Chapter 07 - Continuous Probability Distributions
Chapter 07
Continuous Probability Distributions
True / False Questions
1. For any uniform probability distribution, the mean and standard deviation can be computed by knowing the maximum and
minimum values

Chapter 07 - Continuous Probability Distributions
Chapter 07
Continuous Probability Distributions
True / False Questions
1. For any uniform probability distribution, the mean and standard deviation can be computed by knowing the maximum and
minimum values

Chapter 08 - Sampling Methods and the Central Limit Theorem
Chapter 08
Sampling Methods and the Central Limit Theorem
1. Sampling a population is often necessary because the cost of studying all the items in the population is prohibitive.
TRUE
2. It is of

Gross Domestic Product is the market value of all the final goods and services produced within a
country in a given time period.
A bakery uses flour to produce bread. When calculatin GDP, we include only the value of the bread
sold in a store, because whe

Economic Inequality
Lorenz Curve
Cumulative Percentage of Income
Cumulative Percentage of HHs
If no equality, Gini = 0
If there is perfect inequality, Gini = 1
To Find Gini => A(E) / A(D)
Households => 100 People
Percentage
Cum.Percentage
Income => 1000 $

The firms depreciation is 1800
Aggregate expenditure in the economy in 2013 is $350 billion
GDP in this economy equals $ 1.156 billion
GDP (expenditure approach) is $ 3000
Depreciation is $ 300
Nominal GDP in 2010 is $ 5800
Nominal GDP in 2011 is $ 5025
N

GDP is the market value of all find goods and services produced in a country in a given time period.
Market value => market prices
For example: 1 kg apple = 3 TL
1 TV = 1000 TL
Borders are important
German Firm in Turkey
= GDP +
GNP
Turkish worker in Ger

Factors of Production
Labor
Capital
The demand for a factor of production is a derived demand because it is derived from the demand for
the goods and services produced by the factor.
Ex:
If demand for pencil is increase, demand for wood or plactic also in

+ 21-
Positive externality:
A.
social cost curve lies to the LEFT of a supply (private cost)curve.
B.
social value curve lies to the RIGHT of demand (private benefit) curve.
C.
markets produce LARGER quantity than is socially desirable.
D.
markets produce

40-Individuals who are willing to take risks, to bring the resources together and develop
new products, and start new businesses.
Human resources
Services
Resources
Entrepreneurs
41-All the things used in producing goods, services, buildings, ideas
Capita

Collective Bargaining
Labor unions negotiate employers to determine wages
Strike ( workers ) : To have better conditions, workers stop to working
Lockout ( employers ) : Employee says to workers : you can not work Firm refuses to operate its
plant and all

Externalities
An externality is a benefit or cost that arises from production and falls on someone other than the
producer or a cost or benefit that arises from consumer and falls on someone other than the
consumer.
Cost negative externality
Benefit posit

1
The advantages of nuclear powered electrical energy are as follows; it generates
electricity which reduces amount of energy generated from other sources, lowers greenhouse
gas emissions, it offers less fuels that produces more energy thus save raw mater

Chapter 07 - Continuous Probability Distributions
Chapter 07
Continuous Probability Distributions
Fill in the Blank Questions
78. How is the expected value of a uniform distribution computed? _
_
7-1
Chapter 07 - Continuous Probability Distributions
Short

Chapter 09 - Estimation and Confidence Intervals
Chapter 09
Estimation and Confidence Intervals
True / False Questions
1. A point estimate is a single value used to estimate a population parameter.
TRUE
2. A point estimate is a range of values used to est

Chapter 08 - Sampling Methods and the Central Limit Theorem
Chapter 08
Sampling Methods and the Central Limit Theorem
T
1. Sampling a population is often necessary because the cost of studying all the items in the
population is prohibitive.
True False
2.

Chapter 09 - Estimation and Confidence Intervals
Chapter 09
Estimation and Confidence Intervals
True / False Questions
1. A point estimate is a single value used to estimate a population parameter.
TRUE
2. A point estimate is a range of values used to est

+ 1- Which of the following ways of avoiding the nuisance of mosquito bites provides the best
example of a public good?
A-A leisurely cruise to Australia
B-A can of mosquito repellant
C- The elimination of mosquito breeding grounds
D-Window screens and a