A Gallup Poll showed that 44% of Americans are satisfied with the way things are going in the United States. Suppose a sample of 25 Americans are selected.

Find the probability that no less than 7 Americans are satisfied with the way things are going.

Find the probability that exactly 15 Americans are not satisfied with the way things are going.

Find the probability that the number of Americans who are satisfied with the way things are going differs by greater than 2 from the mean.

Find the probability that greater than 7 Americans are satisfied with the way things are going.

Find the probability that at least 15 Americans are not satisfied with the way things are going.

Find the probability that no more than 9 Americans are satisfied with the way things are going.

Find the probability that more than 40% but at most 65% of these Americans are satisfied with the way things are going.

Round to 4 decimals.

What are the different white-collar crimes? Representatives of hotels, restaurants, hotel and restaurant supply companies, and other businesses located in Portland, Oregon, organized an association to attract conventions to their city. Members were asked to make contributions equal to 1 percent of their sales to finance the association. To aid collections, hotel members, including Hilton Hotels Corporation, agreed to give preferential treatment to suppliers who paid their assessments and to curtail purchases from those who did not. This agreement violated federal antitrust laws. The United States sued the members of the association, including Hilton Hotels, for the crime of violating federal antitrust laws. Can a corporation be held criminally liable for the acts of its representatives? If so, what criminal penalties can be assessed against the corporation?

Imagine that fully aware of the challenges to traditional modes of economic commerce presented by the COVID-19 virus and the ramping up of the inevitable political competition between the United States and China that currently threatens any previous cooperation between the two largest economies in the world you have created a strategy that includes the total exclusion of any production dependence on China by switching all to automated U.S. factories, low cost competitors to China (India, Indonesia, Mexico, etc.) you now need to implement this strategy in a way that excites both your workforce and your shareholders. Additionally, you want to lower costs and gain market share.

Question: What elements of your new strategy would require any difference in it implementation from your old strategy?

Which of the following is an example of what backs fiat money?

bartering arrangements

trust the public has that it can be exchanged for services and goods

precious metals such as silver

If the reserve requirement is 10 percent and a monetary expansion increases excess reserves by $5 million, the total change in the money supply after all rounds of

100 million

50 million

5 million

What is an example of a security?

Fiat money

Checking account

Credit cards

All over the globe commodities (e.g. corn, wheat, beans) are priced in United States dollars. This in economic terms, is an example of

flexible values.

store of value.

What will happen to the money supply if the Fed decreases the reserve requirement?

The money supply will decrease.

The money supply is unaffected by the reserve requirement.

The money supply will increase.

units of account.

1. When does a fixed exchange rate regime become suspect of collapsing?

2.Bank runs are still a common problem in the United States

True

False

3.

Contagion of crises can stem from both trade and financial linkages

True

False

4. In lecture we likened speculative attack on central bank reserves to which of the following?

: Assume the market for Pepsi, the soft drink, is in equilibrium. For each of the following, (1) indicate whether the demand for Pepsi or the supply of Pepsi or both the supply and demand for Pepsi changes; (2) explain why the curve is shifting; (3) draw a graph illustrating the effect of the change on the equilibrium price and quantity of Pepsi; and (4) verbally explain what happens to the equilibrium price and quantity of Pepsi. Analyze each event independently.

1. PepsiCo, the producer of Pepsi, invents a more efficient process to bottle Pepsi.

2. The supply of Coca Cola decreases.

3. The price of sugar and high-fructose corn syrup, ingredients in Pepsi, increase.

4. The Surgeon General of the United States announces that drinking soft drinks increases the risk of dying by 10 percent.

5. Both of the events described in parts (a) and (d) above, occur simultaneously.

Question 2. Short answers. Use graphs where appropriate.

1. Explain why is the short run labor demand curve less elastic relative to the long run labor demand curve. (7.5 points)

2. How would imposing a minimum wage above the market-clearing wage affect employment in a competitive labor market? Use a graph to illustrate this. (7.5 points)

3. Many immigrants and many American high school dropouts possess very few skills. What impact will these low-skill immigrants likely have on the labor market opportunities of American high school dropouts? (7.5 points)

4. Comment on this statement: “If we deported all undocumented persons who are now in the United States, our total national unemployment would decline by the same number of people.” (7.5 points)

1. Define the Marshall-Lerner condition. What are the likely effects of devaluation during a recession when supply elasticities are high?

2. Explain the J-curve phenomenon. Consider an economy with a fixed exchange rate with a fixed price level. What is the effect of depreciation on equilibrium income and trade balance in the first six months after depreciation?

3. Define uncovered interest parity. What is the relationship among the forward exchange rate, the spot exchange rate, and the interest rate? Suppose the (1-year) interest rate on bank deposits is 2% in Canada and 1.75% in United States. If the (1-year) forward US$–C$ exchange rate is C$1.25 per US$ and the spot rate is C$1.2 per US$, will the C$ depreciation or appreciation against the US$ over one year, and by how much?

1. If a country faces a trade deficit,
   1. What fiscal policy would you propose to reduce the trade deficit?
   2. What monetary policy would you propose?

2. What fiscal, monetary, and exchange rate policies would you propose if a country wanted to eliminate a trade surplus so that its citizens would have access to more consumer goods?

3. Explain what is lilkely to value of the dollar if the following economic conditions change. (You can use a supply-demand drawing or reason with words.)

1. The Federal Reserve decides to lower interest rates.
2. A crisis causes foreign holders of finance to buy safe assets.
3. A big economic expansion in Europe leads to a surge of demand for American exports.
4. The United States experiences a big economic expansion and this leads to an increase in the demand for imports from China.