor to the United States. You are told that the economy is significantly below its potential output and that the following will happen next year: World income will fall significantly due to the pandemic, and the price of oil will fall significantly due to lack of economic activities, as well as the availability of alternative and more sustainable energy sources (wind, solar, hydro, nuclear), and the U.S. is an oil exporter, along with shale and natural gas.

a) What kind of policies (under Fiscal policy) might you suggest to the government? Mention three.

b) Consider the economic principle held by Classical economists: The economy always returns to its potential in the long run. What are Keynes’s criticisms of this economic principle?

What do you think about this?

Although the trade relationship between the United States and other countries has changed in the recent past, especially China, but in the past 50 years, with the popularity and development of the Internet and the birth of the World Trade Organization, it has greatly promoted and accelerated With the pace of world trade exchanges, the characteristics of various countries can also be transmitted and displayed to the world. With the continuous trade between countries, the friendly relations between countries have been strengthened, and international transactions have become easier.

The data below lists the population of the United States each year from 2000 until 2010. (Hint: see Chapter 7 Project Part 1) a. (4 points) Use EXCEL to make a scatter plot and find a linear model of your data. Let the horizontal axis represent the years after 2000 (the year 2000 would be 0) and let the vertical axis represent the US population in millions. Provide a title for your graph, label both the vertical and horizontal axes, and make sure the linear model is included on your graph. Copy the scatter plot with the linear model and paste it into your document. b. (3 points) Identify the slope and y-intercept of your linear model and explain what both of these values mean in the context of the data given labeling with correct units. Please use complete sentences. (hint: see last page of part 1 of the project). Year US Population in Millions 2000 282.16 2001 284.97 2002 287.62 2003 290.11 2004 292.81 2005 295.52 2006 298.38 2007 301.23 2008 304.09 2009 306.77 2010 309.3

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)