economics 101
57 Pages

economics 101

Course Number: ECO 101, Spring 2011

College/University: George Fox

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false 1. Macroeconomics focuses on: A) the economy as a whole. B) individual decisions. C) wages. D) the allocation of scarce resources. 2. The topics studied in macroeconomics include: d B) unemployment. C) economic growth. D) all of the above. 3. In the "paradox of thrift": A) firms that are pessimistic about the future lay off the most saving-conscientious workers. B) when families and...

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focuses false 1. Macroeconomics on: A) the economy as a whole. B) individual decisions. C) wages. D) the allocation of scarce resources. 2. The topics studied in macroeconomics include: d B) unemployment. C) economic growth. D) all of the above. 3. In the "paradox of thrift": A) firms that are pessimistic about the future lay off the most saving-conscientious workers. B) when families and business are feeling pessimistic about the future, they spend more today. C) increased saving by individuals increases their chances of becoming unemployed. D) profligate behavior during economic tough times has large negative consequences for society. 4. In contrast to the conclusions drawn from microeconomics, many economists would argue that in macroeconomics, government: A) control of rent prices increases overall economic activity. B) intervention in markets usually leaves society as a whole worse off. C) taxation of goods and services does not create a deadweight loss of economic welfare. D) intervention in markets can prevent or reduce the effects of adverse events on the macroeconomy. 5. The modern tools of macroeconomic stabilization are: A) tax policy and government spending policy. B) fiscal policy and monetary policy. C) monetary policy and exchange rate policy. D) capital policy and labor policy. 6. Assuming that there are 100 million people in the total population with a labor force of 50 million and 47 million of those workers are employed, the unemployment rate is: A) 3%. B) 6%. C) 8%. D) 10%. 7. The actual numerical measure of aggregate output typically used by economists is called: A) aggregate output. B) nominal gross domestic product. C) net domestic product. D) real gross domestic product. 8. Stabilization policy refers to efforts taken to A) reduce unemployment. B) reduce the severity of recessions. C) rein in excessively strong expansions. D) Both a and b are correct. 9. If from 1980 to 2005, the average growth rate of aggregate output for the economy of Groland was 4.5%, while over the same time, Groland's population grew an average of 2.0% per year, then aggregate output per person grew at an average of _____ each year. A) 1.5% B) 2.5% C) 4.5% D) 6.5% (Not sure T.T) 10. Secular long-run growth is the sustained upward trend in: A) aggregate output per person over several decades. B) nominal GDP over time. C) real GDP over time. D) aggregate output per person over the business cycle. 11. The U.S. sells approximately ____ of what it produces to other countries, while Canada sells almost _____ of what it produces to other countries A) 12%; 50% B) 12%; 20% C) 20%; 50% D) 20%; 12% 12. The business cycle is the long-run alternation between economic downturns and recessions and economic upturns and expansions. A) True B) False 13. Steel manufactured for the purpose of producing a car is not counted in aggregate output, but the car that results is counted. A) True B) False 14. The unemployment rate is the ratio of the unemployed to the labor force. A) True B) False 15. Capital flows include international movements of financial assets. A) True B) False (Not sure) 16. Table: Measuring GDP (billions of dollars) Personal consumption expenditures Gross private domestic investment Net exports State and local government purchases of goods and services Federal government purchases of goods and services Imports $500 200 -5 200 100 15 Reference: Ref 7-4 (Table: Measuring GDP) GDP is: A) $500 billion. B) $850 billion. C) $995 billion. D) $1,000 billion. 17. Table: Measuring GDP (billions of dollars) Personal consumption expenditures Gross private domestic investment Net exports State and local government purchases of goods and services Federal government purchases of goods and services Imports $500 200 -5 200 100 15 Reference: Ref 7-4 (Table: Measuring GDP) Total expenditures on GDP by the household sector are: A) $100 billion. B) $150 billion. C) $200 billion. D) $500 billion. 18. If during 2005, the country of Sildavia recorded a value added of $78 billion, wages of $40 billion, profits of $8 billion, and total sales of $90 billion, the value of intermediate goods purchased during 2005 in Sildavia was: A) $42 billion. B) $30 billion. C) $12 billion. D) $4 billion. 19. If during 2005, the country of Sildavia recorded a GDP of $65 billion, interest payments of $15 billion, imports of $13 billion, profits of $7 billion, exports of $15 billion, and rent of $7 billion, wages during 2005 in Sildavia were: A) $36 billion. B) $38 billion. C) $51 billion. D) $64 billion. 20. GDP tends to understate our economic well being because it: A) includes the value of services produced in the home. B) excludes the value of leisure. C) includes expenditures on crime prevention equipment. D) includes health care costs related to the consumption of cigarettes. 21. Exhibit: Real GDP Suppose that in year 1 an economy produces 100 golf balls that sell for $3 each and 75 pizzas that sell for $8 each. The next year the economy produces 110 golf balls that sell for $3.25 each and 80 pizzas that sell for $9 each. Reference: Ref 7-7 (Exhibit: Real GDP) The value of nominal GDP in years 1 and 2 respectively is: A) $900; $1,077.50. B) $900; $990. C) $180,000; $257,400. D) $1,000; $1,005. 22. Exhibit: Real GDP Suppose that in year 1 an economy produces 100 golf balls that sell for $3 each and 75 pizzas that sell for $8 each. The next year the economy produces 110 golf balls that sell for $3.25 each and 80 pizzas that sell for $9 each. Reference: Ref 7-7 (Exhibit: Real GDP) Using year 1 as the base year, real GDP in year 2 is: A) $900. B) $970. C) $1,000. D) $1,077.50. 23. Exhibit: Real GDP Suppose that in year 1 an economy produces 100 golf balls that sell for $3 each and 75 pizzas that sell for $8 each. The next year the economy produces 110 golf balls that sell for $3.25 each and 80 pizzas that sell for $9 each. Reference: Ref 7-7 (Exhibit: Real GDP) The growth rate of nominal GDP from year 1 to year 2 is: A) 10%. B) 7.8%. C) 19.7%. D) 8.8%. 24. Exhibit: Real GDP Suppose that in year 1 an economy produces 100 golf balls that sell for $3 each and 75 pizzas that sell for $8 each. The next year the economy produces 110 golf balls that sell for $3.25 each and 80 pizzas that sell for $9 each. Reference: Ref 7-7 (Exhibit: Real GDP) Using year 1 as the base year, the growth rate of real GDP from year 1 to year 2 is: A) 10%. B) 7.8%. C) 19.7%. D) 8.8%. 25. In the country of Sildavia, a market basket of goods and services cost $130 in 2003, $140 in 2004, and $160 in 2005. Based on this information and considering 2003 as the base year, the price index in 2005 was: A) 100. B) 107.69. C) 123.07. D) 130. 26. Final goods and services are sold to the final or end user. A) True B) False 27. The largest spending category in GDP is consumption. A) True B) False 28. U.S. GDP was $5,803 billion in 1990 and $11,734 billion in 2004, so we can conclude that aggregate output roughly doubled over the fourteen year period in the United States. A) True B) False 29. The key statistic to measure economic growth is: A) the size of the government's budget. B) real GDP per capita. C) life expectancy. D) the Dow Jones stock market index. 30. Scenario: Growth Rates Suppose that the current real GDP per capita of the United States is $32,000, and its growth rate is 2% per year. Assume that the real GDP per capital of China is $4000, and its annual growth rate is 7%. Reference: Ref 8-2 (Scenario: Growth Rates) How long will it take the real per capita GDP of the United States to double? A) 35 years B) 50 years C) 2.25 years D) 14 years 31. Scenario: Growth Rates Suppose that the current real GDP per capita of the United States is $32,000, and its growth rate is 2% per year. Assume that the real GDP per capital of China is $4000, and its annual growth rate is 7%. Reference: Ref 8-2 (Scenario: Growth Rates) How long will it take China's real per capita GDP to double? A) 14 years B) 10 years C) 35 years D) 50 years 32. Scenario: Growth Rates Suppose that the current real GDP per capita of the United States is $32,000, and its growth rate is 2% per year. Assume that the real GDP per capital of China is $4000, and its annual growth rate is 7%. Reference: Ref 8-2 (Scenario: Growth Rates) How many years will it take for China's per capita real GDP to be larger than per capita real GDP in the United States? A) between 70 and 75 years B) between 40 and 45 years C) between 15 and 20 year D) China's real per capita GDP will never be larger than that of the United States because the United States has superior technology and the best educated labor force in the world. 33. Scenario: Growth Rates Suppose that the current real GDP per capita of the United States is $32,000, and its growth rate is 2% per year. Assume that the real GDP per capital of China is $4000, and its annual growth rate is 7%. Reference: Ref 8-2 (Scenario: Growth Rates) Using the rule of 70, how large will China's per capita real GDP be in 20 years? A) $5,600 B) $8,000 C) $16,000 D) $28,000 34. For developed countries, which of the following would be considered the most important drive in productivity growth? A) educational level of attainment B) the amount of physical capital C) technology D) the abundance of natural resources 35. Exhibit: Aggregate Production Function The economy of Brittania has 2,000 workers and has estimated its aggregate production function, when holding human capital per worker and technology constant, as where Y is real GDP, L is the number of workers, and K is the quantity of physical capital. Reference: Ref 8-3 (Exhibit: Aggregate Production Function) When the quantity of physical capital per worker equals $25, what is real GDP per worker? A) $200 B) $500 C) $1,000 D) $5,000 36. Exhibit: Aggregate Production Function The economy of Brittania has 2,000 workers and has estimated its aggregate production function, when holding human capital per worker and technology constant, as where Y is real GDP, L is the number of workers, and K is the quantity of physical capital. Reference: Ref 8-3 (Exhibit: Aggregate Production Function) When the quantity of physical capital per worker equals $49, what is real GDP per worker? A) $200 B) $700 C) $1,400 D) $3,600 37. Exhibit: Aggregate Production Function The economy of Brittania has 2,000 workers and has estimated its aggregate production function, when holding human capital per worker and technology constant, as where Y is real GDP, L is the number of workers, and K is the quantity of physical capital. Reference: Ref 8-3 (Exhibit: Aggregate Production Function) When the quantity of physical capital per worker almost doubles from $25 to $49, real GDP per worker increases by _____, illustrating that the aggregate production function experiences _______ returns. A) almost doubles; constant B) 40%; diminishing C) 400%; increasing D) None of the above is correct. 38. Exhibit: Technological Progress and Productivity Growth in Techland Holding technology and human capital fixed in Techland, increasing physical capital per worker from $25,000 to $100,000 would have led to a doubling of real GDP per worker, from $40,000 to $80,000 during the 1970 to 2005 period. However, not only did physical capital per worker increase from $25,000 to $100,000, but technological progress shifted the productivity curve upward so that the actual increase in real GDP per worker during the 1970 to 2005 period was from $40,000 to $320,000. Reference: Ref 8-6 (Exhibit: Technological Progress and Productivity Growth in Techland) What was the growth rate of real GDP per capita in Techland during the 1970 to 2005 period? A) 2.0% B) 4.5% C) 8.75% D) 17.5% 39. Exhibit: Technological Progress and Productivity Growth in Techland Holding technology and human capital fixed in Techland, increasing physical capital per worker from $25,000 to $100,000 would have led to a doubling of real GDP per worker, from $40,000 to $80,000 during the 1970 to 2005 period. However, not only did physical capital per worker increase from $25,000 to $100,000, but technological progress shifted the productivity curve upward so that the actual increase in real GDP per worker during the 1970 to 2005 period was from $40,000 to $320,000. Reference: Ref 8-6 (Exhibit: Technological Progress and Productivity Growth in Techland) What was the growth rate of real GDP per capita in Techland attributable to increasing physical capital per worker during the 1970 to 2005 period? A) 2.0% B) 4.5% C) 8.75% D) 17.5% 40. Exhibit: Technological Progress and Productivity Growth in Techland Holding technology and human capital fixed in Techland, increasing physical capital per worker from $25,000 to $100,000 would have led to a doubling of real GDP per worker, from $40,000 to $80,000 during the 1970 to 2005 period. However, not only did physical capital per worker increase from $25,000 to $100,000, but technological progress shifted the productivity curve upward so that the actual increase in real GDP per worker during the 1970 to 2005 period was from $40,000 to $320,000. Reference: Ref 8-6 (Exhibit: Technological Progress and Productivity Growth in Techland) What was the growth rate of real GDP per capita in Techland attributable to higher total factor productivity during the 1970 to 2005 period? A) 2.0% B) 6.75% C) 8.75% D) None of the above is correct. 41. Between 1987 and 1994, a group of private investors raised $16 billion to: A) build an oil pipeline in Mexico. B) build a tunnel between Britain and France. C) tear down the Berlin Wall. D) buy the Empire State Building. 42. Scenario: Closed Economy S = I In a closed economy suppose that GDP is $12 trillion. Consumption is $8 trillion and government spending is $2 trillion. Taxes are $1.5 trillion and government transfers are $1 trillion. Reference: Ref 9-1 (Scenario: Closed Economy S = I) How much is private saving? A) $4 trillion B) $2.5 trillion C) $3.5 trillion D) -$0.5 trillion 43. Scenario: Closed Economy S = I In a closed economy suppose that GDP is $12 trillion. Consumption is $8 trillion and government spending is $2 trillion. Taxes are $1.5 trillion and government transfers are $1 trillion. Reference: Ref 9-1 (Scenario: Closed Economy S = I) What is the government budget balance? A) a surplus of $1.5 trillion B) a deficit of $1.5 trillion C) a surplus of $0.5 trillion D) a deficit of $0.5 trillion 44. Scenario: Closed Economy S = I In a closed economy suppose that GDP is $12 trillion. Consumption is $8 trillion and government spending is $2 trillion. Taxes are $1.5 trillion and government transfers are $1 trillion. Reference: Ref 9-1 (Scenario: Closed Economy S = I) How much is national saving? A) $3.5 trillion B) $3 trillion C) $2.5 trillion D) $2 trillion 45. Scenario: Closed Economy S = I In a closed economy suppose that GDP is $12 trillion. Consumption is $8 trillion and government spending is $2 trillion. Taxes are $1.5 trillion and government transfers are $1 trillion. Reference: Ref 9-1 (Scenario: Closed Economy S = I) How much is investment spending? A) $3.5 trillion B) $3 trillion C) $2.5 trillion D) $2 trillion 46. Table: Investment Spending, Private Spending, and Capital Inflows Northlandia Investment spending as a percentage of GDP Private savings as a percentage of GDP Capital inflow as a percentage of GDP 25% 10% 5% Southlandia 30% 35% -5% Reference: Ref 9-3 (Table: Investment Spending, Private Spending, and Capital Inflows) What is the budget balance as a percentage of GDP in Northlandia? A) -10% B) 0% C) 10% D) 20% 47. Table: Investment Spending, Private Spending, and Capital Inflows Northlandia Investment spending as a percentage of GDP Private savings as a percentage of GDP Capital inflow as a percentage of GDP 25% 10% 5% Southlandia 30% 35% -5% Reference: Ref 9-3 (Table: Investment Spending, Private Spending, and Capital Inflows) What is the budget balance as a percentage of GDP in Southlandia? A) -10% B) 0% C) 10% D) 20% 48. Table: Investment Spending, Private Spending, and Capital Inflows Northlandia Investment spending as a percentage of GDP Private savings as a percentage of GDP Capital inflow as a percentage of GDP 25% 10% 5% Southlandia 30% 35% -5% Reference: Ref 9-3 (Table: Investment Spending, Private Spending, and Capital Inflows) Northlandia has a ______ while Southlandia has a ________. A) balanced budget; budget deficit. B) budget deficit; balanced budget C) budget surplus; balanced budget D) None of the above is correct. 49. If a one-year project costs $100,000 and is expected to return the firm $105,000, then the rate of return of the project is: A) 4.8%. B) 5%. C) $5,000. D) $105,000. 50. Figure: Loanable Funds Market Reference: Ref 9-5 (Figure: Loanable Funds Market) If the interest rate is 8%, businesses will want to borrow approximately: A) $3 trillion. B) $2 trillion. C) $4 trillion. D) $1 trillion. 51. Figure: Loanable Funds Market Reference: Ref 9-5 (Figure: Loanable Funds Market) If the interest rate is 8%, people will want to save approximately: A) $3 trillion. B) $2 trillion. C) $4 trillion. D) $1 trillion. 52. Figure: Loanable Funds Market Reference: Ref 9-5 (Figure: Loanable Funds Market) The equilibrium interest rate and total quantity of lending are: A) 8% and $2 trillion. B) 2% and $5 trillion. C) 10% and $1 trillion. D) 6% and $3 trillion. 53. Most but not all recessions since World War II have been the result of shifts in: A) the aggregate curve. demand B) the aggregate supply curve. C) both the aggregate demand and supply curves. D) the long-run aggregate supply curve. 54. According to the table below, the MPC and autonomous consumption are ________ and ________, respectively, for Bob. Individual Consumption Function for Bob Disposable Income Bob $0 $10,000 $9,000 13,000 A) 0.6; $10,000 B) 0.4; $13,000 C) 0.6; $9,000 D) 0.4; $9,000 55. If the aggregate consumption equals $100,000,000 + .75 YD, then the marginal propensity to consume is: A) 0.75. B) 0.25. C) $75,000,000. D) $100,000,000. 56. Exhibit: Income-Expenditure Equilibrium 1 GDP is $8,000, autonomous consumption is $500, and planned investment spending is $200. The marginal propensity to consume is 0.8. Reference: Ref 11-2 (Exhibit: Income-Expenditure Equilibrium 1) What is the consumption function? A) C = 8,000 + .8 YD B) C = 8,700 + .2 YD C) C = 500 + 0.8 YD D) C = 1,700 + .2 YD 57. Exhibit: Income-Expenditure Equilibrium 1 GDP is $8,000, autonomous consumption is $500, and planned investment spending is $200. The marginal propensity to consume is 0.8. Reference: Ref 11-2 (Exhibit: Income-Expenditure Equilibrium 1) How much is consumption? A) $500 B) $8,000 C) $700 D) $6,900 58. Exhibit: Income-Expenditure Equilibrium 1 GDP is $8,000, autonomous consumption is $500, and planned investment spending is $200. The marginal propensity to consume is 0.8. Reference: Ref 11-2 (Exhibit: Income-Expenditure Equilibrium 1) How much is planned aggregate spending? A) $7,100 B) $6,400 C) $8,000 D) $700 59. Exhibit: Income-Expenditure Equilibrium 1 GDP is $8,000, autonomous consumption is $500, and planned investment spending is $200. The marginal propensity to consume is 0.8. Reference: Ref 11-2 (Exhibit: Income-Expenditure Equilibrium 1) If GDP is $3,000, planned aggregate spending is: A) $2,400. B) $2,900 C) $3,100 D) $3,000 60. Exhibit: Income-Expenditure Equilibrium 1 GDP is $8,000, autonomous consumption is $500, and planned investment spending is $200. The marginal propensity to consume is 0.8. Reference: Ref 11-2 (Exhibit: Income-Expenditure Equilibrium 1) How much is unplanned inventory investment? A) $1,100 B) -$900 C) $900 D) 0 61. Exhibit: Income-Expenditure Equilibrium 1 GDP is $8,000, autonomous consumption is $500, and planned investment spending is $200. The marginal propensity to consume is 0.8. Reference: Ref 11-2 (Exhibit: Income-Expenditure Equilibrium 1) If GDP is $3,000, how much is unplanned inventory investment? A) 0 B) $600 C) $100 D) -$100 62. Exhibit: Income-Expenditure Equilibrium 1 GDP is $8,000, autonomous consumption is $500, and planned investment spending is $200. The marginal propensity to consume is 0.8. Reference: Ref 11-2 (Exhibit: Income-Expenditure Equilibrium 1) Given this situation, firms will tend to: A) raise prices. B) hire more people. C) increase output. D) decrease output. 63. Exhibit: Income-Expenditure Equilibrium 1 GDP is $8,000, autonomous consumption is $500, and planned investment spending is $200. The marginal propensity to consume is 0.8. Reference: Ref 11-2 (Exhibit: Income-Expenditure Equilibrium 1) Income-expenditure equilibrium is achieved when GDP is: A) $8,000. B) $7,000. C) $3,500. D) $700. 64. Exhibit: Income-Expenditure Equilibrium 1 GDP is $8,000, autonomous consumption is $500, and planned investment spending is $200. The marginal propensity to consume is 0.8. Reference: Ref 11-2 (Exhibit: Income-Expenditure Equilibrium 1) The multiplier is: A) 0.8. B) 0.2. C) 5. D) 1.25 65. If GDP is smaller than planned expenditure, then: A) unplanned inventory investment is negative. B) GDP will rise. C) the economy is not in equilibrium. D) all of the above are correct. 66. If the planned expenditure rises by $10 billion and the MPC is .75, then equilibrium GDP changes by: A) $2.5 billion. B) $7.5 billion. C) $10 billion. D) $40 billion. 67. Stagflation is a combination of: A) increasing unemployment and increasing inflation. B) decreasing unemployment and decreasing inflation. C) increasing unemployment and decreasing inflation. D) decreasing unemployment and increasing inflation. 68. The aggregate supply curve shows the relationship between the aggregate price level and: A) aggregate output supplied. B) the aggregate money supply. C) the aggregate unemployment rate. D) aggregate employment. 69. Figure: Aggregate Supply Reference: Ref 10-1 (Figure: Aggregate Supply) If the economy is at point E: A) actual output is less than potential output. B) actual output is more than potential output. C) actual output is equal to potential output. D) it is impossible to determine the relationship between actual and potential output without more information. 70. Figure: Aggregate Supply Reference: Ref 10-1 (Figure: Aggregate Supply) If the economy is at point E, which of the following describes the likely adjustment process? A) Nominal wages increase, and the short-run aggregate supply curve shifts left until actual and potential output are equal. B) Nominal wages increase, and the short-run aggregate supply curve shifts right until potential output is greater than actual output. C) Nominal wages decrease, and the short-run aggregate supply curve shifts right until actual and potential output are equal. D) Nominal wages decrease, and the short-run aggregate supply curve shifts right until potential output is less than actual output. 71. Figure: Aggregate Supply Reference: Ref 10-1 (Figure: Aggregate Supply) At point F, potential output is: A) less than actual output and unemployment is high. B) less than actual output and unemployment is low. C) greater than actual output and unemployment is high. D) less than actual output and unemployment is low. 72. Figure: AD-AS Model 1 Reference: Ref 10-4 (Figure: AD-AS Model 1) If the economy is at point X, there is: A) an inflationary gap with low unemployment. B) an inflationary gap with high unemployment. C) a recessionary gap with low unemployment. D) a recessionary gap with high unemployment. 73. Figure: AD-AS Model 1 Reference: Ref 10-4 (Figure: AD-AS Model 1) If the economy is at point X, which of the following describes the likely adjustment to long-run equilibrium? A) Nominal wages decrease, and the aggregate demand curve shifts left until the economy reaches long-run equilibrium. B) Nominal wages increase, and the aggregate demand curve shifts right until the economy reaches long-run equilibrium. C) Nominal wages decrease, and the short-run aggregate supply curve shifts right until the economy reaches long-run equilibrium. D) Nominal wages decrease, and the short-run aggregate supply curve shifts left until the economy reaches long-run equilibrium. 74. Figure: AD-AS Model 1 Reference: Ref 10-4 (Figure: AD-AS Model 1) If the economy is at point X, the appropriate fiscal policy is to: A) increase taxes and decrease government spending. B) decrease taxes and increase government spending. C) increase the money supply and interest rates. D) decrease the money supply and interest rates. 75. Figure: AD-AS Model 1 Reference: Ref 10-4 (Figure: AD-AS Model 1) If the economy is at point X, the appropriate monetary policy is to: A) increase taxes and decrease government spending. B) decrease taxes and increase government spending. C) increase the money supply and decrease interest rates. D) decrease the money supply and increase interest rates. 76. Figure: AD-AS Model 2 Reference: Ref 10-5 (Figure: AD-AS Model 2) If the price level increases, which of the following will take place? A) SRAS curve will shift to the left. B) SRAS curve will shift to the right. C) AD curve will shift to the left. D) None of the above will take place. 77. Figure: AD-AS Model 2 Reference: Ref 10-5 (Figure: AD-AS Model 2) If commodity prices increase, which of the following will take place? A) SRAS curve will shift to the left. B) SRAS curve will shift to the right. C) AD curve will shift to the left. D) AD curve will shift to the right. 78. Figure: AD-AS Model 2 Reference: Ref 10-5 (Figure: AD-AS Model 2) If nominal wages decrease, which of the following will take place in the short run? A) SRAS curve will shift to the left. B) SRAS curve will shift to the right. C) LRAS will shift to the right. D) AD curve will shift to the right. 79. Figure: AD-AS Model 2 Reference: Ref 10-5 (Figure: AD-AS Model 2) If productivity increases, which of the following will take place? A) SRAS curve will shift to the left. B) SRAS curve will shift to the right. C) AD curve will shift to the left. D) AD curve will shift to the right. 80. Figure: AD-AS Model 2 Reference: Ref 10-5 (Figure: AD-AS Model 2) As the size of the labor force increases over time, which of the following will take place? A) LRAS will shift to the right. B) LRAS will shift to the left. C) AD curve will shift to the left. D) AD curve will shift to the right. 81. Figure: AD-AS Model 2 Reference: Ref 10-5 (Figure: AD-AS Model 2) When consumers and firms become more optimistic, which of the following will take place in the short run? A) SRAS curve will shift to the left. B) SRAS curve will shift to the right. C) AD curve will shift to the right. D) None of the above. 82. Figure: AD-AS Model 2 Reference: Ref 10-5 (Figure: AD-AS Model 2) When firms decrease their investment spending, which of the following will take place in the short run? A) LRAS will shift to the left. B) LRAS will shift to the right. C) AD curve will shift to the right. D) AD curve will shift to the left. 83. Figure: AD-AS Model 2 Reference: Ref 10-5 (Figure: AD-AS Model 2) If the value of household wealth increases, which of the following will take place? A) SRAS curve will shift to the left. B) SRAS curve will shift to the right. C) AD curve will shift to the right. D) AD curve will shift to the left. 84. Figure: AD-AS Model 2 Reference: Ref 10-5 (Figure: AD-AS Model 2) If there is a significant increase in government spending, which of the following will take place in the short run? A) SRAS curve will shift to the left. B) SRAS curve will shift to the right. C) AD curve will shift to the left. D) AD curve will shift to the right. 85. Figure: AD-AS Model 2 Reference: Ref 10-5 (Figure: AD-AS Model 2) If the central bank causes a significant decrease in the quantity of money that is circulating in the economy, then which of the following will take place? A) LRAS will shift to the right. B) LRAS will shift to the left. C) AD curve will shift to the left. D) AD curve will shift to the right. 86. A binding price ceiling is designed to: A) keep prices low. B) increase the quality of the good. C) prevent shortages. D) none of the above. 87. Figure and Table: Market for Apartments Rent (per apartment per month) $1,400 1,300 1,200 1,100 1,000 900 800 700 600 Quantity demanded (millions of apartments) 1.6 1.7 1.8 1.9 2.0 2.1 2.2 2.3 2.4 Quantity supplied (millions of apartments) 2.4 2.3 2.2 2.1 2.0 1.9 1.8 1.7 1.6 Reference: Ref 4-1 (Figure and Table: Market for Apartments) This figure represents a competitive market for apartments. If a government price ceiling at $700 is now imposed on this market (in the name of fairness), then an inefficiency will result in the form of a: A) surplus of 0.6 million apartments. B) shortage of 0.6 million apartments. C) surplus of 0.2 million apartments. D) shortage of 0.2 million apartments. 88. Figure and Table: Market for Apartments Rent (per apartment per month) $1,400 1,300 1,200 1,100 1,000 900 800 700 600 Quantity demanded (millions of apartments) 1.6 1.7 1.8 1.9 2.0 2.1 2.2 2.3 2.4 Quantity supplied (millions of apartments) 2.4 2.3 2.2 2.1 2.0 1.9 1.8 1.7 1.6 Reference: Ref 4-1 (Figure and Table: Market for Apartments) This figure represents a competitive market for apartments. If a government price ceiling at $900 is now imposed on this market (in the name of fairness), then an inefficiency will result in the form of a: A) surplus of 0.6 million apartments. B) shortage of 0.6 million apartments. C) surplus of 0.2 million apartments. D) shortage of 0.2 million apartments. 89. Figure and Table: Market for Apartments Rent (per apartment per month) $1,400 1,300 1,200 1,100 1,000 900 800 700 600 Quantity demanded (millions of apartments) 1.6 1.7 1.8 1.9 2.0 2.1 2.2 2.3 2.4 Quantity supplied (millions of apartments) 2.4 2.3 2.2 2.1 2.0 1.9 1.8 1.7 1.6 Reference: Ref 4-1 (Figure and Table: Market for Apartments) This figure represents a competitive market for apartments. If a government price ceiling at $600 is now imposed on this market (in the name of fairness), then an inefficiency will result in the form of a: A) surplus of 0.6 million apartments. B) surplus of 0.8 million apartments. C) shortage of 0.8 million apartments. D) shortage of 0.6 million apartments. 90. Table: Market for Butter P $1.20 1.10 1.00 0.90 0.80 QD 9.0 9.5 10.0 10.5 11.0 QS 12.0 11.0 10.0 9.0 8.0 Note: P = price per lb in $; QD = Quantity demanded in millions of lbs.; QS = Quantity supplied in millions of lbs. Reference: Ref 4-4 (Table: Market for Butter) From this table, if the government imposes a price floor of $0.90 per lb. of butter, the quantity of butter actually purchased will be: A) 10.5 million lbs. B) 9.0 million lbs. C) 1.5 million lbs. D) 10.0 million lbs. 91. Table: Market for Butter P $1.20 1.10 1.00 0.90 QD 9.0 9.5 10.0 10.5 QS 12.0 11.0 10.0 9.0 0.80 11.0 8.0 Note: P = price per lb in $; QD = Quantity demanded in millions of lbs.; QS = Quantity supplied in millions of lbs. Reference: Ref 4-4 (Table: Market for Butter) From this table, if the government imposes a price ceiling of $0.90 per lb. of butter, the quantity of butter actually purchased will be: A) 10.5 million lbs. B) 9.0 million lbs. C) 1.5 million lbs. D) 10.0 million lbs. 92. Figure and Table: Market for Butter Price (per lb. of butter) $1.40 1.30 1.20 1.10 1.00 0.90 Quantity demanded (millions of lbs. of butter) 8.0 8.5 9.0 9.5 10.0 10.5 Quantity supplied (millions of lbs. of butter) 14.0 13.0 12.0 11.0 10.0 9.0 0.80 0.70 0.60 11.0 11.5 12.0 8.0 7.0 6.0 Reference: Ref 4-5 (Figure and Table: Market for Butter) This figure represents a competitive market for butter. If a government price floor at $1.40 is now imposed on this market (in the name of fairness), then an inefficiency will result in the form of a: A) surplus of 4.5 million pounds of butter. B) surplus of 6.0 million pounds of butter. C) shortage of 6.0 million pounds of butter. D) shortage of 4.5.million pounds of butter. 93. Figure and Table: Market for Butter Price (per lb. of butter) $1.40 1.30 1.20 1.10 Quantity demanded (millions of lbs. of butter) 8.0 8.5 9.0 9.5 Quantity supplied (millions of lbs. of butter) 14.0 13.0 12.0 11.0 1.00 0.90 0.80 0.70 0.60 10.0 10.5 11.0 11.5 12.0 10.0 9.0 8.0 7.0 6.0 Reference: Ref 4-5 (Figure and Table: Market for Butter) This figure represents a competitive market for butter. If a government price floor at $1.30 is now imposed on this market (in the name of fairness), then an inefficiency will result in the form of a: A) surplus of 4.5 million pounds of butter. B) shortage of 4.5 million pounds of butter. C) surplus of 1.5 million pounds of butter. D) shortage of 1.5 million pounds of butter. 94. Figure and Table: Market for Butter Price (per lb. of butter) $1.40 1.30 Quantity demanded (millions of lbs. of butter) 8.0 8.5 Quantity supplied (millions of lbs. of butter) 14.0 13.0 1.20 1.10 1.00 0.90 0.80 0.70 0.60 9.0 9.5 10.0 10.5 11.0 11.5 12.0 12.0 11.0 10.0 9.0 8.0 7.0 6.0 Reference: Ref 4-5 (Figure and Table: Market for Butter) This figure represents a competitive market for butter. If a government price floor at $1.10 is now imposed on this market (in the name of fairness), then an inefficiency will result in the form of a: A) surplus of 4.5 million pounds of butter. B) shortage of 4.5 million pounds of butter. C) surplus of 1.5 million pounds of butter. D) shortage of 1.5 million pounds of butter. 95. A binding minimum wage will generally cause increased unemployment for low-skilled workers. A) True B) False 96. The demand price of a given quantity of donuts is the price at which consumers will demand that quantity of donuts. The supply price of donuts is the price at which donut producers will supply that quantity of donuts. A) True B) False 97. The price that buyers pay and the price that sellers receive in the presence of an excise tax are unaffected by which of these groups officially pays the tax. A) True B) False 98. Figure: Demand for Videotapes Reference: Ref 3-2 (Figure: Demand for Videotapes) A decrease in the price of videotape rentals would result in a change illustrated by: A) the move from f to g in Panel A. B) the move from h to i in Panel B. C) the move from j to k in Panel C. D) the move from l to m in Panel D. 99. Figure: Demand for Videotapes Reference: Ref 3-2 (Figure: Demand for Videotapes) A decrease in the price of videotape recorders (a complement) would result in a change illustrated by: A) the move from f to g in Panel A. B) the move from h to i in Panel B. C) the move from j to k in Panel C. D) the move from l to m in Panel D. 100. Figure: Demand for Videotapes Reference: Ref 3-2 (Figure: Demand for Videotapes) A decrease in the price of movie tickets (a substitute) would result in a change illustrated by: A) the move from f to g in Panel A. B) the move from h to i in Panel B. C) the move from j to k in Panel C. D) the move from l to m in panel D. Submit Sav e and Continue Later true Time ;,lm

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National University of Singapore - ECE - 2010
Admin Motivation Course Syllabus SignalsEE2010 Systems & Control NotesLOH Ai Poh, TAN Kay Chen, TAN Woei Wan , Arthur TAYDept. of Electrical & Computer Engineering National University of Singaporec 2011 All Rights ReservedEE2010 Systems & Control Not
National University of Singapore - ECE - 2010
Systems System Properties DE ModelDefinition Maths Models Analysis & Design Block DiagDefinition of SystemsA system is an entity or process that manipulates one or more signals to accomplish a particular task, thereby yielding new signals. For example,
National University of Singapore - ECE - 2010
Laplace TransformMotivation Definition Rules Inverse LT ExampleWhat is Laplace Transform ?Mathematical tool used for solving linear ordinary differential equation.Difficult Problem Solution of Difficult ProblemLaplace Transform Solve easy problemInv
National University of Singapore - ECE - 2010
Transfer Function Poles and Zeros StabilityDefinition Example Non-zero ICTransfer Function of LTI SystemsSystem transfer function is the ratio of the Laplace transform of the output signal, y (t), over the Laplace transform of the input driving functio
National University of Singapore - ECE - 2010
Impulse Response Step Response Transient Spec ZeroDef Convolution ExampleImpulse Response : DefinitionThe impulse response of a LTI system is the system's output signal when the input signal, u(t), is the unit impulse function, (t), with zero initial c
National University of Singapore - ECE - 2010
Sine i/p Freq Response Factors Summary PolarIntuition LT AnalysisResponse due to sinusoidal inputWhat is the output signal of a stable system when the input signal is a sinusoidal function ?U0 sin( t)G(s)?Intutively, the steady-state output will al
National University of Singapore - ECE - 2010
EE2010 Systems and Control (Chapter 1)EE2010 Systems and Control AY 10/11LOH Ai Poh, TAN Kay Chen, TAN Woei Wan , Arthur TAYDepartment of Electrical and Computer Engineering National University of Singapore1-1EE2010 Systems and ControlIVLE course we
National University of Singapore - ECE - 2010
EE2010 Systems and Control (Chapter 2)Basic System Properties Static and Dynamic System System is static (also called memoryless) if output is a function of the input at the present time only, i.e., y(t) = K u(t) Example is a resistor, V(t) = i(t) R. O
National University of Singapore - ECE - 2010
EE2010 Systems and Control (Chapter 3)Transfer Function of LTI Systems System transfer function is the ratio of the Laplace transform of the output signal, y(t), over the Laplace transform of the input driving function, u(t), under the assumption that a
National University of Singapore - ECE - 2010
EE2010 Systems and Control (Chapter 4)Impulse Response The impulse response of a LTI system is the system's output signal when the input signal, u(t), is the unit impulse function, (t), with zero initial conditions Suppose the transfer function represen
National University of Singapore - ECE - 2010
EE2010 Systems and Control (Chapter 5)Transient Response Specifications Consider the position control problem belowRelate system parameters of underdamped 2nd order system ( and n) with language humans use to describe task/objective.5-1EE2010 Systems
National University of Singapore - ECE - 2010
EE2010 Systems and Control (Chapter 6)j j Quadratic factor, 1 2 ( ) ( ) 2n n1 Magnitude of a second-order system is1 1 j j 2 2 2 1 2 ( n ) ( n ) (1 2 ) (2n n)2 20 log10 (1 2 ) 2 (2 2 n 2 n) Phase of a second order system is 2 ( n ) 1 tan 1
National University of Singapore - ECE - 2010
EE2010 Systems and Control (Chapter 7)Open Loop and Closed Loop ControlOpen Loop Control An open-loop control system utilizes an actuating device to control the process directly without using feedback/deviceDesired output response Output ActuatorProc
National University of Singapore - ECE - 2010
EE2010 Systems and Control (Chapter 8)Control Performance Performance refers to how well the system responds to inputs. It is usually given in terms of time domain specifications, such as rise time, settling time, steady-state error, etc. Open Loop Perf
National University of Singapore - ECE - 2010
EE2010 Systems and Control (Chapter 9)Assessment of Stability - Revisit How do we assess stability of the following feedback system? Y(s) R(s) + E(s) K(s) G(s) Closed loop stability can be obtained by calculating the poles of the CL system. The calculat
National University of Singapore - ECE - 2010
EE2010 Systems and Control (Chapter 10)Robust Stability: Gain and Phase MarginsR(s) + K(s) G(s) Y(s) We have seen how stability of the closed loop system can be assessed using the root locus approach or by applying the Nyquist stability criterion We ha
Jordan University of Science & Tech - PSYCH - 5601
More Praise for The Conflict Resolution Toolbox"We all know one thing about conflict: It is messy! Furlong's models offer mediators, facilitators, lawyers, psychotherapists and others `a leg up' in more swiftly figuring out what is going on and what is n
Adelphi - MBA - 101
From traditional knowledge management in hierarchical organizations to a network centric paradigm for a changing world. Practitioner Kate Crawford, Helen Hasan, Leoni Warne, Henry Linger Abstract: At the beginning of the 21st century, all organizations ne
Adelphi - MBA - 102
From traditional knowledge management in hierarchical organizations to a network centric paradigm for a changing world.By Kate Crawford, Helen Hasan, Leoni Warne, Henry LingerCheng Zhan Leadership & Innovation In Complex Systems 11.05.2010 At the beginn
American Public University - ENG - 101
How is it possible to choose the sex of your baby besides adoption? Has our society really dropped their morals so low? Before reading this text, I skimmed through, and seen that there were arguments pending on whether this should occur or not. I am curio
University of Phoenix - QNT - 571
Chapter 13 44). A sample of 12 homes sold last week in St. Paul, Minnesota, is selected. Can we conclude that, as the size of the home (reported below in thousands of square feet) increases, the selling price (reported in $ thousands) also increases?Home
University of Phoenix - HCR - 210
Axia College MaterialAppendix B Office Comparison InterviewsOne of the reasons that procedures vary for handling patient records is the volume of patients seen on any given day. By comparing and contrasting record management systems in different sized f
Ashford University - ACC - 410
Complete 1-12 (p. 25). Remember to complete all parts of the problems. Do not forget to show the necessary steps and explain how you attained that outcome. Spacecraft, Inc., is a large corporation that is audited regularly by a public accounting firm but
Universidad Metropolitana - SCIE - 111
UNIDAD I : Introduccin a la sociedad de la InformacinContenidos El Concepto de Sociedad de la Informacin Aspectos de la Sociedad de la Informacin Tecnologa de la Informacin e InternetUNIDAD I : Introduccin a la sociedad de la InformacinSociedad de la
Elizabethtown - ENG - 102
Toulmin ModelClaim: Position or point of view, very specificReasons: Because clauses that answer the "why" of the claimGrounds: Evidence (data, facts, personal testimony, examples, statistics) supporting reasonsWarrant: Unstated assumption behind the
Elizabethtown - POL SCI - 100
Discussion Forum Grading Rubric * Your grades will be awarded in terms of participation relative to that of your classmates. *A-will be reserved for students who have posted the most comments and responses. Comments and responses should be thoughtful and
Elizabethtown - POL SCI - 100
Student Tips for Successful Test Taking in Blackboard. *These tips have been compiled from many colleges using Blackboard. Taking Your Test in Blackboard To minimize technology problems that can occur while testing, please read the following list and app
Elizabethtown - POL SCI - 100
Helpful Reminders! PS 101 Print this document and keep it by your computer for easy reference! *It's important to remember that this is a political science course that just happens to be on-line. It is not a course about taking an on-line course. If you h
Elizabethtown - POL SCI - 100
PS 101 Schedule, Online Summer 2010 Modules will appear by Wednesday morning 9 a.m. (eastern standard time). Modules will be available for almost one week. Plan for each Module to disappear by Tuesday at 11:55 p.m. (eastern standard time) the night before
KCTCS - POL SCI - 101
Bring back the Draft? There are always many debates surrounding a war. One of the lesser heard debates over the wars in Afghanistan and Iraq is whether the Congress and the President should reinstate the draft. Currently, America has an "all-volunteer mil
KCTCS - POL SCI - 101
Reading the Documents-The Declaration of Independence Read the Declaration of Independence (in the back of the textbook or on-line). Also, read pages 22 to 30 in Chapter 2. Consider the following questions. 1. 2. 3. 4. Name the author of the Declaration.
KCTCS - POL SCI - 101
Cortney Post News Journal #1 "Campaign ad sparks controversy" The News-Enterprise May 13, 2010 This article from the Associated Press is about a citizens group in Pike County, Kentucky who is independently campaigning against Magistrate Chris Harris' re-e
KCTCS - POL SCI - 101
Studying the Chapter-Introduction In the textbook, read Chapter One. In Chapter Two, read pages 22-30. In Chapter 10, read pages 224-229. In the back of the textbook (or on-line), read the Declaration of Independence. Notice the Learning Objectives on the
KCTCS - POL SCI - 101
CH 1Quotes"If men were angels, no government would be necessary" James Madison p3 "The ultimate rulers of our democracy are the voters of this country" Franklin D. Roosevelt p3 "Politics is the process of determining who gets what, when and how" Harold
KCTCS - POL SCI - 101
KCTCS - POL SCI - 101
Should we abolish the Death Penalty? THE DEATH PENALTY AND THE EIGHTH AMENDMENT-"CRUEL AND UNUSUAL PUNISHMENT"? Or, an effective and efficient punishment? An ongoing debate in the United States revolves around the death penalty. While it's true that a maj
KCTCS - POL SCI - 101
Reading the Documents-The U.S. Constitution It's nice to be able to read the original documents. These questions investigate just a few issues found in the Constitution. These questions are for your study only. This is not an assignment. Read the U.S. Con
KCTCS - POL SCI - 101
Cortney Post News Journal #2 "Senators will have less background on Kagan to help make Supreme Court decision" The Washington Post May 26, 2010This article is about Supreme Court nominee Elena Kagan's qualifications and mostly focuses on her publications
KCTCS - POL SCI - 101
Studying the Chapter-Chapter 2-the Constitution Read Chapter 2 and pages 76-79 (Chapter 4) in the Textbook, the Declaration of Independence (in the back of the textbook), the Articles of Confederation (found on the Internet), and the U.S. Constitution (in
KCTCS - POL SCI - 101
Cortney Post New Journal #3 "Suspects must assert right to silence" USA Today June 1, 2010 The article is about the Supreme Court decision that changes some of the effect of the 1966 case Miranda v. Arizona. Today's decision has to do with how a suspect m
KCTCS - POL SCI - 101
Term Limits for Members of Congress. More Legislators than ever now define their occupation as "legislator". In the 1990s, several states actually implemented term limits for their own members of Congress by passing state laws. However, the U.S. Supreme C
KCTCS - POL SCI - 101
Cortney Post "Gulf Oil Spill: Federal Estimates Again Eclipsed By Reality" Huffington Post 6/8/10The claim in this article is that amount of oil that is pouring into the ocean because of the collapse of the BP drilling platform in the Gulf is much more t
KCTCS - POL SCI - 101
Reading the Documents Congress and the Constitution This is NOT a required assignment. It's for your study only. Congress is mentioned in Article I (one) and Amendments XVII (17), XX (20) and XXV (25). (You may also want to review Chapter 11 and the secti
KCTCS - POL SCI - 101
Congress-the Legislative Branch READ: Chapter 11; in the Constitution, read Article I and Amendments XVII (17), XX (20), XXVII (27). Also, see Chapter 2 to read about the creation of Congress-the Great Compromise and the Three-Fifths Compromise. As usual,
KCTCS - HISTORY - 104
Legacy of Byz. Emp. 1 Preserved, continued Gr. & R. sci, law, arch., phil, language, 2. Original contributions in acrh, (hag Sop) culture, (i.e. Sunday as day of worship) 3. Christianized west and other areas of eastern eur. 4. Buffer b/t Islam and latin
KCTCS - HISTORY - 104
Reformation in Germany The Protestant Reformation began in Germany with Martin Luther. Martin Luther was a monk who wrestled with the question of how one is saved. The doctrine of the Roman Catholic Church was that one was saved through faith and good dee
KCTCS - HISTORY - 104
Post 1 Cortney Post The Last Duel 03/29/101.Jean de Carrouges is a nobleman from a good family with a long history and goodreputation. He is loyal to his country and honored for his courage in battle. He volunteered to serve in many campaigns and battl
KCTCS - STATS - 200
Chapter 1 Where Do Data Come From?In this chapter Introduction to statistics The branches of statistics Types of studies Introduction to statistics How do you define statistics? What do you think of when you hear the term statistics? The formal definitio
KCTCS - STATS - 200
Chapter 2 Samples, Good and BadIn this chapter Bias Sampling Types of Random Sampling Bias Bias a prejudice in one direction If a statistic is biased it will tend to overestimate or underestimate the value we are trying to predict. We can eliminate (or a
KCTCS - STATS - 200
Chapter 3 What Do Samples Tell Us?In this chapter Statistics and parameters Margin of Error Statistics and parameters Statistic A numerical characteristic of a sample. This value is known when we take our sample, but it will change from sample to sample.
KCTCS - STATS - 200
Chapter 4 Sample Surveys in the Real WorldIn this chapter Types of error Survey questions Believing a statistic Types of error Sampling frame list of every individual in the population Under-coverage when some groups in the population are left out of the
KCTCS - STATS - 200
Chapter 5 Experiments, Good and BadIn this chapter Variables in a study Treatments in an experiment Things to watch for in an experiment Variables in a study To conduct a study properly, you must do the following: Get a representative sample Get a large
KCTCS - STATS - 200
Chapter 6 Experiments in the Real WorldIn this chapter Loss of subjects in experiments Experimental design Loss of subjects in experiments Non-adherers subjects who participate but do not follow the experimental treatments Dropouts subjects who begin the
KCTCS - STATS - 200
Chapter 8 MeasuringIn this chapter Validity and reliability Types of data Levels of measure Validity and reliability Validity a measurement is valid if it actually measures what it claims to measure Often a rate (percent) at which something occurs is a m
KCTCS - STATS - 200
Chapter 10 Graphs, Good and BadIn this chapter Pie chart Bar graph Line graph Pie chart We are now to the point in the class where we will begin looking at descriptive statistics. Remember that descriptive statistics are methods of summarizing a set of d
KCTCS - STATS - 200
Chapter 11 Displaying Distributions with GraphsIn this chapter Stem-and-Leaf plot Histogram Shapes of Distributions Stem-and-Leaf plot The goal with the graphs in this chapter is to look at the distribution for a quantitative variable. When looking at th
KCTCS - STATS - 200
Chapter 12 Describing Distributions with NumbersIn this chapter Measures of central tendency Measures of dispersion Measures of position Box-and-whisker plot Measures of central tendency In this chapter we will mainly deal with the calculation of statist
KCTCS - STATS - 200
Chapter 13 Normal DistributionsIn this chapter Density curves Identifying shape of a distribution Standardized scores Density curves Statistical software can replace the separate bars of a histogram with a smooth curve that represents the overall shape o
KCTCS - STATS - 200
Chapter 14 Describing Relationships: Scatterplots and CorrelationIn this chapter Identifying correlation graphically Quantifying a linear correlation "Causal" research Identifying correlation graphically Correlation an association or relationship between
KCTCS - STATS - 200
Chapter 15 Describing Relationships: Regression, Prediction, and CausationIn this chapter Linear regression Cautions with regression Linear regression Deterministic View This is the idea that Y is caused by X or that once X has happened, Y will follow. W
KCTCS - STATS - 200
Chapter 17 Thinking about ChanceIn this chapter Introduction to probability Probability rules Independence Probability from a contingency table Introduction to probability We will look at situations with more than one outcome for which we cannot know the