Suppose we draw 4 cards from a pack of 52 cards. What is the probability of getting exactly 3 aces?

The Random Experiment follows hypergeometric distribution with, N = 52 since there are 52 cards in a deck. k = 4 since there are 4 aces in a deck. n = 4 since we randomly select 4 cards from the deck. x = 3 since we want 3 aces. h(x; N, n, k) = [^{k }Cx ] [^{N-k }Cn-x ] / [^{N }Cn ] h(3; 52, 4, 4) = [^{4 }C3 ] [^{48 }C1 ] / [^{52 }C4 ] h(3; 52, 4, 4) = 0.0007.

- Suppose the money supply in Mexico grows more quickly than the money supply in the USA. We would expect that
For Cobb-Douglas production function the elasticity of substitution is

- To gauge the sacrifice made by a taxpayer, we should use the _____ tax rate.
If the total revenue from sales of X is given by the equation R=100Q-2Q^2. What is the point elasticity of demand when MR=20

- Which of the following statements is associated with general equilibrium analysis?
- By _____________ economists refer to an unanticipated inflation that reduces the real value of outstanding government debt.
The Phillips curve shows the trade-off between ----- and -----?

Consider an economy described by the following equations:

C = 100 + 0.6 ∗ (Y − T) (consumption function)

I = 200 − 1000 ∗ r (investment function)

G = T = 100 (government purchase and tax)

where Y is the national income and r is the interest rate. Derive the IS curve.

- If the currency-deposit ratio equals 0.5 and the reserve-deposit ratio equals 0.1, then the money multiplier is

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