Statistics for Business and Economics (13th Edition)
13th Edition
ISBN: 9780134506593
Author: James T. McClave, P. George Benson, Terry Sincich
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem 1.14LM
Suppose that a population contains 200,000 experimental units. Use a random number generator to select a simple random sample of n = 10 units from the population.
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make up our "society." In this society, prefer pepperoni to cheese pizza; _prefer cheese to supreme; and prefer supreme to pepperoni. This example illustrates that
_
Person
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Dakota
Austin
0000
First Preference
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Supreme
Cheese
Second Preference
Cheese
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Third Preference
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two-thirds; two-thirds; two-thirds; even if individuals' preferences might satisfy the transitive property, societal preferences may not.
two-thirds; two-thirds; everyone; if individuals' preferences satisfy the transitive property, societal preferences must also.
two-thirds; two-thirds; everyone; even if individuals' preferences might satisfy the transitive property, societal preferences may not.
two-thirds; two-thirds; two-thirds; if individuals' preferences satisfy the transitive property,…
Consider the table below, which has data on insurance status and medical expenditures for different types of professors at Hypothetical University (HU), economics &
criminology professors. Assume that there are an equal number of economics and criminology professors. Assume further that econ professors all have the same level of health
and criminology professors all have the same level of health.
In 2020, every professor was offered a full insurance contract with no premium. In 2021, HU charged any employee who wanted to keep health insurance the actuarially fair
premium based on 2020 expenditures. This premium would be equal to and, as a result,professors dropped their coverage in 2021.
_
2020
2021
Insured? Avg. Expenditures Insured? Avg. Expenditures
Economics Professors
Criminology Professors Yes
Yes $25,000
$15,000
000000
$15,000; criminology
$25,000; econ
$20,000; econ
$15,000; econ
$20,000; criminology
$25,000; criminology
???
$28,000
???
$10,000
Consider the table below, which has data on insurance status and medical expenditures for different types of professors at Hypothetical University (HU), economics &
criminology professors. Assume that there are an equal number of economics and criminology professors. Assume further that econ professors all have the same level of health
and criminology professors all have the same level of health.
There is evidence of
2021
Insured? Avg. Expenditures Insured? Avg. Expenditures
2020
Economics Professors
Criminology Professors Yes.
Yes
$25,000
$15,000
0000
???
???
$28,000
$10,000
I. moral hazard because in 2021 criminology professors dropped their coverage and health expenditures went down.
II. adverse selection because in response to rising premiums after 2020, the professors with lower health expenditure dropped coverage
Both I and II
neither I nor II
Chapter 1 Solutions
Statistics for Business and Economics (13th Edition)
Ch. 1 - What is statistics?Ch. 1 - Explain the difference between descriptive and...Ch. 1 - List and define the four elements of a descriptive...Ch. 1 - List and define the five elements of an...Ch. 1 - List the three major methods of collecting data...Ch. 1 - Explain the difference between quantitative and...Ch. 1 - Explain how populations and variables differ.Ch. 1 - Explain how populations and samples differ.Ch. 1 - What is a representative sample? What is its...Ch. 1 - Why would a statistician consider an inference...
Ch. 1 - Explain the difference between a population and a...Ch. 1 - Define statistical thinking.Ch. 1 - Suppose youre given a data set that classifies...Ch. 1 - Suppose that a population contains 200,000...Ch. 1 - The Random Numbers applet generates a list of n...Ch. 1 - The Random Numbers applet can be used to select a...Ch. 1 - Applying the ConceptsBasic 1.15 Performance-based...Ch. 1 - Jamming attacks on wireless networks. Terrorists...Ch. 1 - Disaggregation of annually reported accounting...Ch. 1 - College application data. Colleges and...Ch. 1 - Opinion polls. Pollsters regularly conduct opinion...Ch. 1 - Cybersecurity survey. The information systems...Ch. 1 - Treasury deficit prior to the Civil War. In Civil...Ch. 1 - The lucky store effect in lottery ticket sales. In...Ch. 1 - Consumer recycling behavior. Under what conditions...Ch. 1 - Who is better at multi-tasking? In business,...Ch. 1 - Zillow.com estimates of home values. Zillow.com is...Ch. 1 - Drafting NFL quarterbacks. The National Football...Ch. 1 - The economic return to earning an MBA. What are...Ch. 1 - Corporate sustainability and firm characteristics....Ch. 1 - Inspection of highway bridges. All highway bridges...Ch. 1 - Structurally deficient highway bridges. Refer to...Ch. 1 - Monitoring product quality. The Wallace Company of...Ch. 1 - Guilt in decision making. The effect of guilt...Ch. 1 - Accounting and Machiavellianism. Behavioral...Ch. 1 - Can money spent on gifts buy love? Is the gift you...Ch. 1 - Random-digit dialing. To ascertain the...Ch. 1 - Current population survey. The employment status...Ch. 1 - Monitoring the production of soft-drink cans. The...Ch. 1 - Sampling TV markets for a court case. A recent...Ch. 1 - Critical Thinking Challenge 1.40 20/20 survey...
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- 0000 Health Suppose that you graph nations' health expenditures against income and see that the US's point lies below others (like in the stylized figure below). From the graph below, it appears that the US is However, this may not be the case if_ Switzerland UK US HPF Health expenditures productively inefficient; The US has a population that prefers spending their resources on health productively efficient; The US has a population that prefers spending their resources on health productively efficient; The US has lower levels of inherent health, therefore it has its own HPF which is lower than the others. productively inefficient; The US has lower levels of inherent health, therefore it has its own HPF which is lower than the others.arrow_forwardPlease match the definition to the term that best fits. This occurs when less-risky people are more likely to enroll in health insurance. How much spent out-of-pocket before insurance kicks-in. When no more units of a good can be produced without decreasing the amount of another good or service The amount that the insurance company pays the customer when an insured event occurs. When an individuals income is state independent Behavior changes that occur before an insured event happens and make that event more likely to occur. The fraction of the medical bill that the consumer is responsible for. The fixed amount that is paid for a service at the time service is rendered. This occurs when marginal benefit of a good to a consumer is equal to marginal cost of production Behavior changes that occur after an insured event happens and make recovering from that event more expensive. Monthly fee to enroll in insurance The oversupply of low-quality goods, products, or contracts that results…arrow_forwardfor the 2nd part the last option got cut off, there is also a none of the above choice tooarrow_forward
- MCB MCA The figure to the right shows the marginal cost of pollution abatement for two firms, A and B. The firms were initially abating 36 units of pollution each. Now they can trade pollution permits at a price of $32. As a result, firm permits and firm B A permits. Both firms are now better off and their total saving will be (Enter your answer rounded to the nearest $ whole number.) Dollars per Unit ($) 44 32 20 The Efficiency of Tradable Pollution Permits 31 36 41 Quantity of Pollution Abatement k -6°C Mostly clear Nextarrow_forwardThe figure to the right shows the marginal costs of abatement for an industry's only two firms, A and B. These firms were initially abating 30 units of pollution (the vertical dashed line). Now they can trade permits. The market price for permits under which an efficient pollution abatement will be achieved is $ rounded to the nearest whole number.) 192 176- 160- (Enter your response 144- 128- 112- 96 80- 64- 48- 32- 16 0 0 MC MCB 10 20 30 40 50 60 70 80 90 100 110 12 Pollution Abatement -6°C Mostly clear Nextarrow_forwardThe figure shows the private and social marginal costs and the marginal benefit of producing paper. The marginal social net benefit derived from the production of paper is OA. maximized at an output level of 35 because that is where MCp equals MB. OB. maximized at an output level of 25 because that is where MCs equal MB. OC. zero at an output level of 25 because that is where MCs equals MB. OD. zero at an output level of 35 because that is where MCp equals MB Dollars per Unit 25 35 Quantity of Paper -6°C Mostly clear D=MB Next MCS MCarrow_forward
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