Two countries decide to engage in specialization and exchange with each other. As a result, we can expect:

a the price of imported goods to rise and the price of exported goods to fall.

b the price of imported goods to fall and the price of exported goods to rise.

c the prices of all traded goods to decline.

d the prices of all traded goods to increase.

In 1913, Andrew Carnegie's net worth was approximately $475 million. In 2018, Mark Zuckerberg’s net worth was $58 billion. One dollar ($1) in January of 1913 has the same buying power as $25.76 in September of 2018.

What is the real wealth for Andrew Carnegie in 1913?

a. 2.5b units of goods and services

b. 1.5b units of goods and services

c. 768m units of goods and services

d. 475m units of goods and services

e. 2.25b units of goods and services

What is the real wealth for Mark Zuckerberg in 2018?

a. 2.25b units of goods and services

b. 1.5b units of goods and services

c. 768m units of goods and services

d. 475m units of goods and services

e. 4.25b units of goods and services

Who is the wealthier of the two?

A. Andrew Carnegie

B. Mark Zuckerberg

Amsterdam is considering spending $10 million to upgrade its dykes, which hold back sea at high tide from flooding the city. The upgrades will last for 3 years, and the benefits in each of the three years will be $4 million.

The discount rate is 10%. According to a benefit-cost analysis, what is the Present Discounted Value of the project? State your answer to two decimal places, in terms of millions.

Bank of America's Consumer Spending Survey collected data on annual credit card charges in seven different categories of expenditures: transportation, groceries, dining out, household expenses, home furnishings, apparel, and entertainment (U.S. Airways Attache, December 2003). Using data from a sample of 42 credit card accounts, assume that each account was used to identify the annual credit card charges for groceries (population 1) and the annual credit card charges for dining out (population 2). Using the difference data, the sample mean difference was     = $859, and the sample standard deviation was sd = $1,213.

What is the point estimate of the difference between the population means? $

What is the 95% confidence interval estimate of the difference between the population means (to the nearest whole number)?

Bank of America's Consumer Spending Survey collected data on annual credit card charges in seven different categories of expenditures: transportation, groceries, dining out, household expenses, home furnishings, apparel, and entertainment (U.S. Airways Attache, December 2003). Using data from a sample of 42 credit card accounts, assume that each account was used to identify the annual credit card charges for groceries (population 1) and the annual credit card charges for dining out (population 2). Using the difference data, the sample mean difference was     = $859, and the sample standard deviation was sd = $1,213.

What is the point estimate of the difference between the population means? $

What is the 95% confidence interval estimate of the difference between the population means (to the nearest whole number)?

Suppose a nationwide small-government movement leads state and local governments to

significantly reduce their capital spending on roads and other infrastructure. Using the lenders' -

borrowers' curve apparatus discussed in class or other appropriate tools, analyze the effect this

change in behavior would have on:

1) the yield of tax exempt bonds (r E),

2) the quantity of tax exempt bonds issued (Q E), and

3) the implied marginal tax bracket T M

Suppose the federal government unexpectedly decreases its spending.

Using the IS-LM model, explain how this contractionary fiscal policy affects the real interest rate, r, and total output, Y , in both the short run and the long run.

What happens to consumption, C, investment, I, and government expenditure, G, in the short-run?

What happens to C, I, G, and r in the long- run?

(Note: For full credit, you must provide a brief explanation for why each variable changes or remains constant.)

Question 7 (1 point)

A survey asked subjects, "Should the government increase its spending on health?" 317 of those 340 who responded said "yes."

Test, at level 0.05, that the majority of people in the population would say "yes" to the survey question.

The test is

Question 7 options:

Question 8 (1 point)

A survey asked subjects, "Should the government increase its spending on health?" 317 of those 340 who responded said "yes."

Test, at level 0.05, that the majority of people in the population would say "yes" to the survey question.

The p-value is

Question 8 options:

Question 9 (1 point)

A survey asked subjects, "Should the government increase its spending on health?" 317 of those 340 who responded said "yes."

Test, at level 0.05, that the majority of people in the population would say "yes" to the survey question.

The conclusion of the test is

Question 9 options:

Question 10 (1 point)

A survey asked people who work full time, "How do you spend your time on a typical day?" 74% of 733 women and 55% of 1219 men reported spending some time on cooking and washing up.

What is a 95% confidence interval for the difference between the proportion of women and the proportion of men who spend some time on cooking and washing up during a typical day?

Question 10 options:

Question 11 (1 point)

A survey asked people who work full time, "How do you spend your time on a typical day?" 74% of 733 women and 55% of 1219 men reported spending some time on cooking and washing up.

Test, at significance level 0.05, that the proportion of women is greater than the proportion of men who spend some time on cooking and washing up during a typical day.

The test is

Question 11 options:

Question 12 (1 point)

A survey asked people who work full time, "How do you spend your time on a typical day?" 74% of 733 women and 55% of 1219 men reported spending some time on cooking and washing up.

Test, at significance level 0.05, that the proportion of women is greater than the proportion of men who spend some time on cooking and washing up during a typical day.

The p-value is

Question 12 options:

Question 13 (1 point)

A survey asked people who work full time, "How do you spend your time on a typical day?" 74% of 733 women and 55% of 1219 men reported spending some time on cooking and washing up.

Test, at significance level 0.05, that the proportion of women is greater than the proportion of men who spend some time on cooking and washing up during a typical day.

We can conclude that

Question 13 options: