Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $115,000. This distribution follows the normal distribution with a standard deviation of $37,000.

3. What is the likelihood of selecting a sample with a mean of at least $120,000? (Round your z value to 2 decimal places and final answer to 4 decimal places.)

4. What is the likelihood of selecting a sample with a mean of more than $106,000? (Round your z value to 2 decimal places and final answer to 4 decimal places.)

5. Find the likelihood of selecting a sample with a mean of more than $106,000 but less than $120,000. (Round your z value to 2 decimal places and final answer to 4 decimal places.)

The Trans-Pacific Partnership (TPP) is a large regional agreement that involves 12 nations, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Singapore, the United States, and Vietnam. It is part of a larger Asian foreign policy agenda and has been considered highly controversial. The “Headlines: Making the Case for Trade” reviews the main arguments for free trade and argues that freer trade results in a wider variety of goods at lower prices, firms engaged in trade tend to have higher wages than other firms, that gains will come from the elimination of tariff, among others. But there are controversies as well. Please list and briefly discuss at least five controversial issues related to the proposed formation of TPP.

1. Which source of hospital revenue was zero prior to 1965?

            [A]       Private health insurance

            [B]       Out of pocket payments

            [C]       Medicare

2. In the United States, our health care system allows those with high incomes to purchase better quality care and medical services. What is an example of a way socialized health care systems allow citizens to purchase improved care?       

            [A]       “Los Privados”, a Cuban service of private physicians.

[B]       Medical tourism, where wealthy patients come to the US to get better and faster treatments

            [C]       A tax for decreased surrey wait time in France, known as “Impôt sur la santé”.

            [D]       3 tiers of varying coverage levels for Canadians.

            [D]       Government

According to a posting on a website subsequent to the death of a child who bit into a peanut, a certain study found that 6% of children younger than 18 in the United States have at least one food allergy. Among those with food allergies, about 43% had a history of severe reaction.

(a)

If a child younger than 18 is randomly selected, what is the probability that he or she has at least one food allergy and a history of severe reaction? (Enter your answer to four decimal places.)

(b)

It was also reported that 40% of those with an allergy in fact are allergic to multiple foods. If a child younger than 18 is randomly selected, what is the probability that he or she is allergic to multiple foods? (Enter your answer to three decimal places.)

The U.S. Bureau of Labor Statistics released hourly wage figures for various countries for workers in the manufacturing sector. The hourly wage was $30.67 for Switzerland, $20.20 for Japan, and $23.82 for the U.S. Assume that in all three countries, the standard deviation of hourly labor rates is $3.00.

a. Suppose 36 manufacturing workers are selected randomly from across Switzerland and asked what their hourly wage is. What is the probability that the sample average will be between $30.00 and $31.00?
b. Suppose 37 manufacturing workers are selected randomly from across Japan. What is the probability that the sample average will exceed $21.00?
c. Suppose 48 manufacturing workers are selected randomly from across the United States. What is the probability that the sample average will be less than $22.80?

Assume you own a company that produces mountain bikes. Your company has manufactured mountain bikes locally in the United States for over 30 years. Because low-cost competition is increasingly gaining market share and your company costs are relatively high, you are considering outsourcing production to India.

1. Describe how differential analysis can be used to assist in making this type of make-or-buy decision. Include specific examples related to producing mountain bikes in your response.

2. What additional factors would you consider outside of the financial information analyzed with differential analysis? These are called qualitative factors in the text. Be sure to state why you would consider the qualitative factors included in your response.

1.

Deflation is:

Select one:

a. a reduction in the rate of inflation.

b. an increase in prices.

c. a decrease in prices; that is, a negative inflation rate.

d. an increase in the rate of inflation.

2.

Which of the following is true regarding the Federal Reserve

Select one:

a. It is charged with collecting taxes

b. It's board members are elected by the people living in the bank's district

c. They are a branch of the Federal Government under the U.S. treasury

d. The members of the Board of Governors are appointed by the President of the United States

3.

Which of the following would make fiscal policy more effective?

Select one:

a. If there were long time lags.

b. If there was a bigger spending multiplier

c. If there people who receive tax rebates save the money

d. If there was more crowding out

The U.S. Bureau of Labor Statistics released hourly wage figures for various countries for workers in the manufacturing sector. The hourly wage was $30.67 for Switzerland, $20.20 for Japan, and $23.82 for the U.S. Assume that in all three countries, the standard deviation of hourly labor rates is $3.00. a. Suppose 42 manufacturing workers are selected randomly from across Switzerland and asked what their hourly wage is. What is the probability that the sample average will be between $30.00 and $31.00? b. Suppose 33 manufacturing workers are selected randomly from across Japan. What is the probability that the sample average will exceed $21.00? c. Suppose 47 manufacturing workers are selected randomly from across the United States. What is the probability that the sample average will be less than $22.90?

2. Consider one of the many dilemmas faced by the U.S. Food and Drug Administration. A National Academy of Sciences report estimated that 60,000 women in the United States put their fetuses “at risk” of brain damage from mercury in the fish they ate. FDA scientists have warned that a woman should eat only one can of tuna per week, and that “The action levels we have in place are not protective enough for this—the fetuses.” Nonetheless, after meetings with the U.S. Tuna Foundation and other seafood industry representatives, the FDA decided only to suggest that pregnant women eat fish in moderation.

A. Which ethical theories would support this decision? Explain.

B. Should the environment be protected at any costs? Explain using your understanding of ethics and efficiency.