Chapter 14
trade increases the efficiency of production through gains from specialization
o each country has what they do best
A producer has an ab solute advantage in producing a good or service if the producer
can produce more units per hour compared
Department of Social Studies
College of Southern Nevada
Dr. Richard Numrich
Lead Faculty Economics / CSN
Spring 2017 Online 8W1
ECON 102
PRINCIPLES OF MICROECONOMICS
Welcoming Statement
For most of you, Econ 102 will represent your first college exposure
CHAPTER 0:
Getting Started
Basic Practice of
Statistics
7th Edition
Lecture PowerPoint Slides
In chapter 0 we cover
Where the data come from matters
Always look at the data
Variation is everywhere
What lies ahead
Getting started
Does Soundscan know whats
Chapter 4 Notes
Scatterplots and Correlation
Scatterplots:
Qualitative.
Explanatory vs. response variable
o Independent vs. dependent
o Y = f(x)
o Y = mx + b
o Y = ax2 + bx + c
Response variable: measures the outcome of a study, survey, experiment etc. (y
Chapter Zero Notes
What is statistics?
o Statistics: The science of learning from data.
The point is to make a claim about the general population.
Small to Big: small sample size to general population.
Where the data comes from matters. (ex. 0.2)
o Alwa
Econ Chapter 3 Notes
The Normal Distribution
Density Curve:
o A different way to draw a histogram.
o Draw a curve over the top parts of a histogram.
o Area under the curve = 1 or 100%.
Because the y axis on a histogram is percentages. They will add up to
Chapter 11
The Industrial Revolution


Significant economic growth did not really begin until the Industrial Revolution
o The application of mechanical power to the production of goods and services
which began in England around 1750
Before this, product
CHAPTER 17
Uncertainty
MULTIPLE CHOICE
Choose the one alternative that best completes the statement or answers the question.
1) Although he is very poor, Al plays the milliondollar lottery everyday because he is certain
that one day he will win. Al makes
CHAPTER 16
Interest Rates, Investment, and Capital
Markets
MULTIPLE CHOICE
Choose the one alternative that best completes the statement or answers the question.
1) Suppose a person has a discount rate of zero. This implies that she
A) places no value on t
CHAPTER 20
Contracts and Moral Hazards
MULTIPLE CHOICE
Choose the one alternative that best completes the statement or answers the question.
1) In which of the following contracts is the agent's payment unaffected by his performance?
A) fixedfee contract
CHAPTER 5
Applying Consumer Theory
MULTIPLE CHOICE
Choose the one alternative that best completes the statement or answers the question.
Figure 5.1
1) Figure 5.1 shows Bobby's indifference map for juice and snacks. Also shown are three
budget lines result
Have you ever had a day where you feel as though you just might not
make it through? When you have those days do you have anyone to lean
on? Well, I will be telling you about the three people in my life who I
know I can count on. The three people I can co
AREAA
Balance Sheet
October 1, 2015
Current Assets
Cash
Accounts Receivable
Paypal
Total Current Assets
Property Plant & Equipment
Total Assets
Liabilities & Stockholders Equity
Liabilities:
Total Current Liabilities
Stockholders Equity
Total Stockholders
Garboski 1
Jonathan E. Garboski
Professor Shelley Kelly
English 102
26 July 2015
The Invention of Nuclear Energy
Nuclear Energy has changed the world. Sine the early 1800s Nuclear energy has
started spreading like wildfire.
Jonathan Garboski
Works Cited.
Wing,Nick."15ShockingNumbersThatWillMakeYouPayAttentionTo
WhatISISIsDoingInIraq."TheHuffingtonPost.TheHuffingtonPost.com,
n.d.Web.19Apr.2015.
Cottee,Simon."WhyIt'sSoHardtoStopISISPropaganda."TheAtlantic.
AtlanticMediaCompany
Universe: The totality of everything in existence. Astronomy: The scientific study of properies and evolution of the universe. Astrology: The psudeoscience that studies certain objects in the sky determine our personalities and destiny.
Scientific Method:
Comparative Planetology: The study of each planet as individual worlds and to compare each planet to the other. Terrestrial Planets: A
terrestrial planet, telluric planet or rocky planet is a planet that is composed primarily of silicate rocks or metals.
Garboski 1
Jonathan E. Garboski
Professor Shelley Kelly
English 102
19 July 2015
The Race Factor
Growing up in an all white family has been what most people would call a
piece of cake. I however, am a firm believer that all peopledespite race, color, or
c
Garboski 1
Jonathan E. Garboski
Professor Shelley Kelly
English 102
26 July 2015
The Invention of the Radio
The radio has redefined the way the world functions. I would argue that the radio
is the most important invention of all time. Most people simply i
The Jovian planets are made mostly out of what tow elements? Whad does this mean about their densities? Hydrogen (H) &
Helium (He) Helium. Made up of mostly gas causing for a very low density. Why did the anceants not know of the existence of
Uranus, Nept
PRINCIPLES OF STATISTICS I
ECON 261
1 Minnew>ta is selected.
A sample of 12 homes s old last week in St. (PXaur~ported in t~ousands of square f eet)
t
size of the home '
?
Can we conclude t h a 'a~
rted in $ thousands) increases
increases, the selling pri
PRINCIPLES OF STATISTICS I
ECON 261
QUIZ #7
NAME:
) (
True(T)/False(F)
~01\'rt ElslJmx,\Cj
~
An inte,val estimate is a single valoe osed to estimate a popolation pa,amete<.
~
We can expect a difference between a sample statistic and the corresponding pop
PRINCIPLES OF STATISTICS I
QUIZ6
NAME
Cf/JD
True(T)/False(F)  1 Point Each
~
 1.
f 2.
f
3.
~
4 .
,f
Areas within a continuous probability distribution represent probabilities.
For any continuous probability distribution, the probability, P(x), of any
.
Find the area under the Standard Normal Distribution/Standard Normal Cumulative Proportions (See Moore, Table A, Pages 676 677)
associated with each ZValue (Standard Normal Variable)
The values (table entries) In the table associated with a particular
HYPOTHESIS TEST FOR A FOR POPULATION PROPORTION
Suppose prior elections in a certain state indicated it is necessary
for a candidate for governor to receive at least 80 percent of the
vote in the northern section of the state to be elected. The incumbent
CONTINUOUS PROBABILITY DISTRIBUTION EXAMPLE
NORMAL RANDOM VARIABLE
The Greater Tire Company has developed a new steelbelted radial tire to be sold through a national
chain of discount stores. Reseach and testing indicates that the mean () treadwear is 40
BINOMIAL PROB_ABILITY DISTRIBUTION EXAMPLE (Discrete Random Variable)
n
(\= :WofttG\ ctcfw_Js
Q= ~RO\? ;)f 9J(tec;C:,
'V( i)= C'(_ ?
()
I(_
(I?) 
\C; t)~:':iXtE'S~
Sixty percent of households in the United States own a video game console (U.S. Cen
PRINCIPLES OF STA TISTICS I
EGON 261
1t I [ s
QUIZ#5
NAME :
True(T)/False(F)
_2C_
~
\
/
1.
The complement rule states that the probability of an event not occurring is equal to one minus the probability
of its occurrence.
2.
The probability of a particula