When Several Hurricanes Hit Florida in 2004, a Number of Local

question 99

Multiple Choice

When several hurricanes hit Florida in 2004, a number of local governments imposed price controls that prevented sellers from raising their prices for badly needed products like plywood and generators. In the areas where the controls were imposed, they resulted in

• A) an expanded availability of these badly needed products.
• B) a reduced availability of these badly needed products.
• C) an increase in the speed with which people recovered from the hurricanes.
• D) a more efficient allocation of these goods for which price controls were in effect.

Use the parameter of exponential distributions to solve problems.

Understand the relationship between the mean and standard deviation in exponential distributions.

Apply exponential distribution principles to model and analyze waiting times and service rates.

Comprehend the basics of statistical distributions such as chi-squared, F, and Student t distributions and their applications.

---

Definitions:

Inflationary Expectations

The anticipation by consumers and businesses of future inflation, which can influence economic behavior such as spending, saving, and investment.

Potential GDP

The maximum output an economy can produce without triggering inflation, if all resources are fully employed.

Active Approach

A strategy in investment or management that involves ongoing, dynamic decision-making and actions in order to achieve specific objectives.

Economic Stability

Economic stability refers to a state where an economy experiences steady growth, low inflation, and minimal unemployment.