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Mensa in an organization whose membership requires an IQ in the top 2 percent of general population. Five hundred people are chosen randomly
a. What is the probability that no more than 4 of them will qualify for membership of Mensa?
b. What is the probability that at least 8 of them will qualify for membership to Mensa?
The National Park Service (NPS) grants a single firm the right to sell food and other goods in Yosemite National Park. In return, the NPS receives a fraction of the firm’s profits. Discuss the trade-offs of this policy. (ie. What are the pros and con..
Construct a numerical example to show that the exclusion of municipal bond interest from income taxation is equivalent to a government subsidy of state and local capital spending. Explain why it costs the government (taxpayers) more to subsidize this..
An aggressive crackdown by Egypt's interim government on smuggling tunnels between Egypt and the Gaza Strip is crushing the Palestinian enclave's economy, sparking concerns it could fuel a militant backlash. To get around the blockade, Gazans smuggle..
Which of the following is not a condition for a firm to engage in price discrimination? (Note: the question and answer choices seem to be worded to make it confusing)
A storm destroys half the fava bean crop. Is this event more likely to hurt fava bean farmers if the demand for fava beans is very elastic or very inelastic?
Economically, when is it best for a firm to outsource or contract-out some part of its production? Provide an example of a business task or operation that it would make sense to outsource. Provide an example of a government task that it would be eco..
Suppose that country A produces two goods under conditions of constant opportunity costs. Given its resources, the maximum S that it can make is 1000 units, and the opportunity cost of making T is 2 units of S. What is the maximum amount of T that it..
From a policy point of view, does the evidence in Adults Adrift support a screening or or human capital model of education. How would the answer to this question affect any policy prescriptions you have? If schools are not sufficiently endowing human..
Explain why the development of a strong central national government was so important after the civil war and deemed so necessary for the development of the nation. Cite reasons and results
When government spending increases by $1, planned expenditures increases by $1 and the equilibrium level of income will increase by $1. When taxes are cut by $1, planned expenditures increase by less than $1, and the equilibrium level will increase b..
Why the number of tools (instruments) has to be less than or equal to the number of economic objectives (goals).
What are some of the key similarities and differences between the first and second waves of globalization? Elaborate your answer by referring to increasing economic openness, growing economic interdependence and deepening economic integration in the ..
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