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Grades on a final exam in Economics are normally distributed with a mean of 71 and a standard deviation of 11.
A. What is the probability that a randomly selected student will receive a score greater than 80?
B. What is the probability that a randomly selected student will score less than 60 and fail the exam?
C. If the top 10% of scores receive a grade of "A", what is the minimum score needed to get an "A"?
The recurrent ups and downs in the level of economic activity extending over several years are referred to as business cycles. What are the phases of this cycle and describe what occurs in each phase?
Suppose that survey measures of consumer confidence indicate a wave of pessimism is sweeping the country. If policymakers do nothing, what will happen to aggregate demand? What should the Fed do if it wants to stabilize aggregate demand? If the Fed d..
It trades with a country that produces only cheese, and the currency of that country is crowns. The real exchange rate, e, equals 5 wedges of cheese per bottle of wine. The foreign price level is 20 crowns per wedge of cheese, and the domestic money ..
Prepare a table with values from all four cases as well as compare the sensitivity of the model solution to changes in parameter values.
Suppose that the inverse demand for clothes hangers is given by: P = 3 − Q/16,000. Suppose further that the marginal cost of producing hangers is constant at $1. What is the equilibrium price and quantity of hangers if the market is competitive?
Describe the demand and marginal revenue curves faced by a firm in a purely competitive market. Are they different from those faced by a firm in oligopolistic competition? If so, why?
What are the main causes of and contributing factors to international financial crises? How can they be resolved? How can they be prevented? Answer this question in the context of the Asian Crisis of 1997.
Are credit cards money? Explain. Why do we accept money as payment? What affects the value of money? What is the purchasing power of dollar? How higher prices affect purchasing power of dollar?
Suppose that Clancy and Eileen are the only suppliers of pizza slices in a particular market. The following table shows their weekly supply schedules: Price Clancy's Quantity Supplied Eileen's Quantity Supplied (Dollars per slice) (Slices) (Slices) 1..
Illustrate what effect does the income tax have on consumption and labor supply? Explain your results in terms of income and substitution effects thoroughly.
Describe a time in your life where you outperformed your expectations in a class or under-performed in relation to your expectations. What did you do that helped you succeed? What could you have done that would have made your performance better?
Using the Internet, library and/or other resources, research and briefly elucidate methods currently being used to encourage economic growth for the typical firm in Hong Kong and for the typical firm in Singapore.
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