Which of the following is not an example of scarcity?
a. Only some people can afford to buy a BMW automobile.
b. Every individual in society cannot attain the highest standard of living to which he or she might aspire.
c. Miranda has more oranges in her orchard than she will ever use.
d. Each member of a household cannot get everything he or she wants.
c
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Think of the situation of rolling two dice and let M denote the sum of the number of dots on the two dice. (So M is a number between 1 and 12.)
(a) In a table, list all of the possible outcomes for the random variable M together with its probability distribution and cumulative probability distribution. Sketch both distributions. (b) Calculate the expected value and the standard deviation for M. (c) Looking at the sketch of the probability distribution, you notice that it resembles a normal distribution. Should you be able to use the standard normal distribution to calculate probabilities of events? Why or why not? What will be an ideal response?
The formation of a trade bloc necessarily improves well-being worldwide because it is a step toward free trade.
Answer the following statement true (T) or false (F)