Part 1: Shortages and surpluses are “price phenomenon,” scarcity is always a “general phenomenon.” Explain in about five sentences. Part 2: Why does a change in “available quantitates” never change demand or supply. Explain in about five sentences.

The classical economists refused to accept subjective value theory because of an inherent “Paradox of Value” for water and diamonds. How did Carl Menger resolve this apparent paradox?

All else held constant, an increase in the price of a(n) ____________causes___________.

Which statement below is true regarding hotdogs, Ramen Noodles and Bologna?

The market equilibrium price of a good varies because of:

Which of the following did mercantilists believe?

The discovery that drinking beer causes cancer. (Beer)

Consider the following sets of sample data:            Data set A:  20,347,   20,327,   22,117,   21,762,   20,864,   20,102,   21,684, 20,063,   21,728,   21,580,   21,720,   20,920,   21,442,   20,766 Data set B:  3.38,   4.64,   4.09,   3.93,   4.25,   4.63,   4.78,   4.25,   4.46,   2.93,   3.64           For each of the above sets of sample data, calculate the coefficient of variation, CV.  Round to one decimal place. a.  Calculate the CV for Data Set A:  (4 pts)b.  Calculate the CV for Data Set B:  (4 pts)c.  Which of the above sets of sample data has the larger spread?  Why? (2 pts)  

Use the data set below to complete the following. If necessary, round to one more decimal place than the largest number of decimal places given in the data.        6,  9,  8,  9,  8,  8,  10,  5,  7,  32 a.  Calculate the Range:   (1 pt)b.  Calculate the Population Variance:  (2 pts) c.  Calculate the Population Standard Deviation:   (2 pts)

Two cards are drawn without replacement from a standard deck of 52 playing cards.    What is the probability of choosing a king and then, without replacement, another king?  Express your answer as a fraction or a decimal number rounded to four decimal places.