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You know the following information about the test for a disease:
a) Out of the general population .6% of the population have the disease.
b) 1.15% of people will initially test positive for the disease even though they do not have it.
c) Of people who actually have the disease, 25% will get an incorrect negative result.
If 1,000 people are given the test at random, list all possible results for the test and the number of people we would expect for each outcome (correct positive, correct negative, etc...)
???According to Keynes, why might deflation create problems for an economy?
Suppose in the United States, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. In the United Kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. Find the opportunity cost of both go..
Illustrate what do economists mean when they say that private goods tend to be produced in the right amounts.
Consider the example of moral hazard problem when a firm issues bonds/takes loans (in lecture note 9). We have shown that if the a sufficiently large fraction of the project is financed by the firm’s internal funds (in our example, 25%), the firm wil..
Country Y is an industrialized economy. The budget deficit of the government has been rising sharply in the last few years. In order to fund this expenditure, the government has resorted to financing its deficit by issuing bonds. Jason McAlister, a l..
Every time we have to make a choice we are faced with an opportunity cost. Using an example in your professional life, identify a situation where you were presented with a choice, the opportunity cost of the choice you made, and the process you used ..
The AS/AD model is an excellent way to understand how specific policies and actions affect output and prices in an economy. What is the aggregate demand (AD) curve? What are the components of AD? What factors can shift the AD curve?
Marian, a top graduate from Loyola in Humanities, was hired by a major corporation into a management position. Marian finished the corporation's management training program top in her group, and is performing above the norm in her position.
What do classical economists believe about the slope or shape of the Aggregate Supply curve? More traditional economists would refer to this AS curve drawn by the classical economist as the _____ ______ Aggregate Supply curve? What do classical econo..
Consider two consumers, John and Maria, each with an quantity of two goods: corn and sugar. a. John has 30 gallons of gasoline (G) and 20 bags of sugar (S); for that basket of goods, his MRS(GS) is 1G/5S. Maria has 30 gallons of gasoline (G) and 50 b..
Please provide information that has been certified as not similar to anything else on the internet or schools. I will not accept anything above 20% similarity according to my school verification. Please respond to my additional questions within 24..
When the production of a good involves a positive externality, which of the following will be true?
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