33. This job evaluation method involves slotting job descriptions into a series of broadly and loosely described grades that can accommodate many diverse jobs

A. Ranking

B.Classification

C. Point Factor

D. Competency Based Pay

E. Skill Based Pay

34. Defenses permitted an employer under the Equal Pay Act include all but which one of the following?

A. Education and experience of an employee

B. Merit systems

C.Seniority systems

D.Working conditions

E.Past company policies

35. State laws requiring minimum wage payments higher than federal standards ________

A. Are nonexistent

B. Are allowed and overrule the minimum wage of the Federal Government in that state

C. Are limited to a maximum of 10 percent over federal standards

D. Must be approved by the United States Department of Labor

E. Can be ignored by employers in that state who have Federal contracts

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.

(Round the values of z to 2 decimal places. Round your answers to 4 decimal places.) a. b. c.

a. Suppose 43 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 34 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 $22.75?

Assume that Samsung of South Korea obtains all inputs  from South Korean suppliers whose costs are denominated in won. Also assume that the company has the cost structure shown in the table below to manufacture cell phones. If the won appreciates from ₩1,200/$ to ₩1,000/$ what is the new dollar cost of a Samsung phone?

If wheat costs $4 per bushel in the United States and 2 British pounds per bushel in Great Britain, then in the presence of purchasing-power parity the exchange rate should be:

Suppose it is October 2024 and Taylor Swift is a candidate for the president of the United States. (Taylor Swift will turn 35 in December 2024, so will meet the age requirement for serving as president.)

Suppose also that your friend Kyle is her campaign manager and claims that 55% of potential voters will vote for her. Kyle still knows no statistics and has asked you to help design a survey and perform a hypothesis test to test his claim.

1. What advice would you give Kyle about conducting a survey? (Consider reviewing issues in sampling methods from Lesson 1.)
2. Provide a brief description of the hypothesis testing advice that you would provide for Kyle based on the survey results.
   • For example, what would be your null hypothesis and your alternative hypothesis?
   • What information would you need from the survey?

1. Susan has been on a bowling team for 14 years. After examining all of her scores over that period of time, she finds that they follow a normal distribution. Her average score is 225, with a standard deviation of 13.

   If during a typical week Susan bowls 16 games, use an appropriate normal transformation to calculate the probability that her average score for the week is between 220 and 228.

2. The labor force participation rate is the number of people in the labor force divided by the number of people in the country who are of working age and not institutionalized. The BLS reported in February 2012 that the labor force participation rate in the United States was 63.7%. A marketing company asks 120 working-age people if they either have a job or are looking for a job, or, in other words, whether they are in the labor force. What are the expected value and the standard error for a labor participation rate in the company’s sample?

Following is a contingency table providing a cross-classification of worldwide reported shark attacks during the 1990s, by country and lethality of attack.

1. Find the probability that the attack was Nonfatal
2. Find the probability that Brazil reported
3. Find the probability that Brazil reported the attack was Nonfatal
4. Find the probability that Brazil reported or the attack was Nonfatal
5. Find the probability that Brazil reported given that the attack was Nonfatal
6. Find the probability that the attach was Nonfatal given that Brazil reported
7. Construct a Relative Frequency Contingency Table, determine parts (i-vi) again
8. Verify your answers obtained from contingency table and relative frequency contingency table

Part A: The average adult female is 60.35 inches tall with a standard deviation of 2.1999. Based on this information, 12.29% of adult females are less than what height? Assume the distribution is approximately normal.

Part B: Suppose that the probability of a baseball player getting a hit in an at bat is 0.3189. If the player has 26 at bats during a week, what's the probability that he gets at least 10 hits?

Part C: In a recent survey of 130 WMU graduates, 11 students said that parking was too limited on campus. What is the estimate of the population proportion? What is the standard error of this estimate?

Part D: Suppose that in the United States the typical adult male is 67.98 inches tall with a standard deviation of 6.718. You take a random sample of 50 adult males. What is the probability that the mean height of the sample is less than 67.18?

The following are data on

y = quit rate per 100 employees in manufacturing

x = unemployment rate

The data are for United States and cover the period 1990-2002.

(a) Estimate the regression and report the results

(b) Construct a 95% confidence interval for β.

(c) Test the hypothesis H₀ : β = 0 against the alternative β=0 at the 5% significance level.

(d) Test Normality of the residuals using Jarque-Bera test.

(e) What is likely to be wrong with the assumptions of the classical normal linear model in this case? Discuss.

II. A study was made to compare the costs of supporting a family of four Americans for a year in different foreign cities. The lifestyle of living in the United States on an annual income of $75,000 was the standard against which living in foreign cities was compared. A comparable living standard in Toronto and Mexico City was attained for about $64,000. Suppose an executive wants to determine whether there is any difference in the average annual cost of supporting her family of four in the manner to which they are accustomed between Toronto and Mexico City. Use the data from the previous table to construct a 95% confidence interval to estimate the difference in average annual costs between the two cities. She assumes the annual cost is normally distributed. (Outputs sheet page 3 and 4 can help you for this problem) TORONTO MEXICO CITY

Sample Mean $67381.82 and $63481.82

Sample Variance 4273636.364 and 2541636.364

Observations 11 and 11

Q1. In what ways is the purchase of a hammer or of labor services by the military different from the purchase of a missile system? How does this affect government procurement policies in these two areas?

Q2. Should military officers and Defense Department officials by proscribed from working for private defense contractors for a period of several years after termination of their government service?

Q3. Imagine that Congress is considering a bill to reduce the current seventeen-year life of patents to eight years. What negative effects might this change have on the rate of innovation? What positive effect might it have for the economy?

Q4. Members of the poorest fifth of U.S. households have a much smaller share of total U.S. income than is typical in other developed countries. Does this mean that the poorest fifth of U.S. households are worse off in the United States than are the poorest fifth of households elsewhere? Why or why not?