Econ 203 || A+ Graded Already.

Hypothesis Test correct answers 1) form alternative and state null 2)calculate test stat 3)find rejection region's critical value or p value 4)make decision based on where test statistic falls (within or not within rejection region) (p value higher than alpha= DNR p value lower than alpha=R) ...

What does the amount of money you hold in your wallet include? correct answers currency (the bills and coins in your wallet) and demand deposits (the balance in your checking account) Who influences the quantity of demand deposits and money supply? correct answers Banks influence the quantity of ...

Fiscal policy correct answers Government decisions about the level of taxation or government spending AD= correct answers C+I+G+NX Government can affect AD by correct answers - changing G - changing taxes an increase in government spending shifts AD.... a decrease in government spending...

What are 3 gains from society when countries decide to specialize? correct answers -specialization and trade -more resources -Improvements in technology/productivity True or False: Every country have comparative advantage in something. correct answers True What are 2 gains when two countries...

1) If the MPC is 0.95, then a $10 million increase in disposable income will: A) increase consumption by $200 million. B) increase consumption by $9.5 million. C) decrease consumption by $105 million D) increase consumption by $950 million. correct answers B) increase consumption by $9.5 million...

10 principles of economics consist of correct answers 1. people face tradeoffs 2. the cost of something is what you give up to get it 3. rational people think at the margin 4. people respond to incentives 5. trade makes everyone better off 6. markets are usually a good way to organize...

The Federal Reserve correct answers in charge of monetary policy in U.S., adjusts the money supply to help achieve its monetary policy goals Monetary correct answers increasing and decreasing amount of money in the economy Monetary Policy Goals correct answers e prices (low inflation) and maxi...

What is a financial market? correct answers a market in which people trade future claims on funds or goods (ex: a loan, stocks, insurance) Examples of "future claims": correct answers 1.) Loan: the bank gives you money now in return for repayment in the future 2.) Stocks: buying a company stoc...

Multiplier effect correct answers The increase in consumer spending that occurs when spending by one person causes others to spend more too Disposable income correct answers Income left after paying taxes -consumption is based on the amount of disposable income -people usually consume part of t...

What is Macroeconomics?* correct answers Macroeconomics is the study of aggregate behavior, including, unemployment, inflation, recessions, and other economy wide phenomenon. What is the difference between microeconomics and macroeconomics?* correct answers Macroeconomics = the study of aggregate...

Elastic Demand correct answers Change in price (%) causes a relatively large change in the quantity demanded (%) Quantity changes faster than price Total revenue increases when price decreases, consumers are more responsive to change >1.0 is elastic Inelastic Demand correct answers Ch...

Macroeconomists study? correct answers Economy Wide phenomena Which of the following statistics is the best single measure of an economy's well being? correct answers GDP The 3 main concerns of Macro are? correct answers Inflation, Unemployment and output growth According to the Classical ...

unemployment correct answers the proportion of the labor force actively seeking work but unable to find jobs labor force correct answers the number of people aged 16 and older who are available for employment frictional unemployment correct answers the unemployment that results from workers se...

Which of he following about the Chi-squared distribution is FALSE a. We use the Chi-squared distribution to perform a test on variance. b. The Chi-squared is not symmetrical. c. Only positive Chi-squared values are possible. d. The Chi-squared distribution is asymptotic to the horizontal axis ...