Chapter 21: Health CareU.S. Emphasis on Private Health Insurance Patient Protection & Affordable Care Act (2009) During WWII employers offered insurance Continued as an employee benefit Led to overuse & higher prices Tendency to regulate industry
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Chapter 21: The Balance of Payments, Exchange Rates, and Trade DeficitsInternational Transactions International trade Buy/sell current goods or services Imports and exports International asset transactions Buy/sell real or financial assets Buy stock Sell your house to a foreigner Requires currency exchange
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Chapter 20: International TradeEconomic Basis for Trade Nations have different resource endowments Labor-intensive goods Land-intensive goods Capital-intensive goods
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Chapter 20: An Introduction to Decision Theory On CDDefine the terms state of nature, event, decision alternative, and payoff. Organize information in a payoff table or a decision tree. Find the expected payoff of a decision alternative. Compute opportunity loss and expected opportunity loss. Assess the expected value of information.
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Chapter 19: Statistical Process Control and Quality ManagementDiscuss the role of quality control in production and service operations. Define and understand the terms chance cause, assignable cause, in control, out of control, attribute, and variable. Construct and interpret a Pareto chart. Construct and interpret a fishbone diagram. Construct and interpret mean and range charts. Construct and interpret...
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Chapter 19: Current Issues in Macro Theory and PolicyMainstream view Held by most economists Price stickiness Unexpected demand shocks Variable investment spending Unexpected supply shocks
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Chapter 18: Extending the Analysis of Aggregate SupplyShort run Input prices inflexible Upsloping aggregate supply Long run Input prices fully flexible Vertical aggregate supply The transition?
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Chapter 18: Nonparametric Methods: Analysis of Ranked DataConduct the sign test for dependent samples using the binomial and standard normal distributions as the test statistics. Conduct a test of hypothesis for dependent samples using the Wilcoxon signed-rank test. Conduct and interpret the Wilcoxon rank-sum test for independent samples. Conduct and interpret the Kruskal-Wallis test for several indepe...
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Chapter 17: Financial EconomicsEconomic investment New additions or replacements to the capital stock Financial investment Broader than economic investment Buying or building an asset for financial gain New or old asset Financial or real asset
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Chapter 17: Nonparametric Methods: Chi-Square ApplicationsList the characteristics of the chi-square distribution. Conduct a test of hypothesis comparing an observed set of frequencies to an expected distribution. Conduct a test of hypothesis to determine whether two classification criteria are related.
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