Macroeconomics – Week #1 Assignment
Use the table below to answer the questions concerning absolute and comparative advantages.
|
Lumber |
Automobiles |
|
|
United States |
8 |
8 |
|
Canada |
4 |
2 |
1. Which country has an absolute advantage in producing lumber?
2. Which country has an absolute advantage in producing automobiles?
3. Which country has a comparative advantage, if any, in producing lumber?
4. Which country has a comparative advantage, if any, in producing automobiles?
5. Should the U.S. trade with Canada? If so, what should be imported and what should be exported?
6. Should Canada trade with the U.S.? If so, what should be imported and what should be exported?
In: Economics
Here is the probability model for the blood type of a randomly
chosen person in the United States.
| Blood Type | O | A | B | AB |
|---|---|---|---|---|
| Probability | 0.31 | 0.34 | 0.12 | ? |
(a) What is the probability that a randomly chosen American has
type AB blood? Please use 2 decimal places.
(b) Maria has type B blood. She can safely receive blood
transfusions from people with blood types O and B. What is the
probability that a randomly chosen American can donate blood to
Maria? Please use 2 decimal places.
(c) What is the probability that a randomly chosen American does
not have type O blood? Please use 2 decimal places.
In: Statistics and Probability
2. One of the major differences between a for-profit (FP) and not-for-profit (NFP) hospital is:
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there is no difference, both are obligated to serve the community |
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FP always have superior management skills and business performance |
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NFP always focus on community health |
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NFP are established for community benefit |
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FP hospitals are always profitable |
3. The majority of the United States population is covered through the following:
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Employer Provided Insurance |
||
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Medicare, Medicaid, CHIPs, Veterans |
||
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Affordable Healthcare Act |
||
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Intergalactic coverage |
By 2025, there will be a shortage of 52,000 primary care physicians. The most significant cause of this shortage is:
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Geographic maldistribution |
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Specialty maldistribution |
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A decline in medical school students |
||
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Failure to increase medical school enrollment in alignment with demographic growth |
In: Nursing
In: Economics
Find the margin of error for a 95% confidence interval (nearest hundredths) of the mean test score of Statistics students at Clayton State University given the following sample data scores: 87 85 56 82 67 77 73 71 90 74 76 79 81 84
Find a 99% confidence interval estimate (nearest hundredth) using the data in #12.
The height (in inches) of males in the United States is believed to be Normally distributed, with mean µ. The average height of a random sample of 50 American adult males is x bar = 69.72 inches, and the sample standard deviation of the 50 heights is s = 4.23. For a 95% confidence interval, find the margin of error.
In: Statistics and Probability
supply and demand proplems
clearly identify the shock, draw graphs and label fully (indicate mkt), summarize impact on Pe and Qe
1- The United States finally comes out of a recession. Unemployment falls and incomes rise.How does this impact the market for good X,if good X is considered to be inferior?
2-a The government decides to impose quotas on imported steel industry. illustrate the impact on both the market for foreign steel in the USA and market for domestic steel.
b- if government imposed a tariff on steel instead , what would this look like ( draw graph ) is the impact the same?
c- how does the tariff ( changes in the domestic market) impact commercial construction that uses steel ?
In: Economics
Coach Industries is a market leader in the RV industry and sells RVs in both Europe and the United States. Demand from Europe can be represented by PE=15,000-5QE and demand from North America can be represented by PN=50,000-25QN. The firm estimates marginal costs to be constant at $10,000 per RV.
a) Should Coach charge the same price in each market? What price(s) should it charge? How much should it plan to sell in each market at these prices?
b) Calculate the own-price elasticities in each of these markets at the optimal quantities chosen in part a). Are these prices consistent with what you know about 3rd degree price discrimination? Why or why not?
In: Economics
In: Economics
Briefly explain how each of the following would likely affect the value of the dollar and the exchange rate, all else being equal. (Please answer for all 5!)
1. U.S. consumers increase their spending on imported goods.
2. The Federal Reserve reports that it is less concerned about inflation and more concerned about the impending recession in the United States.
3. The U.S. government imposes a large tariff on imported automobiles.
4. The Federal Reserve raised interest rates fearing inflationary pressures due to the booming economy.
5. Both the U.S. and the European Union agreed with the WTO to abide by the free trade agreements. (Here, assume that the U.S. and the E.U. are sole trading partners.)
In: Economics
The Binomial Distribution.
1. What makes the binomial distribution unique? What are its characteristics?
Give a real-world
example of a distribution of data that would be considered
binomial.
2. Solve the following problem:
About 30% of adults in United States have college degree.
(probability that a person has college degree is p = 0.30).
If N adults are randomly selected, find probabilities that
1) exactly X out of selected N adults have college degree
2) less than X out of selected N adults have college degree
3) greater than X out of selected N adults have college
degree
Choose your numbers for N and X.
In: Statistics and Probability