(I Five Students Were Given a Page of Problems with the Instructions

question 161

Multiple Choice

(i. Five students were given a page of problems with the instructions to solve as many as they could
In one hour. Five students solved the following number of problems: 12, 10, 8, 6 and 4. The
Arithmetic mean number of minutes required per problem is 6.5 minutes (average of 7 problems in
An hour) .
(ii. David Electronics had a profit of $10 million in 1998. Profit doubled from 1998 to 1999 and profit
Increased eight fold from 1999 to 2000. The annual geometric mean rate of growth from 1998 to
2000 was 300% (4 fold) .
(iii) The difference between the highest and the lowest value in a set of data is called the range.

• A) (i), (ii) and (iii) are all correct statements
• B) (i) and (ii) are correct statements but not (iii).
• C) (i) and (iii) are correct statements but not (ii).
• D) (ii) and (iii) are correct statements, but not (i).
• E) (i), (ii) and (iii) are all false statements.

Recognize the goals and conflicts in economic policymaking related to income distribution and output growth.

Identify demographic groups disproportionately affected by poverty.

Analyze the concepts of equality-efficiency trade-off in the context of welfare programs and economic incentives.

Distinguish between different types of U.S. income-maintenance programs, including social insurance and public assistance programs.

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Definitions:

Greenfield Operation

A greenfield operation involves a company starting a new venture from the ground up in a foreign country, rather than purchasing or partnering with an existing local company.

Subsidiary Company

A company that is owned or controlled by another company, which is referred to as the parent company.

Licensing

A business agreement in which one party allows another to use its brand, patent, or technology for a fee or royalty.

Turnkey Operations

A type of project that is constructed so that it can be sold to any buyer as a completed product or operation.